How To Instill A Digital Mindset At Financial Services Firms

  • “Digital transformation has cemented its place as one of the dominant business trends of recent years, with analysts predicting the sector will grow to an impressive $1.8 trillion by 2028.
  • Change inevitably brings friction, but the benefits organizations can realize with a digital mindset are changing from nice-to-have to must-have. The digital mindset is about accommodating rapid change and adopting new ways of working.
  • Adopting a digital mindset can seem risky, and there’s no point in pretending it isn’t. However, the reality is that the riskiest decision of them all is refusing to adapt. The digital mindset isn’t a luxury, but a clear and growing demand of our current generation of consumers.”

The Strategy Behind Truist’s New AI-Powered Digital Assistant

  • “Launching a digital assistant enabled by artificial intelligence is noteworthy by itself. More significant: ‘Truist Assist,’ built from a clean slate in a year’s time, and tightly integrated with the bank’s contact center, signals the giant merger of equals that created Truist Financial is (finally) starting to click.
  • Some digital assistants in banking have ‘personas,’ the best known of which is Bank of America’s ‘Erica.’ Capital One has ‘Eno’ and RBC has ‘Nomi.’ Based on customer feedback, Truist opted to go with the more functional ‘Truist Assist,’ following the example of Ally Assist, Smart Assistant (U.S. Bank), and Chase Digital Assistant.”

Artificial intelligence (AI) in Banking Market to Witness Robust Growth by 2027 at a CAGR of 42.9%

  • “The global artificial intelligence (AI) in Banking market is expected to reach a market size of USD 130.00 Billion by 2027 and register a high revenue CAGR, according to latest analysis by Emergen Research
  • Due to increasing implementation of AI-driven applications in the banks, including customer relationship management (CRM), data analytics & visualization, and chatbot to enhance customer experience and back-office activities, the software segment is projected to register a significant revenue CAGR of 43.1% during the forecast period.”

Chipotle is moving its tortilla robot to a real restaurant

  • “Chipotle’s tortilla-making robot will soon help out in a restaurant you can visit. The chain has unveiled a slew of technology updates that include moving the Miso Robotics-made Chippy robot to a real restaurant. The machine will start cooking tortilla chips in a Fountain Valley, California location in October.
  • Chipotle is piloting a demand-based cooking system that uses AI to tell staff what and when to cook based on forecasts for how much they’ll need. In theory, this lightens the load for employees while making sure there’s enough freshly-cooked tacos and burritos when you show up for dinner.”

7 AI startups aim to give retailers a happy holiday season

“Santa Clara, California-based AiFi offers a frictionless and cashierless retail AI-powered solution deployed in diverse locations such as sports stadiums, music festivals, grocery store chains and college campuses. Steve Gu cofounded AiFi in 2016 with his wife, Ying Zheng, and raised a fresh $65 million in March. Both Gu and Zheng have Ph.D.s in computer vision and spent time at Apple and Google.”