- The usage of AI, and its subset machine learning, is a rising trend among financial institutions as they seek to improve customer satisfaction, reduce inefficiencies and fight fraud.
- Jerry Melnick, president/CEO of the San Mateo, Calif.-based machine-learning analytics firm SIOS, defined machine learning as a type of artificial intelligence and method of data analysis that uses algorithms to draw conclusions, make predictions or learn without additional programming.
- Sanchez explained, “Part of artificial intelligence is predictive analytics, which you can say is the same as machine learning.”
- The Hoboken, N.J.-based NICE Actimize’s new product, ActimizeWatch, is a cloud-based analytics optimization solution, which leverages machine learning and the cloud to provide proactive fraud analytics optimization and consortium data sharing.
- “All of our customers, whether they have an on premise or cloud solution, continually send us transactional data and we continually monitor threat data, identifying fraud patterns and using machine learning to optimize analytics very quickly,” Little said.
AI is a rising trend among CUs as they seek to improve member service, reduce inefficiencies and fight fraud.
Continue reading “Machine Learning Helps Credit Unions Become More Personal, Secure”
- One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution’s digital strategy.
- As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies.
- With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it’s a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization’s digital strategy.
- Still, a financial organization that can establish a culture free of silos – and carry out effective digital transformation quickly and successfully – will certainly earn itself an effective competitive advantage and be able to deliver a differentiated level of customer experience.
- By incorporating advice from other industry leaders and fostering a company culture ready to embrace cooperation alongside new technology, financial institutions can best execute the digital transformations necessary to keep pace and potentially stand out in their industry.
Two out of every five financial institutions say they are only in the infancy of their digital transformation strategy.
Continue reading “Digital Transformation in Banking: Making Progress and Hitting Roadblocks”
- At one end of the spectrum, a pure view of AI, sits those individuals who think that until we have Data on “Star Trek” — who was a synthetic being — we don’t have AI.
- In digital banking, chatbots facilitating customer service, machine learning to make the loan underwriting process more efficient and other innovations are improving the industry’s efficiency.
- This definition of AI has parallels with the Turing Test, named for Alan Turing, to measure a machine’s ability to act like a human.
- Innovations such as Alexa and the Facebook Messenger Service Bot are just examples of transformative technology.
- But as machine learning advances in the financial services industry, it is hard to determine what is real, and what is hype and theory.
The hype surrounding voice technology, bots and machine learning suggests that artificial intelligence is increasingly common in financial services. But that is not the purist’s view of what AI represents.
Continue reading “Does AI actually exist yet?”
- With adaptive intelligent applications, organizations can also begin to offer personalized recommendations to customers by getting to the heart of their individual business needs, purchasing decisions, interests, and patterns.
- New Oracle Cloud services can provide employees with a knowledge base that provides the insights they need to improve business results through a heightened understanding of the way their customers operate.
- These adaptive intelligent applications can provide organizations—from finance professionals and HR recruiters to marketing and supply chain managers—with actionable business and customer insights to make more informed decisions, leading to more success for their customers.
- While customer success has long been a central component in the DNA of many organizations, adaptive intelligent applications are helping business integrate customer success further into the DNA of the devices their clients and employees rely on daily.
- Then, businesses can truly begin to transform the way they anticipate customers’ needs and provide unrivaled experiences and unmatched success.
With adaptive intelligent applications, organizations can offer personalized recommendations to customers by getting to the heart of their individual business needs, purchasing decisions, interests, and patterns.
Continue reading “OracleVoice: Machine Learning Stands To Transform The Way We Communicate”
- Over 65 percent of the banks surveyed expect to deploy blockchains at scale within the next three years.
- One area where blockchains are already seeing considerable use is in logistics, which is opening the way for blockchains to be used as a way to interact with and monitor Internet of Things devices.
- , this year’s All Things Open conference has responded to interest in blockchains by adding a separate Blockchain track which will run during both days of the event, scheduled for October 26-27 in Raleigh, North Carolina.
- Blockchains, the distributed database model behind cryptocurrency Bitcoin, continues to prove itself as the next big thing in the enterprise.
- “With blockchain now moving into the enterprise and there being a significant ‘open’ component to it, it should be extremely well received,” conference chairperson Todd Lewis told Windows IT Pro.
A study released last week by IBM indicates that blockchain adoption by financial institutions is on the rise and beating expectations. This is good news for IBM, which is betting big on the database technology that was brought to prominence by Bitcoin. Yesterday, Big Blue announced that it has made its Watson-powered blockchain service available to enterprise customers.
Continue reading “Blockchain Adoption Faster Than Expected”