Note from the Publisher: We’ve said it before and we’ll say it again. IBM is on a tear with fintech, and while their revenues have been shrinking the past several years, they are very much involved in fintech and blockchain, and we think that bodes well for them in the future. Tradestreaming is reporting that they are very much involved in developing “cognitive banking” or articial intelligence based offerings for banks, that could vastly speed up and enhance offerings and customer service issues of all sorts for financial institutions. Yet another leg of the beast we call fintech.
“Though many companies offer AI solutions for financial institutions, IBM is championing the use of cognitive computing in banking, publicizing the term as a new paradigm.
Based on machine learning, natural language processing, and human interface technologies, cognitive computing systems can learn as information changes and requirements evolve, and easily interact with users, other devices and other data sources. In contrast to traditional computing models which tabulate and calculate based on preconfigured rules and programs, cognitive systems can handle situations that are dynamic and information rich.
Imagine banking was as simple as a Google search. Instead of surfing multiple pages on your bank’s app, you type or talk to a single input box: “I lost my card.” A quick chat with a rep you didn’t even realize was not human and the new card is on its way.”