Capital One’s ‘all-in’ cloud strategy is much more than a tech decision

“Yes, you get your infrastructure from a cloud provider. But you also implement agile development practices. You implement DevOps deployment methods. And you use SRE operations processes. The overall approach is often called cloud-native. We all know cloud-native companies, because we use them every day. Netflix. Spotify. Lyft. Airbnb. It’s no accident that cloud-native and disruption go hand-in-hand. Using the power of cloud-native practices, these companies force transformation into industries. And leaves traditional companies with no hopes of catching up.”

https://www.google.com/amp/s/www.techrepublic.com/google-amp/article/capital-ones-all-in-cloud-strategy-is-much-more-than-a-tech-decision/

Covergirl takes on e-commerce rivals with hi-tech flagship store: ‘We’ve become DTC’

“Inside, the store is equipped with a host of state-of-the-art technology. An AI-powered hologram named ‘Olivia’ greets customers to the store, answering questions and directing shoppers with the help of Google’s conversational Dialogflow platform. Customers can virtually try on makeup simply by picking up a connected product at an AR ‘glam station’, while lipsticks and makeup bags can be customized at a dedicated counter.”

https://www.thedrum.com/news/2018/12/05/covergirl-s-cmo-takes-ecommerce-rivals-with-hi-tech-flagship-store-weve-become-dtc

Why Companies That Wait to Adopt AI May Never Catch Up – HBR

“While some companies — most large banks, Ford and GM, Pfizer, and virtually all tech firms — are aggressively adopting artificial intelligence, many are not. Instead they are waiting for the technology to mature and for expertise in AI to become more widely available. They are planning to be “fast followers” — a strategy that has worked with most information technologies.”

  • System Development Time
  • Integration Time
  • Human Interactions with AI Time
  • Governance Time for AI Applications
  • Winners Take All

https://hbr.org/2018/12/why-companies-that-wait-to-adopt-ai-may-never-catch-up

Re:Invent Shows Amazon Is Accelerating Its Efforts in AI

“AWS Marketplace for Machine Learning

Another important announcement was AWS Marketplace for Machine Learning. Akin to an Appstore for ML, it provides a platform for developers to share and get revenue from their algorithms and makes it easy for organizations to search a library of paid, free and open-source models that can then be deployed in SageMaker. With over 150 trained models in the marketplace already, AWS now becomes, along with Algorithmia, one of the few environments facilitating the transaction of machine learning intellectual property. ”

https://www.cmswire.com/information-management/reinvent-shows-amazon-is-accelerating-its-efforts-in-ai/

Small but mighty Canada fights for space in highly competitive artificial intelligence world

“The U.S. used to be the scientific centre of the world, he says, but it’s very clear China is going to take over that leadership role. Things take a long time to happen in North America, he said, because grant systems here are so bureaucratic.

“There’s one aspect that makes it fundamentally different and why they’re going to pull into the lead and build an enormous lead that will be very difficult to overcome, and that is nimbleness,” he said.

“They have lots of money and they’re not afraid to spend it.”

To respond to China’s rocketing AI expertise, Shaeffer warns we must be prepared to make targeted investments and do our best to cope with the superpower’s fiscal flexibility.

“That nimbleness means the U.S. will be eclipsed, Canada is eclipsed,” he said.

‘That gap between China and the rest of the world will grow very quickly.'”

https://www.google.com/amp/s/www.dailyheraldtribune.com/technology/tech-biz/small-but-mighty-canada-fights-for-space-in-highly-competitive-artificial-intelligence-world/wcm/0bf93e2e-50fb-4b65-8b4b-62fc478ffdfd/amp

How Merchants Are Driving Conversions With Five Features – PYMNTS.com

  • “Just over eight in ten merchants — or 81.5 percent — had implemented site help live in the second quarter.
  • Just over seven in 10 merchants — or 72.5 percent — had implemented free shipping in the second quarter.
  • Approximately one-fourth of merchants — or 27.8 percent — had implemented rewards in the second quarter.
  • About half — or 48.2 percent — of merchants had implemented a guarantee or refund in the second quarter
  • About two-thirds — or 67.5 percent — of merchants had implemented product ratings, reviews or recommendations in the second quarter.”

https://www.google.com/amp/s/www.pymnts.com/news/retail/2018/ecommerce-merchants-online-customer-checkout-conversion/amp/

Video: Bank of NY Mellon and Blue Prism RPA

The 233-year-old financial institution is banking on “bots,” specifically robotic process automation (RPA), to improve the efficiency of its operations and to reduce costs. RPA integrates artificial intelligence and is carried out not by physical robots but by software applications. These applications known as web robots or Internet bots are programmed to process automated tasks. In May 2017, the bank announced that over the past 15 months the company has rolled out more than 220 bots developed by Blue Prismfor handling tasks that are often repetitive in nature and normally handled by staff. Examples include “data requests from external auditors” and “funds transfer bots” which help correct formatting and data mistakes in requests for dollar funds transfers.‘”

https://emerj.com/ai-sector-overviews/ai-in-banking-analysis/

Video: Feedzai – AI Fraud Detection (Citi)

“CitiBank has made a strategic investment in Feedzai, a leading global data science enterprise that works in real-time to identify and eradicate fraud in all avenues of commerce including online and in-person banking. Through its continuous and rapid evaluation of large amounts of data, Feedzai can conduct large-scale analyses. Fraudulent or questionable activity is identified and the customer is rapidly alerted. The service also assists payment providers and retailers in monitoring and protecting financial activity in connection with their companies.”

https://youtu.be/H0-I1q-bkVc

AI-Driven Fraud Protection Company Feedzai Set to Double Atlanta Workforce

“Feedzai, a Silicon Valley-based fraud detection company, plans to double its operations in Atlanta by the end of the year. The company currently has 30 employees in the city, but says that will nearly double to 60 by the start of 2019.

According to company representatives, it’s part of their larger growth strategy to reach 400 employees globally. Feedzai has an additional U.S. office in New York City, as well as an international presence in London, Portugal and Hong Kong.”

https://hypepotamus.com/news/feedzai-double-atl-workforce/

Video: Bank of America AI chatbot Erica

“Bank of America Corporation made a bold push into AI technology with the debut of an intelligent virtual assistant named erica.

Erica is a chatbot leveraging “predictive analytics and cognitive messaging” to provide financial guidance to the company’s over 45 million customers.”

Mad about erica: Why a million people use Bank of America’s chatbot

“Bank of America’s erica, an artificial-intelligence-based virtual assistant, is off to a hot start — 1 million users in 3 months.

It was rolled out in Rhode Island in mid-March, was made available in eight more states the next month, and then was opened to all of Bank America’s 25 million mobile app customers last week.”

https://www.americanbanker.com/news/mad-about-erica-why-a-million-people-use-bank-of-americas-chatbot

AI in Banking – An Analysis of America’s 7 Top Banks

“The seven leading U.S. commercial banks have prioritized strategic technological advancement with investments in AI applications to better service their customers, improve performance and increase revenue. The future of finance will be heavily influenced by emerging fintech and AI applications setting the stage for increasing competitiveness among the industry’s leading giants.

From our analysis of the top seven US banks, we’ve found an interesting but not surprising trend: It seems that larger banks (at the time of this writing) seem to have more robust AI applications in development and in use. This may reflect the tremendous difficulty of obtaining and retaining machine learning and AI talent. Companies like Amazon, Google and Facebook not only have a more alluring reputation for innovation, but they also have much higher profit-per-employee ratios, allowing them to shower top talent with higher salaries and excellent perks. It’s unlikely that even behemoths like JPMorgan Chase or Wells Fargo will be able to compete well against the tech giants in the AI talent war of the next decade.

In researching these seven firms, “chatbots” and “conversational interfaces” emerges as trends that seem to inspire enthusiasm and excitement in the banking world. It may very well be that more mundane business intelligence or cyber security will eat up most of the AI budget for these large banks, but it’s clear that chatbots have garnered the most excitement from the PR departments and spokespersons of the banking giants we researched.

Our research seems to indicate that the enthusiasm for conversational interfaces is indeed held by startups, not just Fortune 500 banks. Our own AI Executives Consumer Use Consensus shows “chatbots” as the most likely innovation of greatest consumer impact in the next five years.

Lastly, our research found a number of mentioned of top banks referring to AI as an “augmenting” force for their employees, not a “replacement.” To us, this seems to be a necessary move of the communications department, but a disingenuous way to describe AI’s potential impact on jobs, which will most likely involve both “augmenting” and replacing human beings outright.

Unlike many modern tech giants, old banks often have thousands of employees performing mundane paperwork and “legacy” processes, many of which may require complete elimination once machines can replace humans at the desk. Staff-heavy firms (including Accenture, who mostly echoed the same “augmentation” statement in our interview with their CTO) almost unanimously speak of AI in black-and-white terms.

We believe that the future involve a number of disruptive changes that banks (and indeed all modern economies) will have to prepare themselves for.”

https://emerj.com/ai-sector-overviews/ai-in-banking-analysis/