Most Financial Marketers Failing to Leverage Data and AI

“When we asked how adept financial institutions were in using AI to determine next best action/offer for customers or prospects, more than 75% of all banks and credit unions said they were “Not Adept.” While it was not surprising that 78% of the largest organizations thought they were either “Adept” or “Moderately Adept” at determining what to proactively offer customers using AI, it was surprising that organizations with assets between $1 billion and $50 billion consider themselves to be so much worse.”

Nvidia CEO Jensen Huang: Merlin will power ‘the most important AI model in the world’

  • “Huang also introduced Merlin, an application framework for recommendation systems that Huang considers “the most important AI model in the world today,” one that “drives the vast majority of the economic engine of the internet.”
  • Recommendation systems can decide which items shoppers see in an ecommerce store or personalize results seen on a site like Netflix or Microsoft’s Xbox.
  • Nvidia also announced limited availability of the Jarvis multimodal conversational AI application framework today. Jarvis will combine graphics and conversational AI to make what Huang calls interactive 3D chatbots. You can see a demo in the video below.”

Image Credit: Khari Johnson / VentureBeat

Nvidia CEO Jensen Huang: Merlin will power ‘the most important AI model in the world’

How AI Influences eCommerce Business

  • “AI in eCommerce is booming at such a speed that the revenue of AI is expected to reach $36.8 Billion worldwide by 2025.
  • “I believe that artificial intelligence is going to be our partner. If we misuse it, it will be at risk, if we use it right it can be our partner.” – Masayoshi Son, CEO, Softbank
  • The good news is that global eCommerce sales are expected to grow to $6 trillion by 2022.
  • An excellent example of an AI-based personalized search is the recently updated Pinterest and its Chrome extension. This allows users to select an object in any photograph online, and then ask Pinterest to show similar items using image recognition software.”

AI’s role in retail

  • “Domino’s uses artificial intelligence to determine its pizza delivery times and, in Australia and New Zealand, to monitor quality. Sephora’s ColorIQ scans shoppers’ skin to provide custom recommendations for foundation and concealer. Walmart’s Intelligent Retail Lab is experimenting with a number of artificial intelligence tools.
  • ‘retailers — except for the top ones — are struggling to find talent for an internal team to bring that kind of data science on board. There is a great push to find solution providers with AI embedded. It basically democratizes the capabilities that AI brings to the table.’
  • ‘Yes, in the long run, Amazon would love to think that everyone is using Alexa to shop but that’s not the real endgame. All the other uses — the queries, the questions, checking the score in the game, the weather — all of that data can begin to inform Amazon’s strategy and choices. It’s not simply about order data but being privy to some of the most intimate queries that customers are making.’”

How Artificial Intelligence Is Revolutionising Ecommerce

Industry4.0 technologies are disrupting every aspect of our lives

Industry4.0 technologies are disrupting every aspect of our lives

AI revenue is expected to grow from $643.7 Mn in 2016 to $36.8 Bn by 2025

Today, online commerce companies are utilising AI recommendation engines to offer better product offerings to their customers