I was excited to see the announcement of this new report titled “AI in Banking Vendor Scorecard” from Emerj earlier today. The price has caused me to pause on the purchase (see below).
However, I’m supposed to receive an executive summary by email. I’ll let you know if I move forward the purchase.
“Two points among the dozens of insights within the report jumped out at us immediately:
1 – Chatbots are Overhyped: Conversational interfaces are the focus of over 35% of the AI-related press releases from top 100 banks, but they represent only 8% of the total funding received by AI vendors selling into banking.
2 – Banks are Focused on Risk, Not Efficiencies: Of the nearly $3 billion raised by AI vendors selling into banking, well over 50% was raised by vendors selling products for fraud and cybersecurity, compliance, risk management, and lending.”
On a separate but related note, I looked through the table of contents, and there’s a segment that doesn’t appeared to be covered. I’m really looking for AI vendors that are experts in the financial services space; plus, are specifically focused on delivering personalized content and recommendations or “nudges” as I heard them referenced at the ABA conference last week.
I’m not ready to recommend any of these vendors quite yet, but here are a few that I’m researching:
“’The combined intelligence of IBM and Salesforce can help transform the retail experience by harnessing insights across the entire enterprise, customer journey, and supply chain to deliver on customer expectations with scale, speed, and return,’ said Sandeep Singh, VP and Retail Industry Leader at IBM. ‘Through the strategic vision and partnership of both companies, we have developed a specific industry approach that can help transform the way our retail and consumer products clients engage with their customers through agile, cross-channel retailing and operational agility.'”
“Arriving July 1 for $30, which is about $10 more than the basic version of the game, Monopoly Voice Banking features none other than Rich Uncle Pennybags himself as the voice of the virtual assistant”