Digital Banking…Chatbots

  • “According to a recent study from Cornerstone Advisors, 40% of consumers between the ages of 21 and 55 who contacted a human when opening a checking account said they tried to get the information they needed online but couldn’t find it, and 28% said the bank’s website or mobile app didn’t support what they needed to do.
  • According to Cornerstone Advisors’ 2022 What’s Going On in Banking study, just one in five banks and credit unions currently have a chatbot deployed—and just handful of those institutions are truly offering an intelligent digital assistant.
  • But the underlying technology—conversational AI—is already having an impact on consumers’ mobile banking experience. Consumers’ rating of their banks’ mobile banking experience is higher for institutions deploying conversational AI than for those that don’t deploy the technology.”

https://www.forbes.com/sites/ronshevlin/2022/11/14/digital-banking-didnt-kill-bank-branches-but-chatbots-will/amp/

I tested out Panera’s new ‘automated’ drive-thru and now I think every fast food chain should use it

  • “Panera is testing out AI technology to take orders in the drive-thrus of two New York restaurants.
  • Popeyes is also using the same tech, and has reported successful results so far.
  • I thought it made ordering much easier, and I hope more restaurants in my area adopt it.”

https://www.businessinsider.com/panera-automated-drive-thru-with-ai-technology-review-photos-2022-11?amp

Microsoft Focuses On Productivity And Workflows With AI Automation And Collaborative Tools At Ignite 2022

“It runs on OpenAI Codex, which translates natural language into code. I believe we are seeing significant real word progress with AI and its ability to create productive content, in this case, automate workflows with data given to it. This powerful tool allows people with little to no programming experience to create flows. I imagine this integration of OpenAI Codex would be useful with Microsoft’s Process Advisor, where Process Advisor tells you what would be efficient to automate. Then Power Automate automates it for you. I believe the goal would be to support all Microsoft 365 and third-party apps for creating a flow and, eventually, creating full business applications simply by describing the app.”

https://www.forbes.com/sites/patrickmoorhead/2022/10/25/microsoft-focuses-on-productivity-and-workflows-with-ai-automation-and-collaborative-tools-at-ignite-2022/amp/

Wells Fargo partners Google Cloud for AI virtual assistant, Fargo

  • “Wells Fargo is set to rollout a new virtual assistant, named Fargo, which will leverage Google Cloud’s artificial intelligence (AI) capabilities to offer a personalised banking experience for customers.
  • Citing research conducted this summer by Ipsos on behalf of Wells Fargo, the bank says nearly two thirds (65%) of millennials and Gen Z respondents prefer to use a virtual assistant for customer service needs rather than waiting for a customer service representative on the phone.”

https://www.fintechfutures.com/2022/10/wells-fargo-partners-google-cloud-for-ai-virtual-assistant-fargo/

DeepMind’s new chatbot uses Google searches plus humans to give better answers

“The trick to making a good AI-powered chatbot might be to have humans tell it how to behave—and force the model to back up its claims using the internet, according to a new paper by Alphabet-owned AI lab DeepMind.

In a new non-peer-reviewed paper out today, the team unveils Sparrow, an AI chatbot that is trained on DeepMind’s large language model Chinchilla.”

https://www.technologyreview.com/2022/09/22/1059922/deepminds-new-chatbot-uses-google-searches-plus-humans-to-give-better-answers/amp/