How Artificial Intelligence Will Transform Financial Services

Artificial intelligence is employed in financial services more and more often. A 2017 study by Forrester Research found that 69 percent of executives in charge of data and analytics at financial service providers are already using or are planning to use intelligent software solutions. Thus, financial service providers prove to be much more open-minded toward using artificial intelligence compared with decision-makers in some other industries. And they have to: Emergent financial technologies (fintech) companies are on the heels of traditional financial service providers. Their business models are based on innovative financial services — artificial intelligence is virtually always in play.

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Automate These Four Customer Service Processes Now

The digital customer experience is becoming increasingly essential for the success of companies. More and more leaders and decision-makers recognize that, in this digitalized and networked world, it can foster great customer affinity, from which they benefit. A new study by the market research and consulting firm Lünendonk Hossenfelder offers fresh numbers regarding this topic.

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3 W's of Business Process Automation - What, Why and Who?

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How Artificial Intelligence Aids in 5 Central Areas of Marketing

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Digital Transformation: Improving Customer Experience (CX) by Empowering the Workforce

Over the past few years we have been hearing the terminology “Digital Transformation” but what does it mean and why does it have so many associations?

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How Artificial Intelligence is Transforming Healthcare?

Technology and advancements in healthcare are progressing rapidly. Only a decade ago, the typical procedure was that you went to the hospital, checked in, were added to a waitlist and waited to see a physician. Sometimes, you would sit and wait your turn for several hours.

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How Small Businesses Are Using AI and Winning at It

As human beings, we have a penchant for machines doing our mundane tasks for us. The industrial age mass-produced the toaster, the electric kettle and the washing machine as prevalent “labor-saving” devices, and they eventually became part of our everyday life.
The progression to artificial intelligence (AI) makes sense in that context. Artificial intelligence — the latest buzzword in the business world — has already proven effective at automating repetitive tasks in sales and marketing, accounting, HR and more.

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No wonder AI and RPA are the future of service companies

Long before the breakthrough of artificial intelligence (AI) and robotic process automation (RPA), managing communication with clients was a rather simple task. Contacts were made telephonically, concerned users called the helpline about small issues and posted a letter whenever more details were necessary. No other touchpoints were employed. Another major difference compared to today was the extended period it took to solve the task. In former times, it was solely dependent on the company to decide the time span. This went on until the Internet pushed its way through. Thanks to digitization, the power has shifted and now the clients have their say! Consequently, customer service procedures were turned upside-down and had to be rethought.

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Prepare for a cognitive company with AI software!

Around the world, there are numerous jobs that require human beings, be it for creative or consulting tasks, or issues requiring intuition and contemplation. In these cases, AI software can only be helpful by diagnosing circumstances and supporting human labor. Experts are in agreement that cognitive software will influence modern digitization in a similar way to how steam engines impacted industrialization. According to the IDC, more than half of all company software applications will be equipped with artificial intelligence in the course of 2018.

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Knowledge-based business tasks: Enhanced by automation

As far as intellectuality and cognition are concerned, so-called ‘knowledge workers’ play key roles in modern enterprises. For knowledge workers, contributing to a successful business by forming and implementing their concepts is often considered a lifelong task. As analysts have predicted an increasing skills shortage for years to come, companies are trying their best to counteract any adverse effects. The ‘war for talent’ entails new ways of finding and keeping the necessary talent for company plans.

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Why Traditional Chatbots Will Not Stand a Chance

Enterprises primarily look for simple and low-cost options to offer their clients online services that make use of conventional chatbots (also referred to as ‘virtual assistants’). Instead of saving, in most cases, the expenses rise as the chatbots initially have to be ‘trained’ via so-called ‘dialog scripts’ in order to be put into operation. Those scripts have to be programmed manually! In addition, it is proven that traditional chatbots neither prevent further inquiries nor do they achieve favorable customer experiences. Rather, there is a high possibility of doing oneself a disservice by using chat robots. In light of smart speech assistance, such as SIRI or CORTANA, growing skepticism about their sustainability is valid.

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