How machine learning is changing the face of financial services

techerati.com | February 12, 2020

Artificial intelligence (AI) has become integrated into our everyday lives. It powers what we see in our social media newsfeeds, activates facial recognition (to unlock our smartphones), and even suggests music for us to listen to. Machine learning, a subset of AI, is progressively integrating into our everyday and changing how we live and make decisions. Business changes all the time, but advances in today’s technologies have accelerated the pace of change. Machine learning analyses historical data and behaviours to predict patterns and make decisions. It has proved hugely successful in retail for its ability to tailor products and services to customers.Unsurprisingly, retail banking and machine learning are a perfect combination. Thanks to machine learning, functions such as fraud detection and credit scoring are now automated. Banks also leverage machine learning and predictive analytics to offer their customers a far more personalised user experience, recommend new products, and animate chatbots that help with routine transactions such as account checking and paying bills.
Machine learning is also disrupting the insurance sector. As more connected devices provide deeper insights into customer behaviours, insurers are enabled to set premiums and make payout decisions based on data. Insurtech firms are shaking things up by harnessing new technologies to develop enhanced solutions for customers. The potential for change is huge and, according to McKinsey, “the [insurance] industry is on the verge of a seismic, tech-driven shift.

Spotlight

Data is simply information. Information in business is facts about any aspect of business that can be used to help make better decisions. This includes information about products and services, customers and prospects, competition and stakeholders as well as the external macro environment. The process of collection and analysis of this data has been problematic before the advent of digitization. Lack of precision, timeliness and subjectivity bias were key issues in data collection, while computing capability and response time were barriers to useful analysis.


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BIG DATA MANAGEMENT

Alpha Serve Has Released Power BI Connector on ServiceNow Store

Alpha Serve | June 07, 2022

Alpha Serve has created the Power BI Connector to help organizations add their ServiceNow information as a data source to Power BI and be able to use it for their specific business reporting and analytics needs. Microsoft Power BI is a powerful data visualization tool that allows companies to accelerate the integration of all the needed data sources for further analysis and reporting. And the insights received with the tool help to develop and implement smart business decisions. ServiceNow, in its turn, is a comprehensive cloud platform that helps companies manage digital workflows for their business operations. It combines lots of solutions, including those for automation, analysis, resource management, etc., and allows connecting people, functions, and systems across the organization. Typically, to connect these two tools, teams use Rest API or CSV files, but the procedure may require additional resources and coding skills. And the solution has a lot of limitations, in particular, limited data amount. Power BI Connector is the first application of its kind on the ServiceNow Store allowing direct Power BI ServiceNow integration. The app allows users to export ServiceNow data to Power BI for further processing as well as to add ServiceNow to other data sources with Power Query for complex reporting. Power BI Connector has advanced filtering options for more precise and relevant information selection and ensures secure data sharing by setting permissions and access. Professional tech support is also available to help users get the most out of the tool. It will be especially useful for data analysts and agile teams that need consolidated reporting across all business functions. "We are happy to present a new BI integration solution — Power BI Connector. The plugin links ServiceNow with Microsoft's most powerful business intelligence platform Power BI. We have noticed that IT companies use dozens of products in their everyday routine to manage the workflow and are continuously looking for applications connecting all their tools to maintain effective production and optimize company processes. That's why we decided to create a new application which has no analogs in the ServiceNow Store." Anna Odrynska, the Alpha Serve's Chief Strategy Officer Alpha Serve is a leading software development company with the main focus on product integrations and BI connectors. It is a reliable contractor of IT enterprises and a ServiceNow Technology Partner. The company's main goal is to transform technological expertise into valuable solutions with proven scalability, performance, and high-level data security that help businesses to improve customer satisfaction and effectiveness.

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BIG DATA MANAGEMENT

IBM Watson Advertising Brings AI-Driven Weather Analytics to AWS Data Exchange

IBM Watson | January 10, 2022

IBM Watson Advertising today announced the availability of data from The Weather Company, an IBM Business, on AWS Data Exchange, an Amazon Web Services (AWS) platform. The AWS Data Exchange allows businesses to easily find and subscribe to third-party data in the cloud. Providing data from the world's most accurate weather forecaster1, IBM Watson Advertising's Weather Analytics harness the relationship between weather and consumer behavior using artificial intelligence to extract deep insights to help businesses make more confident, data-driven and insightful enterprise decisions. The weather datasets can help analyze how weather affects consumer purchasing across different categories such as pharmaceuticals, apparel, consumer packaged goods and indoor and outdoor activities. Local data by ZIP code including historical weather data, 15-day forecast weather data, and relative data such as hot, cold, windy and other conditions could also be used to help inform campaigns, supply chain and forecasting decisions. This data can even help surface unique or non-obvious relationships between weather and consumer behavior. "We know that weather can impact nearly everything in daily life -- how we feel, what we do, even what we buy," said Sheri Bachstein, Chief Executive Officer at The Weather Company and General Manager of IBM Watson Advertising. "This expanded relationship with AWS gives more businesses access to the weather data that can drive consumer behavior and purchasing. We are committed to opening up our insights and technology to a broad set of organizations, and giving more companies access to what we know can be growth- and efficiency-driving data and tech." Insights that show locations where weather could affect sales can help businesses drive revenue based on predictive consumer behavior. According to past IBM Watson Advertising research, data revealed that while chocolate candy bar sales generally go up in colder months across the U.S., sales can spike in the Southwest when a higher heat index is expected, and in the Northeast during muggy nights. In another example, while more bug spray is purchased during the summer months, foggy conditions in the Northwest can drive more sales while clear conditions can drive demand in central states. AWS Data Exchange helps make it easy to find, subscribe to, and use third-party data from providers in the cloud. Subscribers can use the AWS console or APIs to load IBM Watson Advertising solutions into a wide variety of AWS analytics and machine learning services. This is the latest example of how IBM is building together with ecosystem partners of all types to create solutions for developers to address the needs of the hybrid cloud era. IBM is committed to a $1 billion investment in its partner ecosystem over the next three years. This investment is already being utilized to support a coalition of enterprises that are helping customers migrate their mission-critical workloads using IBM's open hybrid cloud architecture. About IBM Watson Watson is IBM's AI technology for business, helping organizations to better predict and shape future outcomes, automate complex processes, and optimize employees' time. Watson has evolved from an IBM Research project, to experimentation, to a scaled, open set of products that run anywhere. With more than 40,000 client engagements, Watson is being applied by leading global brands across a variety of industries to transform how people work.

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BIG DATA MANAGEMENT

Semantix Introduces Data & AI Marketplace to Semantix Data Platform

Semantix | April 07, 2022

Semantix, Latin America’s first fully integrated data platform, announced today the availability of a Data & AI Marketplace, consisting of a new array of features that significantly streamline the analytical journey for users of the Semantix Data Platform (known as SDP). The Data & AI Marketplace provides an app store-like experience that puts frequently used data sets and pre-packaged, vertical specific algorithms at the fingertips of data scientists and business analysts around the world. “Data scientists and business analysts shouldn’t need a doctorate in software engineering to glean insights from complex data sets. The SDP was purpose-built as an end-to-end solution for the analytical journey and these new features give our community of users the tools and resources that can make their journey easier and faster than it’s ever been before.” Leonardo Santos, co-founder and CEO of Semantix The new features in the SDP are broken into two separate categories – data sets and vertical specific algorithms. The data sets are a variety of pre-packaged, highly applicable data sets that users can leverage to train their machine learning algorithms and corollate with other proprietary data assets. These data sets include frequently used data on weather, diseases, stocks trade activity, consumer behavior and more. The vertical specific algorithms are meant to automate and streamline commonly analyzed business functions and use cases. For example, there is available today in SDP algorithms and dashboards for customer churn and retention, demand forecasting, predictive maintenance and more. Fueling Innovation for Public Journey Ahead Innovation is at the center of Semantix’s core values as a company. The SDP Marketplace is another milestone in Semantix’s ongoing commitment to push the envelope of innovation as it makes its way to the public market. In November of 2021, Semantix announced that it entered into a definitive agreement to merge with Alpha Capital (NASDAQ: ASPC), a special purpose acquisition company (“SPAC”) focused on technology. The announcement marked the first time a Latin American-focused technology SPAC had merged with a target company and highlights its growing position as a leading global innovator in the data and analytics space. About Semantix Semantix is Latin America’s first fully integrated data software platform. Semantix has more than 300 clients with operations in approximately 15 countries using Semantix’s software and services to enhance their businesses. The company was founded in 2010 by CEO Leonardo Santos.

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BIG DATA MANAGEMENT

Explorium Launches Salesforce Integration and Debuts Workforce Trends Data

Explorium | March 23, 2022

Explorium, the External Data platform that automatically discovers thousands of relevant data signals and uses them to improve analytics and machine learning, has released new Salesforce integration capabilities, updates to its user interface, and added company workforce data to its data offering. As the need for external data grows and businesses look for shorter time to insights, new enhancements address user requests to make analytics and machine learning more efficient. Explorium Salesforce Integration With the new Salesforce connector, data professionals can now upload Salesforce objects to Explorium, enrich them with external data from Explorium’s collection and export the enriched data back to Salesforce. They can build predictive lead scoring models based on their historical data, and apply the scores to new leads for prioritization on their propensity to convert to customers. External Data Platform Usability Enhancements Explorium has also released many new features to improve productivity and overall user experience, accelerating time-to-value for data professionals. New capabilities include enhanced search to find the relevant data signals, improved management of external data projects, and additional support for generating net-new datasets. Additionally, a new guided onboarding experience eliminates the training time and helps users immediately start their projects, further easing the access and use of external data. New Dataset for Workforce Data Trends Explorium’s new datasets on company workforce trends provides ‘X-ray-level’ insights into corporate operations, including headcount growth per department, leadership changes, average tenure in company by level, and company diversity. These are powerful indications of strength and stability that go beyond traditional financial performance indicators, providing critical insights for due diligence and other corporate assessments. Workforce data trends expands upon hundreds of business, individual, and geospatial datasets currently available within the Explorium platform. All datasets are pre-vetted for quality and ready to use without any matching and integration challenges. “Our customers are constantly thinking up new ways to drive their most important decisions with data, AI, and analytics. Our latest enhancements will enable customers to easily use data in applications of their choice such as Salesforce. Explorium’s expanded data gallery with new datasets gives users easy access to a wider variety of data that is ready to use.” Chen Admati, VP of Product and Platform GM at Explorium Experience the new Salesforce connector, company workforce trends, and the rest of the Explorium platform for free today. About Explorium Explorium provides the first External Data Platform to improve Analytics and Machine Learning. Explorium enables organizations to automatically discover and use thousands of relevant data signals to improve predictions and ML model performance. Explorium External Data Platform empowers data scientists and analysts to acquire and integrate third-party data efficiently, cost-effectively and in compliance with regulations. With faster, better insights from their models, organizations across fintech, insurance, consumer goods, retail and e-commerce can increase revenue, streamline operations and reduce risks. Explorium works with global brands like GlassesUSA, BlueVine, OnDeck and Behalf to enhance AI models for use cases including lead scoring, identifying default risk and fraud, and upleveling analytics.

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Spotlight

Data is simply information. Information in business is facts about any aspect of business that can be used to help make better decisions. This includes information about products and services, customers and prospects, competition and stakeholders as well as the external macro environment. The process of collection and analysis of this data has been problematic before the advent of digitization. Lack of precision, timeliness and subjectivity bias were key issues in data collection, while computing capability and response time were barriers to useful analysis.

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