Google made several announcements by the close of Day 1 of I/O 2017, covering advancements in products such as Google Photos and Google Assistant, the beta release of Android O and updates in ML, VR and AR.
Reiterating Intel’s commitment to deliver a seamlessly connected world through Artificial Intelligence [AI], Intel India hosted its first AI Day where the government, the industry, and the academia congregated to discuss the potential of accelerating the AI revolution in the country. The company deep dived into its global AI strategy, and also highlighted how it is working with the ecosystem in India to improve solution performances on Intel’s AI platforms.
Additionally, to engage students, researchers and developers, Intel India announced a comprehensive developer community initiative-the AI Developer Education Program, targeted at educating 15,000 scientists, developers, analysts, and engineers on key AI technologies, including Deep Learning and Machine Learning. Through 60 programs across the year, ranging from workshops, roadshows, user group and senior technology leader round-tables, the initiative aims at empowering this community with the know-how for adoption of AI via technical sessions involving the use of ready-to-deploy platforms and tools for solution development.
Prakash Mallya, Managing Director, Intel South Asia, said
As India undergoes rapid digital transformation, the data center and the intelligence behind the data collected will enable the government and industry to make effective decisions based on algorithms. This means increasing opportunities for using AI in the country, and to make this happen, Intel India is collaborating with Hewlett Packard Enterprise, Wipro, Julia Computing and Calligo Technologies, by enabling them with AI solutions based Intel architecture.
Our collaboration with the industry and the academia will help democratize AI, by reducing entry barriers for developers, data scientists and students. In India, we are targeting the BFSI, telecom, and e-commerce sectors, across High Performance Computing [HPC], big data, and Internet of Things, all of which are complementary to AI.
Research and academia are great platforms to initiate AI into the society. IIT Patna has been doing cutting edge research and development in Artificial Intelligence, distributed computing, network security, social networks, and beyond, using data driven machine learning, as well as knowledge and deep learning based methods. Our research groups are currently working on implementation of evolutionary algorithms in parallel environments, and using Intel based platforms and software tools to deploy, parallelize and optimize systems. Intel India has provided IIT Patna with the necessary know-how to best optimize Intel based AI platforms and technologies, making this collaboration extremely fruitful and promising.
D N Narasimha Raju, CEO, National Institute for Smart Government, who was a panelist at the AI Day, said
Digital transformation is at the heart of government’s endeavor to connect and develop India. As high speed networks get established, a number of disruptive changes can happen. These changes will impact productivity. Data analytics and machine learning can automate processes across e-Governance, research and the private sector. It is recognized that the potential of Artificial Intelligence is high in sectors such as healthcare, disaster mitigation, and financial services.
In order to realize this potential, there is a need to impart and develop the required skill sets in a major way. As I understand, Intel India is engaged in this effort and it’s proactive approach in skill imparting and solution development in the area of AI by utilizing local talent and collaboration will contribute significantly towards adoption of AI.
AI is the fastest growing workload in the data center, growing at two times the overall computing market. By 2020, the industry expects more servers running data analytics than any other workload, and analytics predictors will be built into every application. Staying ahead of this curve, Intel announced its AI strategy last year to drive breakthrough performance, democratize access and maximize societal benefits.
Today, Intel powers 97 percent of data center servers running AI workloads and offers the most flexible, yet performance-optimized portfolio of solutions. Backed by its unified approach to AI, Intel is leading the AI Computing era through its end-to-end hardware and software that is designed for building AI applications across virtually any industry.
Intel’s collaboration with companies such as Google, and the company’s acquisition, including Saffron, Movidius, Nervana Systems and Mobileye, further Intel’s AI capabilities, giving the company an edge, especially at a time when embedded computer vision is becoming increasingly important the world over.
Last month, the company also announced a cross-Intel organization – the Artificial Intelligence Products Group (AIPG), which will align Intel’s AI efforts, and rally the industry around a set of standards for AI that ultimately brings down costs and makes AI more accessible to more people – not only institutions, governments and large companies, as it is today. Intel also aims to set up an applied AI research lab dedicated to pushing the forefronts of computing to explore architectural and algorithmic approaches to inform future generations of AI. This includes a range of solutions from the data center to edge devices, and from training to inference – all designed to enable Intel and its customers to innovate faster.
Accenture has released Accenture Banking Technology Vision for 2017, an annual report that draws on the analysis of an advisory board of more than two dozen individuals, interviews with technology luminaries and industry experts, and results of a survey of more than 600 bankers.
In the next stage of artificial intelligence adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to the report from Accenture.
According to the report, more than three-quarters [78 percent] of bankers globally and 87 percent in India believe that AI will enable simpler user interfaces that will help banks create a more human-like customer experience. In addition, four out of five global respondents [79 percent] and almost nine out of ten [87 percent] of bankers in India believe that AI will revolutionize the way banks gather information and interact with customers, and three-quarters [76 percent globally] and 83 percent in India believe that within three years, banks will deploy AI as their primary method for interacting with customers.
According to Piyush Singh, MD and head of Accenture Financial Services group in India
Indian banks are embracing digital solutions for interacting with customers; the next step is implementing the enabling power of artificial intelligence [AI], such as identifying consumer preferences and then reacting with insight and emotional intelligence. In addition to gaining insights, banks could transform customer experience and improve operational efficiency. However, the challenge will be how quickly banks can implement these new technologies as banks continue to face legacy issues with their existing IT set up. This would require a C-suite-led impetus to embrace new technologies.
The theme of this year’s report, Technology for People, is a call to action for bank executives to design technology to help align their products and services with what consumers want in near real-time. In traditional banks, basic transactions continue to migrate from physical to digital channels, leading to major changes as banks redesign their branch networks and enhance their digital footprint. Four out of five bankers surveyed [80 percent] globally as well as India expect AI to accelerate technology adoption throughout the organization, providing their employees with the tools and resources to better serve consumers.
As with previous Technology Vision reports, Technology Vision 2017 is structured around key trends informed by the research.
The five trends identified in Technology Vision 2017 are
AI Is the New UI [Experience Above All]
Ecosystem Power Plays [Beyond Platforms]
Workforce Marketplace [Invent Your Future]
Design for Humans [Inspire New Behaviors]
The Unchartered [Invent New Industries, Set New Standards]
The Design for Humans Trend indicates that the key to increasing the quality of customer experience lies in the ability to adapt for unique customer behaviors. The report finds that while human contact is diminishing in terms of volume, the quality and importance of human touch points will increase. For instance, one-third [34 percent] of the bankers surveyed globally and almost similar number in India [33 percent] said they plan to use a detailed understanding of human behavior to guide new customer experiences. And while nearly nine in 10 bankers [89 percent] said they believe that their customers are satisfied with their bank’s use of personalization, two-thirds [67 percent] globally and in India claim they struggle to understand their customers’ needs and goals.
As reported in the Ecosystem Power Plays trend, banks are increasingly integrating their core functions with digital ecosystem platforms in an effort to manage more broad-based consumer relationships. Nearly all bankers surveyed [98 percent] said they believe that it is ‘somewhat’ or ‘very’ critical to adopt a platform-based business model and engage in ecosystems with digital partners, with one-quarter [25 percent] of global respondents and 40 percent of India respondents saying their organizations are already taking aggressive steps to participate in ecosystems.
Many banks are already giving authorized third-parties access to account data and aggregated card profiles to benefit customers. Banks recognize that it is critical to participate in these ecosystems, but it comes at a cost. Three-quarters [76 percent] of respondents globally and four out of five [80 percent] in India said that participating in these ecosystems would require giving up control in favor of an overall better outcome- such as speed, agility and access to new customers- and that same number believe that chosen partners and ecosystems will help determine their bank’s competitive advantage moving forward.
Methodology
Accenture’s Technology Vision is developed annually by the Accenture Labs. For the 2017 report, the research process included gathering input from the Technology Vision External Advisory Board, a group comprising more than two dozen experienced individuals from the public and private sectors, academia, venture capital firms and entrepreneurial companies. In addition, the Technology Vision team conducted interviews with technology luminaries and industry experts, as well as with nearly 100 Accenture business leaders.
In parallel, Accenture Research conducted a global online survey of more than 5,400 business and IT executives across 31 countries and 16 industries to capture insights into the adoption of emerging technologies. The banking industry report is based on responses from 579 respondents at banks in 31 countries across North America, Europe, Asia-Pacific, Africa and South America. The goal of the survey was to identify the key issues and priorities for technology adoption and investment. Respondents were mostly C-level executives and directors, with some functional and line-of-business leads, at companies with annual revenues of at least USD 500 million, with the majority of companies having annual revenues greater than USD 6 billion.
Synechron Inc. [earlier coverage here] a global financial services consulting and technology services provider, has today announced the launch of Neo, aset of Artificial Intelligence [AI]-based solutions for the financial services industry. Neo brings together Synechron’s digital, business, and technology consulting to allow financial institutions to deploy cutting-edge, AI solutions that solve complex business challenges.
Synechron has built 14 reusable applications – Accelerators, that allow financial institutions to reduce time-to-market when applying AI to enhance business operations, reduce operating costs, and create better client experiences.
Synechron’s AI Accelerator applications have taken a business challenge that can be best solved through AI and re-designed business processes to build a solution powered by artificial intelligence and optimized for user experience. The Accelerators use techniques like Natural Language Processing [NLP], Chatbots, Robotic Process Automation [RPA], Cognitive Machine Learning, Data Science and Robo-Advisors to address a range of use cases.
The AI Accelerators enable financial industry players to solve complex data challenges, efficiently address regulatory and compliance requirements, and service growing customer needs. They also help automate repetitive processing tasks while cutting down time and costs in the long run, with customized and advanced bots for specialized operations such as trading, mortgages, insurance, and even personal banking.
Details of the various accelerators are below
The AI Accelerators broken down by the core underlying AI technology include:
Natural Language Processing (NLP) and Generation [NLG]
Automated Data Extraction allows firms to automatically extract written language data from reports [e.g. earnings reports] and understand what it means and why it’s significant [e.g. its intent] Automated Financial Advice Generation can be achieved to extract CRM data and NLG to reach a compliant conclusion through real-time queries and contextual user information. Automated Executive Summaries written in plain language.
Chatbots serve as either an internal virtual assistant or a front-line customer representative and have been created with an understanding of financial services business operations and systems integration expertise. The accelerators include – BankBOT for personal banking, TraderBOT for traders, LoanBOT for mortgages, and InsureBOT for insurance.
Robotic Process Automation [RPA]
Client On-boarding pulls information from images of documents such as driver’s licenses and passport to auto-populate forms and create a frictionless on-boarding experience. Automated Resolution of Failures ‘Breaks’ in Reconciliation processescompletely automates general ledger [GL]reconciliation. Margin Call Management analyses emails and automatically understands relevant margin call information based on pre-set criteria. Automated Pitch-book Generation allows financial institutions to automatically generate presentation decks by understanding what content is on the slides and the appropriate disclosures required based on that information.
Cognitive Machine Learning
OTCPrice Automation – derives real-time OTC pricing for liquid OTC products where this data is currently de-centralized and difficult for traders to factor into their pricing models and further using that data to advance collateral management reporting. LCR Reporting – uses historic data and machine learning to come up with a reliable intra-day liquidity estimate for LCR reporting.
Data Science
Customer Insights has 4 Modules for Banks, Credit Cards, e-Commerce and Mortgages that allow banks to bring together their Know Your Customer (KYC), Banking, and Credit Card Data into a database, and join them with the customer’s online behavior (if opts in) via web and social platforms. Product Recommendation uses behavioral analysis to understand customer patterns for new client acquisition. AML/Fraud Detection uses AI and behavioral analysis to identify potentially suspicious activity indicative of money laundering and fraud.
Artificial Intelligence Accelerator for Robo-Advisors – allows wealth managers to create a hybrid-robo-advisor that augments their existing services with an automated platform, creating the self-service experience clients are looking for, balanced with the high-touch, high-trust experience advisors are known to deliver with added capabilities like social investing, chat and more.
Financial institutions are looking to implement the latest technology to address real-world problems in financial services. Neo and Synechron’s AI Accelerators will be pivotal in helping clients be at the forefront of technological advancement, while providing a comprehensive set of tools to ease and streamline processes. This will allow businesses to deploy technology-enabled processes that augment the role of individuals, allowing them to be elevated to higher-value business tasks.
The AI engine, business, and technical analysis at the core of these accelerators can be applied to additional use cases to progress more quickly with similar initiatives. Along with the use of the AI applications, the Accelerator Program offers access to Synechron’s consultants, technologists and digital teams who are experts in financial services business processes, products, regulation, operating models and data architectures which are critical to constructing effective AI applications.
About Synechron
Synechron, one of the fastest-growing digital, business consulting & technology services providers, is a USD 400 million firm based in New York. Since inception in 2001, Synechron has been on a steep growth trajectory. For more information, please visit Synechron
Nuance Communications, Inc announced NuanceLoop, an Artificial Intelligence [AI] and dataanalytics-powered marketing platform for pre-paid mobile operators that delivers new and incremental revenue streams.
Mobile operators face increasing pressure on traditional revenue sources from competitors, regulation and over-the-top [OTT] providers, making secure, sustainable, significant revenue streams a strategic priority. According to a recent telecommunications report from Deloitte, carriers need to transform their revenue opportunity through data and voice services that are high quality, while managing capital allocation, and investing in new technologies and innovations to achieve this.
NuanceLoop gives operators the ability to reduce churn and increase Average Revenue Per User [ARPU] from a common, continuously optimizing service platform. Loop is offered as a managed service under a revenue share model that eliminates CapEx and associated maintenance costs for the operator. Loop may also be integrated with Nuance’s Omni-Channel Engagement Platform for customer acquisition and customer care solutions.
Rajesh Razdan, VP and GM, APAC, CSP Business, Nuance said
NuanceLoop is a great fit for telecom operators as it engages mobile subscribers at virtually any touch point- from voice to text to browser-then determines and fulfills the optimal, personalized offer for them. We are excited to launch Loop and demonstrate to customers in the coming months how our combined solution will drive increased revenue opportunities and deeper subscriber engagement.
How Nuance Loop works
Nuance Loop offers personalized, revenue-generating services to pre-paid subscribers across mobile advertising, mobile messaging and mobile financial services. The platform continuously analyzes offer conversion rates, subscriber profiles, content usage, and network activity, in order to more accurately create and place offers that are tailored and relevant to each subscriber.
Nuance Loop ensures no opportunity is wasted by engaging pre-paid subscribers across the entire network-voice, text, USSD, browser or app-and deciding what to offer, when, and how, based on subscriber context, profile, and usage history.
Some examples are below
A zero-balance prepaid subscriber may qualify for an airtime loan to ensure continued service until their next top-up.
Someone often downloading health and fitness apps may be interested in subscribing to clean recipe content;
A user running low on high-speed data may appreciate a personalized data pack tailored to their usage
Loop determines, offers and fulfills the best offer for each customer, at the right time, and over the right channel. Nuance Loop is available globally, and is currently deployed across North America, Latin and Central America, India, Southeast Asia, EMEA, and Australia, generating hundreds of millions of dollars a year in incremental, high margin revenue for its customers.
About Nuance Communications, Inc
Nuance Communications, Inc. is a leading provider of voice and language solutions for businesses and consumers around the world. Its technologies, applications and services make the user experience more compelling by transforming the way people interact with devices and systems. For more information, please visit Nuance Communications.
A Diageo Group Company is embracing conversational interfaces with the launch of India’s first artificial intelligence powered chat-bot that offers bar-tending solutions. Simi-Your Personal Bartender is a Facebook Messenger chatbot, developed by Yellow Messenger, a Bengaluru based start-up that has developed customized Digital assistants through botplatform.io technology.
Simi-Your Personal Bartender chatbot will offer over 200o DIY cocktail recipes which can be made with simple ingredients like juices, mint, lime, cola etc. and mixed with USL – Diageo’s iconic brands like Black Dog Whisky, Black & White Whisky, Johnnie Walker Whisky, Smirnoff Vodka, Tanqueray Gin and Captain Morgan Rum among others.
The chat bot has been designed to gain intelligence through conversations and will start by offering bar-tending recommendations based on combination of ingredients and alcohol preference. Going forward it will also offer cocktail recipe choices based on celebratory themes like brunch party, family celebrations, easy evenings and bachelor party. Simi will also get integrated across all USL-Diageo brand pages on Facebook and with the company’s lifestyle website.
Commenting on the launch, B. Sridhar, VP – Digital at USL – Diageo said
There is a shift in the way consumers are interacting with brands today and through this conversational interface we wanted to build a first of its kind bar-tending solution that is not just cutting edge, but can also help us offer our consumers personalization at scale. We believe Simi will open up a world of drinks and has the potential to transform how alcohol is consumed at home
There are over 3 billion highly engaged users on messaging platforms globally and we believe chat bots powered by artificial intelligence will prove to be the next big technology intervention which will prove to be a game changer in how brands engage with its consumers to provide a unique, interactive and personalized experience. In India, USL-Diageo is pioneering the use of artificial intelligence among consumer brands through Simi and we are happy to partner them in developing and powering this experience.
About United Spirits Limited
United Spirits Limited (USL) is a subsidiary of Diageo plc which is a global leader in beverage alcohol with an outstanding collection of brands across spirits, beer and wine categories. Founded in 1826, USL is the largest Indian spirits company, selling around 120 mn cases annually, involved in the manufacture, sale and distribution of beverage alcohol. For more information, please visit United Spirits
