AI can generate insights 1000x faster than human analysis

  • “Insights platform Yabble has launched a new feature for Hey Yabble, a product that uses a combination of in-house proprietary algorithms and AI to generate insights from any unstructured text data in minutes.
  • She says by using Hey Yabble Count, one of their customers was able to analyse previously difficult to access insights from call centre transcripts to understand their customer queries and staff support better. And she says a national retailer uses Hey Yabble Query to generate insights from customer satisfaction comments down to an individual store level.”

Forrester report on how digital technology is changing how we bank

  • “’The past two years of the pandemic have fast-tracked digital behaviours and redefined how customers engage with their banks,’ says Forrester senior analyst, Aurelie L’Hostis. ‘Still, the ‘death of cash’ has once again been exaggerated. One thing for sure is that digital channels now dominate.’
  • According to Forrester analytics data, in 2021, 76% of Spanish banking customers used their mobile banking app at least monthly, and 34% of UK online adults who applied for a loan in the past 12 months did their research on a smartphone. While digital (online and mobile) is now the top channel for US borrowers to purchase home loans.
  • According to the Financial Conduct Authority, 8% of current personal accounts are now held with a digital ‘challenger’ bank, up from just 1% in 2018.
  • In 2021, Nubank, one of the world’s largest digital banks, which targets the underbanked in Latin America, grew its customer base by 62%, taking the total to 48 million in Brazil, Mexico, and Colombia.
  • Forrester found that technology strategies and lack of resources impede banks’ efforts, with 25% of decision-makers at banks saying their company’s technology strategy is among the most significant challenges to executing digital transformation.”

Why Becoming a Data-Driven Organization Is So Hard

  • “First, achieving data-driven leadership remains an aspiration for most organizations — just 26.5% of organizations report having established a data-driven organization.
  • Second, becoming data-driven requires an organizational focus on cultural change. In this year’s survey, 91.9% of executives cite cultural obstacles as the greatest barrier to becoming data driven. As noted, this is not a technology issue. It is a people challenge.
  • Lastly, organizations are establishing the leadership function — in the role of the Chief Data and Analytics Officer — which will provide the foundation for becoming data-driven. However, just 40.2% of companies report that the role is successful and well established within their organization.
  • It has recently been argued that 80% of all new data is unstructured, meaning that it is not easily captured or made quantifiable.

Data-driven companies consistently execute on these three driving principles:

  1. Think different.
  2. Fail fast, learn faster.
  3. Focus on the long-term.”

Facebook is trying to advance AI to ‘human levels’ in order to build its metaverse

“During an event for the company, now known as Meta, on Wednesday CEO Mark Zuckerberg announced Project Caraoke, an effort to get AI to a “human level” of intelligence where it’s capable of learning, predicting, and acting on its own.

“In the metaverse, we’ll need AI to help people navigate between the virtual world and the physical world, and because these virtual worlds will be changing constantly, AI needs to understand context and learn like humans do,” Zuckerberg said.”

7 technology pathways to digital transformation

“The key technology drivers that should part of a digital transformation include the following:

  1. Enhanced and diverse data collection.
  2. Contemporary data science.
  3. Sophisticated automation technology.
  4. Autonomous decision-making.
  5. Centralized, scalable, resilient IT resources.
  6. Immutable data storage.
  7. Ubiquitous multi-experience access.”