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Banking on Artificial Intelligence – Session@ Futuristic Financial Intelligence Summit 2018
September 22, 2018 | Written by: GEETA GURNANI
Categorized: Cognitive
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About Futuristic Financial Intelligence Summit 2018
IBM is strategic partner for this year’s Futuristic Financial Intelligence Summit(FFIS) 2018, happening on 28th Sept 2018 in Mumbai. One-of-its-kind event that offers the industry of banking and financial services; an agenda that covers the latest content under the theme of Futuristic Technologies driving the Financial Services and is completely designed to encourage an open exchange of ideas and strategies.
Join us to hear the Keynote “Banking on Artificial Intelligence – A forward-looking landscape” and a Panel discussion in the area of “Realizing the value of Data and AI”.
Sharing my initial views around the topic.
Banking on Artificial Intelligence – A forward looking landscape
Though in its nascency, the Indian banking sector is beginning to adopt artificial intelligence (AI). While large commercial and investment banks globally are incorporating AI for both back-office and customer-facing purposes, in India, widespread adoption of these technologies has not yet come to fruition.
The AI tourism phase is on, and AI exists in pockets and part of Innovation agenda for most of the banks in India. However, there are few significant data points available by early adopters, which creates a belief that one can “Bank on AI” and the financial sector is 2nd most promising industry after retail.
Just to talk about few case studies in Customer Service space:
- RBS along with IBM launched an exciting project “ Raising Cora – Birth of Digital Assistant” Cora is trained with over 1,000 responses to more than 200 customer queries. Cora is averaging a containment rate of 40%, with up to 80% for commercial banking. It handles approximately 100,000 calls per month, with as many as 2 million per month projected by the end of this year.
- Bradesco, Brazil’s largest bank launched Digital Assistant with Watson and it is now trained on 62 products and answers 283,000 questions a month with a 95% accuracy rate, with just 5% requiring calls for further assistance. In some cases, response times have been reduced from 10 minutes to just seconds.
Another exciting space for AI is in the area of Risk & Compliance. There has been always tons of unstructured information available which is almost impossible for humans to process. With the rise of this information available more and more in digital form, AI and Machine learning offers a unique capability to process it and highlights the 1% of content that is most relevant and valuable and filters out 99% of the irrelevant content. H&R Block and Catalyst Investor are few such global success stories.
AI is also creating some debates around job insecurities, is AI real or it is yet another technology bubble. There is a famous quote from Andrew Ng, the AI guru, “an AI-based future is really desirable. AI has an image problem, one of which is deserved, and one of which is not”.
Let’s meet at Futuristic Financial Intelligence Summit 2018 on Friday 28th Sept’2018 in Mumbai to further exchange the thoughts & ideas.
Cognitive Services Lead , India/SA
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