Here’s how to build an AI strategy that successfully connects with customers, according to technology executives and an AI engineer

  • “While voice assistants and autonomous technology can dominate conversations around AI, decision-making powered by machine intelligence is the vast middle ground that is realistic for the majority of companies.
  • The report cited research showing only 15% of small businesses had implemented AI-powered chatbots while mid-sized companies showed 39% adoption rates, and large companies came in at 67%.”

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JPMorgan CIO Says AI Holds Promise for Helping People Save

  • “JPMorgan Chase & Co. Chief Information Officer Lori Beer said artificial intelligence could help the bank develop new products and services for helping people build retirement savings, among other things.
  • About 25% of working Americans say they have no retirement savings at all and 44% worry that their saving isn’t on track, according to a recent Federal Reserve survey.
  • The bank, the country’s largest by revenue, processes $6 trillion in payments daily and has relationships with about half of U.S. households.
  • It stores about 390 petabytes—or 390 million gigabytes—of data”

A Bank That Doesn’t Embrace AI Will Not Be Relevant to Younger Generations, Says Exec

  • “Traditional banking is being challenged by companies like Google, Amazon, and Facebook, who now offer financial services as well, Basson said.
  • If the first generation of AI in banking was mostly about efficiency, now it is also about leveraging data into insights that could be used to improve customer experience”

AI and Machine learning are Reshaping the Global Banking Industry

  • “Reuters, in its 2017 said, The Bank of New York Mellon Corp reported a profit of USD 300,000 by shifting its manual process to automated processes.
  • It also reported 100% accuracy in account-closure validations across five systems,
  • 88% improvement in processing time,
  • 66% improvement in trade entry turnaround time
  • 1/4 second robotic reconciliation of a failed trade vs. 5-10 minutes by a human.”

Las Vegas turns to artificial intelligence to help control the city’s traffic lights

  • “This week, Las Vegas officials announced a new plan to deal with the city’s notorious gridlock and congestion.
  • The city is installing cameras and traffic sensors connected to an artificial intelligence system at intersections throughout the city to help direct traffic in a more efficient way.
  • According to officials, the system should deliver efficiency gains of up to 40 percent to the daily traffic flow.”