Traditional financial services business models are under the microscope. For most financial organizations, sustained profitability is a challenge in today’s lower-interest rate environment. Competition from new market entrants is also generating new layers of disruption, while customer experience and engagement are not keeping pace with much greater expectations of the rapidly evolving digital world.
For success in the digital age, banks must tap the hidden treasure they already own in massive quantities: data. Cognitive systems offer ways to transform beyond traditional banking functions, among other things, using machine learning and applying analytics to data to understand more about the enterprise, customers and competitors. They continually build knowledge and learning, understand natural language, and reason and interact more naturally with human beings than traditional programmable systems.
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