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.

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.

How Artificial Intelligence Aids in 5 Central Areas of Marketing

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.

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.

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.

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.

What does RPA actually mean? The term at a glance...

Most of us have heard about it, but are we all able to explain what it is? Robotic Process Automation (RPA) is based on artificial intelligence. A wide variety of definitions have been used to try to predict its effect on years to come in business and privacy. People do not tire of discussing possible future changes, with both skepticism and emotion. So, what exactly lies behind the terminology, and in which way can RPA improve our future workflows and processing?

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.

Artificial Intelligence: Why AI is the Key to Success

Enterprises of all industries and sizes are facing fundamental challenges caused by the progressive digitalization throughout societies worldwide. After decades of inflexible work processes based on rigid rules and top-down structures, slowly but surely the public has dominated the market. Given their demands for individual quotations and immediate response, many business models have fallen into disuse. The future holds the solution in artificial intelligence (AI).

Digital Transformation: May I Help the Next in Line please?

Not long ago, waiting in line was accepted as part of our daily lives. For public services, banks and retail, concert or sporting event tickets – waiting in line was the order of the day. Thanks to modern software, the Internet of Things, and more efficient customer service models and new organizational structures, the norms being challenged. Are you still seeing a line? Something must have really gone wrong!