“Larry Clark shared an anecdote in Harvard Business Review that perfectly encapsulates the problem. He spoke with a consultant whose client was making correct predictions about their industry 25 percent of the time. The consultant advised them that an AI solution could get this number up to 50 percent. The team’s executive, however, refused to…
Month: May 2022
Increasing demand for solutions to simplify banking operations is driving the AI in Banking Market
“Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics & visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period. In terms of market share, the deep learning & machine…
Fintech rise forces retail banks to pivot, says report
“Customers are pivoting to competitors that offer more personalised, bespoke experiences, leaving retail banks lagging behind. That’s according to the World Retail Banking Report 2022 (WRBR) published by Capgemini and Efma. The survey showed that 75% of customers are attracted to the cost-effective, seamless services offered by fintechs and traditional banks simply cannot keep up….
Artificial Intelligence in Banking: Top Priorities for 2022 (And Beyond)
“Several surveys and market research studies have found that people actually prefer interacting with bots instead of humans. Although some of these surveys are conducted by conversational AI vendors, skeptics should consider the fact that there are 24 million users of Bank of America’s digital assistant Erica and they completed 123 million interactions in the…
Deep learning is bridging the gap between the digital and the real world
“‘A few years ago everybody said that data is gold,’ he says. ‘Now we see that data is actually a huge haystack hiding a nugget of gold. So the challenge is not just collecting lots of data, but the right kind of data.’ Andrew Ng, the renowned AI researcher from Stanford and cofounder of Google…