Artificial Intelligence Chatbots for Banking: 7 Essentials for Decisionmakers

  • “An alternative is using a managed service, specifically one built for banking. Unless the institution plans on being an AI pioneer, such as Bank of America with its Erica chatbot (and has hundreds of millions of dollars to invest), a managed service is by far a more cost-effective answer throughout the project lifecycle.
  • The real customer service value comes when the AI chatbot has the same access to data in the digital banking system as the mobile app. A chatbot that is fully integrated will bring about the most value for you and your customers. Authentication and connectivity need not be complex.”

https://thefinancialbrand.com/107042/chatbot-artificial-intelligence-machine-learning-call-center-customer-contact/

AI needs an open labeling platform

Image Credit: Bank215/Getty Images
  • “To even get close to serious AI you need supervised learning which, in turn, depends on labeled data. Raw data must be painstakingly labeled before it can be used to power supervised learning models. This budget line item is big enough for C-suite attention. Executives that have spent the last 10 years stockpiling data and now need to turn that data into revenue face three choices:
  • Use a training data platform (TDP). Relatively new to the market, these are solutions that provide a unified platform to aggregate all of the work of collecting, labeling, and feeding data into supervised learning models, or that help build the models themselves.”

https://venturebeat.com/2021/01/30/ai-needs-an-open-labeling-platform/amp/

Ecommerce boom driving new robot helpers

  • “The sector saw sales grow more than 30% in 2020, much steeper growth than could have been imagined at the close of 2019.
  • A Simbe spokesman pointed out to me that with the company’s robot robot Tally, stores have seen a 20% reduction in out-of-stocks and a 2.2% uptick in annual sales, and partners like Schnuck Markets are moving to expand their use of this tech quickly.”

https://www.google.com/amp/s/www.zdnet.com/google-amp/article/ecommerce-boom-driving-new-robot-helpers/

Vendor Spotlight – Rokt

Vendor: Rokt

Website: https://rokt.com

Headquarters: New York, Boston, Tokyo, Sydney, Singapore, Auckland

Key Product: Commerce – When customers are buying online, they expect more personalized and relevant experiences. We unlock the hidden potential in every single Transaction Moment™.

Articles:

E-Commerce Marketing Tech Firm Rokt Raises $80 Million

Rokt Appoints New CTO to Accelerate Technological Innovation in the Next Stage of Growth

Clients: 

Dominos, Visa, Fanatics, TicketMaster, Yelp, Expedia

“Rokt is such an effective partner we are launching them across all of our sites.”

            Eric Venosdel, Fanatics, Head of Advertising Operations

Awards:

Rokt Recognized for Innovation in Artificial Intelligence with 2020 MarTech Breakthrough Award

Rokt Secures Spot on Crain’s List of Fastest-Growing Companies in NYC

Executives:

Data Points:

  • 1 Billion transactions per year
  • LuckyVitamin sees 200% increase in ancillary revenue with Rokt Commerce
  • Fanatics sees 470% increase in yearly ancillary revenue generated by Rokt
  • Global online travel agency sees 218% increase in app installs
  • Rokt drives 40% of net new acquisitions for Online Retailer
  • Rokt fuels ROI by 400% for online retailer

Differentiator:

CULTIVATE POSITIVE MOMENTUM IN THE TRANSACTION MOMENT

  • Real-time data delivers a BETTER CUSTOMER EXPERIENCE
  • Machine-learning algorithms deliver RELEVANCY.

Fintechs could see $100 billion of liquidity in 2021

  • “The Matrix fintech Index rose 97% in 2020, compared to a 14% rise in the S&P 500 and a 10% drop for the incumbent financial service companies over the same time period.
  • E-commerce undoubtedly stood out as a major driver. As a category, retail e-commerce grew 35% YoY as of Q3, propelling PayPal and Shopify to add over $160 billion of market capitalization over the year. For its part, PayPal in the third quarter signed up 15 million net new active accounts (its highest ever).”

Fintechs could see $100 billion of liquidity in 2021