3 Areas Where AI Will Boost Your Competitive Advantage

  • “Real-time optimization has an immediate, and often dramatic, impact on companies’ bottom lines. One retailer we worked with increased its profit margins by 50% after using AI to instantaneously optimize its offers. It expanded sales of core products with AI-developed, margin-driving promotions and halted margin-destroying special deals — all without investing much lead time in building up and testing new data.”

https://hbr.org/amp/2021/12/3-areas-where-ai-will-boost-your-competitive-advantage

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%.”

https://www.businessinsider.com/sc/how-to-build-an-ai-strategy-that-connects-with-customers-2020-8

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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”

https://www.google.com/amp/s/www.wsj.com/amp/articles/jpmorgan-cio-says-ai-holds-promise-for-helping-people-save-11576097646

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”

https://m.calcalistech.com/Article.aspx?guid=3774413

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.”

https://www.artiba.org/blog/ai-and-machine-learning-are-reshaping-the-global-banking-industry?utm_campaign=News&utm_medium=Community&utm_source=DataCamp.com