“One of the two platforms, nicknamed “Rosie,” achieved an internal rate of return (IRR) of nearly 50% for the first phase of its implementation, according to Elrod. This compares with an IRR for most tech projects at the bank of between 12-15%. The second AI platform, built around IBM’s Watson software (and nicknamed “Reggie,” internally),…
Tag: ai Banking
Sovcombank Invests in Artificial Intelligence
“Sovcombank uses artificial intelligence to collect non-performing liabilities, however, according to Dmitry Gusev, this is only the beginning: ‘The bank also plans to automate staff recruitment, sales, and service quality surveys. The use of artificial intelligence reduces our call center costs by up to 75% with better customer service, and it frees employees for solving complex…
Emerj CEO Presented at Harvard on AI in Banking and Finance
“Our perspectives on large AI consulting firms were validated by some of the folks in the audience, including Profesor Freedman. Freedman worked with big consulting firms, one of the likes of Accenture, McKinsey, PwC, and Deloitte (although we are not revealing which one). We’re of the belief that large organizations that might work with these…
Little Rock artificial intelligence start-up set to change the way we do banking
“‘I was using one for investments, I was using another for increasing my credit score, I was using something for something else – but everything was not coming together,’ said Akkaraju. Akkaraju’s program, BOND.AI, links financial institutions with what he refers to as their “empathy engine” – conversational AI technology through either voice or text…
How To Move Past Artificial Intelligence #Fails
“As documented by research into artificial intelligence by PYMNTS and Brighterion, among the main AI problems for financial institutions is lack of understanding. Executives and managers often confuse artificial intelligence (which is capable of unsupervised learning) with its less sophisticated but close cousin, machine learning (which is capable of supervised learning). In fact, as Webster…