“U.S. merchants lose out on $300 billion in sales because consumers can’t find what they’re searching for. Shopping cart abandonment, where a customer places an item in a virtual cart but never checks out, impacts 75 percent of purchases globally and can cost merchants about $4 trillion each year. According to eMarketer, the number of…
Tag: AI
85% of Deposits Now Made Digitally at Bank of America as Growth in Client Engagement with Digital Continues
“Today 85% of deposit transactions are being made through the Bank of America app, ATMs and other automated channels – driven by nearly 48 million checks deposited digitally during the second quarter alone. As of the beginning of last month, more than 70% of Bank of America clients are actively using digital channels for more…
Here’s why AI transforming banking matters more today
“The technology’s versatility is such that an OpenText survey found that nearly 80% of banks already recognize the benefits of AI. 75% of financial institutes already make use of this technology, and a further 46% plan to implement AI-based systems soon. Bank mobile apps can now incorporate AI-driven virtual assistants like Siri, using their voice…
Considering a platform strategy? The time to move is now
“Accenture called digital platforms the ‘most profound and global macroeconomic change since the industrial revolution.’ Half of companies surveyed by Accenture defined platforms as central to their business strategy, with 40% citing platforms as a critical enabler. ‘Knowing your customer is your strength — pull on that with partners, and it will help drive the…
MIT researchers use AI to predict the next big things in tech
“The team used a new probability-based algorithm, machine learning, natural language processing, and patent network analytics to predict the performance improvement rates of different technologies. The improvement rates varied from 2% per year…to 216% per annum for ‘Dynamic information exchange and support systems integrating multiple channels.’ On average, technology improvements were forecast at a rate…