Artificial Intelligence – Powering Transformation in Financial Services
By Daragh Morrissey, Senior IND Technology Strategist, Microsoft on December 20, 2017
Filed under Financial Services - Banking & Capital Markets
At Microsoft, we believe that the client experience can be fundamentally transformed through the power of AI. We believe the future is an Intelligent Bank, where technology can predict seamlessly what the client needs next and empower them. The next generation of millennial investor will also demand new levels of personalization and frictionless experiences.
Banking and especially Wealth/Financial Advisory and Client/Advisor relationships is an area where Microsoft believes Artificial Intelligence can empower Advisors/Relationship Managers and their clients to achieve more. Microsoft believes that the real power of Artificial Intelligence is in augmenting (not replacing) the Human Advisor. Many of our FSI customers are looking to scale their Advisor capacity across a larger number of clients. To achieve this level of augmentation, you need an Artificial Intelligence solution to take on more tasks. These include gathering and analyzing market research and market events in real time. The solution also needs to analyze and prioritize the impacts to the client the Advisor is servicing.
Microsoft and CognitiveScale – in partnership
Microsoft and CognitiveScale have come together to realize the future vision for AI powered Banking. Think of the joint value proposition as an Financial Services Industry optimized Digital Brain from CognitiveScale built on a globally scalable and world class Microsoft cloud and AI platforms. With the joint power of Microsoft Azure & AI platform and CognitiveScale’s Industry optimized AI products, we are delivering four key solutions that can transform Banking.
- Trading Intelligence – deliver timely and personalized trading insights to Clients or Advisors
- Client Engagement – deliver hyper personalized experiences to clients helping Advisors to scale and serve their clients where and how they want to be served
- Research & Market Intelligence – Use the power of Machine Learning and AI to augment Research analysts and teams, to power world class research.
- Risk and Compliance – apply AI to analyze compliance across every interaction across people, process and data repositories.
Cognitive Scale’s solutions leverage the power of Microsoft’s AI platform. The Microsoft AI platform encompasses three areas:
- AI Services – Developers can rapidly consume and integrate AI Services to accelerate development and integration of AI into their applications
- AI Infrastructure – a set of services backed by best of breed infrastructure with enterprise grade security, scale, and marketing leading compliance investments for Financial Services
- AI tools – leverage development tools to work harness the intelligence of data using the deep learning tool of your choice
AI has the power to transform the financial services industry more than any other technology has in recent history,” said Akshay Sabhikhi, CEO, CognitiveScale. “CognitiveScale and Microsoft are in a unique position to deliver a full stack financial services AI cloud to transform how financial institutions engage their clients, improve employee decision-making, and manage risk and compliance.”
“Cognitive Scale’s industry optimized AI solutions help financial services companies understand the stated and unstated intentions of their customers, as well as improve their own business process intelligence, reduce costs and risk,” said Janet Lewis, Vice President, Microsoft Financial Services at Microsoft Corp. “Infusing applications with this type of insight and intelligence at any point in time results in a democratization of AI to the benefit of every person and organization.