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  • user 12:18 am on June 4, 2018 Permalink | Reply
    Tags: , , , Humans, , , ,   

    People Prefer Bots to Humans When It Comes to Money Matters 

    How much would you discuss with Erica, Nomi or Eno? And no, those aren’t , but virtual assistants provided by some of the largest in North America. Artificial intelligence has become a hot topic, and even more so in relation to chatbots and virtual assistants. But just how comfortable is a customer speaking to [&;]
    Bank Innovation

  • user 12:18 am on May 16, 2018 Permalink | Reply
    Tags: , , Humans, Link, Outdated, , , Weak   

    Are Humans the Weak Link in Bank Security, or Is It Outdated Technology? 

    The most vulnerable aspect of a ‘s is the people — employees and customers — or so the story goes. But four security experts came together to discuss the issue and opinions differed. For example, can you still call the when fail to use the best ? This means education [&;]
    Bank Innovation

  • user 3:35 pm on May 12, 2018 Permalink | Reply
    Tags: , , Humans, , , synergies,   

    Identifying the synergies between humans & machines 

    A common scene in the African savanna is a small, yellow-billed oxpecker perching on the back of a zebra. They are collaborating for mutual benefit. The oxpecker feeds off ticks and parasites that live on the zebra’s skin and—when it senses danger—it flies up near the zebra’s head and sounds a distinct warning. The oxpecker gets a free ride and a constant source of food, while the zebra gets constant pest control and a head start on predators. Each benefits from the collaboration.

    Nearly 80 percent of the senior banking executives interviewed for our recent Future Workforce Survey plan to use AI to automate tasks to a large or very large extent in the next three years.

    In banking, we see a similar synergistic relationship emerging bank employees and artificial intelligence (AI). Our analysis¹ indicates that between 2018 and 2022, that commit fully to AI and human-machine collaboration could boost their revenue by an average of 34 percent and, critically, increase employment levels by 14 percent. There are many things that do very well and also things that do very well, but we are increasingly recognizing that in many activities, man + machine is the most powerful combination.

    Read the report

    We are also at the beginning of a material investment wave. Nearly 80 percent of the senior banking executives interviewed for our recent Future Workforce Survey plan to use AI to automate tasks to a large or very large extent in the next three years. Findings from our 2018 North America Banking Operations Survey show that 22 percent of banks are already using AI, machine learning, and natural language processing—and another 55 percent intend to do so within the next year.

    Following industries like manufacturing, banks have already embraced the power of AI to automate processes and lower costs. Yet to win against digital startups and non-banks, incumbents will need to move beyond automation—applying in more nuanced ways AI’s ability to sense, communicate, interpret and learn within a broad enterprise structure that elevates human capabilities and unlocks new value. It’s what Accenture calls “applied intelligence,” combining and human ingenuity across all parts of a bank’s core business to solve complex challenges, delight customers, break into new markets and generate entirely fresh revenue streams. Rather than working in isolation, humans and machines are going to be working together just like the oxpecker and the zebra to produce a combined effect greater than the sum of their separate outcomes.

    Our research points to three key actions banks can take to transform their workforce, an essential step in creating positive synergy between their human and machine workers:

    1. Reimagine work to better understand how machines and people can collaborate.
    2. Pivot the workforce to areas that create new forms of value.
    3. Ramp up “new skilling” to enable people to work with intelligent machines.

    While they see the potential, most banks have yet to take a disciplined enterprise-wide approach to AI. A significant barrier is banking executives’ anticipation of resistance from employees. Most cite a growing skills gap as the leading factor influencing their workforce strategy, and they believe that, on average, only 26 percent of their workforce is ready to work with intelligent technologies.

    We think this pessimism is misplaced, and that they are in for a pleasant surprise. In part two of this topic, I’ll discuss what bank employees told us about their views on human-machine collaboration.

    Until then, I invite you to read the entire report to learn more.

    ¹ Accenture econometric modeling, “Reworking the Revolution”, 2018, page 42


    The post Identifying the synergies between humans &038; machines appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:18 pm on December 22, 2016 Permalink | Reply
    Tags: , Humans, Largely, , Schwab’s,   

    Schwab’s Robo Success Depends Largely on Humans 

    In the transition from in-person advice from financial planners, to a fully experience available at your fingertips, there is (at least) one step in between: the cyborg model. In the world of financial advice, a hybrid advisory system, which combines fully automated algorithm-driven advice and certified (human) professionals, seemsRead More
    Bank Innovation

  • user 12:18 pm on September 5, 2016 Permalink | Reply
    Tags: , , Humans, INVchat, , ,   

    Are Roboadvisors Taking Jobs from Humans? 

    The community sure is bullish on . At least, that&;s the takeaway the Twitter poll conducted by @INVFintech, this site&8217;s sister accelerator. The poll was part of a Twitter chat held today under the hashtag . The discussion ranged from robos to cross-border payments, the latter discussion seeing active participationRead More
    Bank Innovation

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