Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
6th March 2012
IBM / Citigroup deal to use IBM Watson
Citigroup and IBM have entered into an agreement to explore possible uses for IBM Watson within Citigroup. Citi stated it is to "examine the use of deep content analysis and evidence based learning capabilities found in IBM Watson to help advance customer interactions, and improve and simplify the banking experience."
IBM Watson is named after the founder of IBM. The company is careful not to use the term Artificial Intelligence for the project which it describes as the development of "a computing system that rivals a human’s ability to answer questions posed in natural language with speed, accuracy and confidence. By accurately extracting facts and quickly understanding relationships in large volumes of data, the technology can help accelerate and improve decision-making across a variety of industries."
Citi adds that it wishes to "assess ways to use a first-of-a-kind customer interaction solution combined with Watson’s deep-content analytics, natural language processing, decision support, and evidence-based learning to continue to advance digital banking. Watson's ability to analyze the meaning and context of human language, and quickly process vast amounts of information to suggest options targeted to a consumers' individual circumstances, can help accelerate and assist decision makers in identifying opportunities, evaluating risks, and exploring alternative actions that are best suited for their clients."
"At Citi, we are constantly developing new, innovative ways to better serve our customers' financial needs," said Don Callahan, Citi's Chief Administrative Officer and Chief Operations & Technology Officer. "We are working to rethink and redesign the various ways in which our customers and clients interact with money. We will collaborate with IBM to explore how we can use the Watson technology to provide our customers with new, secure services designed around their increasingly digital and mobile lives."
“IBM continues to advance Watson in information intensive industries, enabling organizations to quickly gain valuable insights from vast amounts of data that can speed decision making and improve how companies serve their customers," said Mike Rhodin, Senior Vice President, IBM Software Solutions. “The collaboration between IBM and Citi will explore how applying Watson in the consumer financial market could help empower financial professionals to make better business decisions and represents a significant step in delivering on the promise of personalized banking in the 21st century.”