Peloton Breaks Out Checkbook For AI, Hardware Acquisitions

  • “Peloton has bought up three companies that will now give it expertise in wearable devices, artificial intelligence (AI), digital voice assistants, and interactive workout mats, Bloomberg reported.
  • The deals could also help Peloton debut its own digital voice assistant, with the engineers joining the company focused on AI and computer vision technology.
  • “What’s clear is the shift into the home is not a COVID-led phenomenon,” Foley said at the time. “It has accelerated it. There’s a secular shift into business in the home. It’s a better experience and a better place at a better value, and consumers are all seeing that.”

Bank ABC’s AI-powered Digital Employee Fatema – The World’s First Digital DNA™ Human

“Soul Machines, a New Zealand based deep science & technology company and Bank ABC, announce “Fatema,” a fully autonomous, AI-driven Digital Human who will be an integral part of the Bank’s customer experience. The ‘digital employee’ accumulates experiences, learns, and responds to customers individually through experiential learning, adding human-like intelligence to AI. Fatema uses an AI-powered Digital Brain to engage personally with customers and will work alongside Bank ABC’s mobile-only bank team to offer a multi-faceted, personalized customer service experience.”

When AI Becomes a Part of Our Daily Lives – HBR

  • “There are more than 7,111 known living languages in the world today, according to Ethnologue.
  • Not only will they need to anticipate what we need before we ask, they also need to understand the context of our conversations and react accordingly.
  • Through collating an abundance of data sources, AI has the ability to establish a true 360-degree view of the consumer’s everyday life, based on his or her past habits and behaviors, well beyond the traditional data silos.”

To Battle Fin-Tech Upstarts, Big Banks Are Turning to—What Else?—Technology

  • “One recent report from the International Data Corp. found that the banking industry is the second biggest investor in AI technology worldwide behind retail.
  • ‘The financial industry is uniquely ready to make a move in the space and bring that computational experience,’ says Jason Mars, CEO of Clinc, a startup that makes chatbots for financial institutions like Barclays and USAA.
  • These virtual assistants are expected to trim hundreds of millions of dollars in service expenses as the technology becomes one of the dominant forms of addressing customer issues.
  • A study from Juniper Research in February forecast that industrywide cost savings from chatbots could reach $7.3 billion by 2023, a 3,400 percent increase from the estimated $209 million they are expected to provide this year.
  • ‘Banks have come to realize AI is not ready to work miracles yet,’ notes Forrester analyst Aurélie L’Hostis, who specializes in digital strategy for retail banks. ‘You really need to have a specific approach to drive your strategy. You can’t just launch a chatbot without knowing why you’re doing it.'”

UBank creates virtual home loan assistant to give 24-hour AI-driven advisers

“National Australia Bank’s digital bank UBank will launch what it says is the world’s first digital human in the home loan space, after partnering with a New Zealand tech company to create an artificially intelligent assistant to help in customer applications.

Mia will begin appearing online for UBank customers this month, enabling them to talk to her and ask common questions about their applications 24 hours a day.

‘With Open Banking just around the corner, we are getting closer and closer to this idea of a four-click home loan. When you apply AI to any data set, the use cases are almost limitless, but it’s about finding the right use cases and the right moments to apply it so you can liberate customers from their finances.'”