BankThink Small and mid-sized banks can’t shy away from AI

  • “At First National Bank of Omaha, which has been privately owned and independent for more than 160 years, we are making a choice to be an early adopter and embrace AI, particularly for consumer lending. We recently partnered with a Silicon Valley fintech called Upstart to decrease loss rates and increase approval rates by using the platform’s AI technology.
  • The reality is that banks who choose to fear AI run the risk of slowly sliding into obsolescence. AI is still an emerging space, but like the machine-learning algorithms that power AI, we are also getting smarter every day in our approach and willingness to tackle credit underwriting innovation. Banks, including smaller institutions, that struggle to embrace innovation, may find themselves quickly falling behind.”

https://www.americanbanker.com/opinion/small-and-mid-sized-banks-cant-shy-away-from-ai


Sr Vice President

First National Bank of Omaha

http://linkedin.com/in/marc-butterfield-0263281

AI, Oh Why? Forrester Reports On What Brands Are Doing Wrong

  • “AI use for marketing has grown from 43% in 2016 to 88% today, but “this spike correlates with declining brand reliance on campaigns,” the study notes. 
  • Of those surveyed, 54% Say they are AI-assisted across more than one channel. Another 20% are AI-assisted in one channel.
  • Only 19% are AI-autonomous in more than one channel, and 7% are autonomous in a single channel.”

https://www.mediapost.com/publications/article/336166/ai-oh-why-forrester-reports-on-what-brands-are-d.html

Lowe’s buys Boomerang Commerce’s pricing technology

  • “Lowe’s Cos. Inc. is following the distant footsteps of chief competitor Home Depot Inc. with the purchase of retail analytics technology from vendor Boomerang Commerce.
  • Home Depot bought data-driven retail pricing startup BlackLocus in 2012 to bolster its pricing strategy, he says.
  • Lowe’s CEO Marvin Ellison said late last year that the company plans to spend $500 million per year through 2021 on technology and to hire more than 2,000 engineers to improve Lowes.com
  • Internet Retailer estimates Lowe’s had ecommerce sales of $3.97 billion in 2018, up 30.0% from $3.06 billion in 2017.”

https://www.digitalcommerce360.com/2019/05/22/lowes-buys-boomerang-commerces-pricing-technology/


About Boomerang

Product: Commerceiq.ai

https://commerceiq.ai


Guru Hariharan. Chief Executive Officer

http://linkedin.com/in/gurushyam

VoiceSell raises $4 million for instant voice control for mobile ecommerce

“VoiceSell enables any ecommerce retailer to instantly add a robust and fully private voice agent to any existing online store. Developed over a decade, VoiceSell uses a proprietary next-generation NLP engine to add voice to serve ecommerce vendors and customers alike.”

https://www.google.com/amp/s/venturebeat.com/2019/05/22/voicesell-raises-4-million-for-instant-voice-control-for-mobile-ecommerce/amp/

Price Edge – AI based price optimization software

Rickard Glamsjö – CEO

http://linkedin.com/in/rickard-glamsjö-4576013

Price Edge – https://priceedge.eu


Using AI to automatically drive sales and profit online is something that many businesses dream of. Price Edge has now turned that dream into an all-in-one reality.

Stockholm, Sweden, May 20, 2019 –(PR.com)– Price Edge, a Price Optimization & Management (PO&M) software provider, announced today the release of their latest AI solution, PriceEdge™ Optimize, which applies artificial intelligence to optimize prices & revenues for eCommerce stores.

PriceEdge™ Optimize enables eCommerce stores to get optimal price suggestions and gain insight into their products’ price elasticity, by understanding the purchase behaviour around each product in combination with competitors’ pricing. This not only enables pricing teams to save time and effort, but it also empowers them to focus more on business strategy rather than pricing administration. The solution can additionally be implemented within hours, as all data is collected via a script that’s simply embedded in the webshop code.

With this addition, Price Edge now challenges the incumbents in end-to-end pricing solutions with a broad set of solutions designed to solve any price management and optimization needs.

“Today, eCommerce businesses must stay on top of rapidly changing market conditions and customer preferences,” said Rickard Glamsjö, CEO, Price Edge. “Prices must continuously adapt to the constantly changing market dynamics and unique differences of each business to deliver pricing recommendations that drive revenue and identify hidden profit. The addition of PriceEdge™ Optimize delivers on this vision.”

To learn more about Price Edge’s pricing technology and PriceEdge Optimize™, please visit: https://priceedge.eu/optimize.

About Price Edge

Established in 2014 in Sweden, Price Edge has developed the dream pricing software – a cloud-based price optimization & management software for enterprises, which gives them access to new pricing strategies and more flexibility than ever before. Price Edge’s vision is to become and stay the leading price optimization & management solution provider by offering a more flexible and easier to use product than all other options in the market.

PriceEdge™ is already working with many of the largest brands in the world and recently started to ramp up its global growth. They are a young, energetic team pursuing the vision of building a global SaaS company that will fundamentally change the way enterprises work with pricing in both B2B and B2C.