The banking system is undergoing a paradigm shift in terms of adopting cognitive computing into all of its facets. It is amazing to listen to the conversations and see the pilots during which clients are exploring ‘art of the possible’ with cognitive. With the rich data, financial services’ clients hold this is often a natural evolution for the industry.

 
The pressure of innovation — driven by the Fintech’s — is another factor driving cognitive adoption and moving the industry towards a replacement way of working and a replacement way of servicing clients.
 

What is cognitive computing?

 

Cognitive computing is the simulation of human thought processes during a computerised model. This involves self-learning systems that use data processing, pattern recognition and tongue processing to mimic the way the human brain works. It leverages a mixture of structured and unstructured data, both proprietary and public, including social media channels. The more the system learns, the more efficient it becomes.

 
What is cognitive banking?
 

Cognitive banking enables banks to create AI solutions based on leveraging big data and fast data. This way, more accurate predictions are possible, which helps to gain an improved knowledge of the business and ultimately leads to smarter and more innovative ways of interacting with customers.

 

Customer acquisition, growth and retention are areas where conventional analytics are being replaced by cognitive analytics to supply superior client experiences. Wealth advisors and relationship managers are using cognitive technologies to realise new levels of experience and responsiveness. With ‘virtual agents’ over digital channels being empowered by the facility of cognitive computing we are beginning to see meaningful transactions in complex areas like mortgages and brokerage, where a bank previously would consider the necessity for human interaction as mandatory for a conversion. It's also enlightening to see how call centres are getting transformed with the intelligence of cognitive agents and driving more traffic onto the digital medium.

 
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