What Is Cognitive Banking?

Cognitive banking is the use of advanced technology to make banks more effective. By using machine learning, AI and data science, financial institutions use data gathered from customers and internal sources to optimize processes.

How Does Cognitive Banking Work?

Banks already collect significant data on interactions and events. Cloud-based machines that understand natural language can learn from all of this data. A machine that has accumulated considerable knowledge can give evidence-based advice to both customers and bank employees. By using these techniques, a bank can provide more value to customers while improving its internal procedures.

Benefit to Customers

When a cognitive system analyzes real customer interaction data, it can gain insights from data by identifying patterns that lead to customer satisfaction. When banks allow it to interact directly with their clients, further learning continues with each new interaction. The system can learn how to provide a better user experience. It gives smart advice to users on how to optimize their finances using the products the bank offers. In this way, cognitive systems can provide true value to clients.

How Banks Benefit

Banks that adopt cognitive banking strategies are well prepared to adapt to a changing future. Hard-coding of procedures becomes unnecessary as they are constantly evolving to fit the needs of the bank. Smart machines are on the front line of customer interaction instead of human operators. This both saves money and has the potential to provide a more optimized experience for clients. Smart machines can also learn banking regulations and security protocols to determine in real-time how well the bank is meeting these requirements. Employees receive notifications if the system needs changes to meet regulations or improve security.

Conclusion

In the rapidly evolving banking industry, banks need strategies to stay competitive. The use of cognitive banking techniques improves customer satisfaction while allowing banks to run more efficiently. For more information on cognitive banking, check out this page from IBM.

IT in Manufacturing: Are You Making Good Use of Your Data?

Recently, The Manufacturer came out with an article on what it means for the manufacturing industry to embrace the digital revolution.

One of the key points is that success depends in large part on how you make use of the data you collect. The article mentions a report showing that roughly 99% of business data gets disregarded or tossed out before any analysis can be performed.

IT in manufacturing should involve helping your company make optimal use of data.

The following are some of the benefits:

  • Important feedback on how your machinery and computer systems are operating – whether or not they’re:
    • Efficient and productive
    • Performing consistently within desired parameters
    • Free from signs of impending malfunctions or unauthorized activity
  • Insights into how you can streamline various operations and processes:
    • Saving you money
    • Connecting different parts of your company seamlessly
    • Reaching your customers in a timely and effective way
  • A stronger basis on which to plan for the future, including:
    • Anticipating what you’ll need down the road
    • Embracing new developments in technology

When it comes to making good use of your data, consider the following:

  • The data you need to collect vs. what you can allow yourself to discard
  • How to collect the data accurately
  • Where to store the data securely and how to keep it organized and well-managed
  • The programs to use for analyzing the data, presenting it comprehensibly, and extracting important insights from it

Data is the foundation on which your manufacturing enterprise rests. Letting it slip by without any meaningful analyses puts you at a disadvantage relative to competitors and causes you to miss out on opportunities to refine your operations and further your business objectives.

Manufacturing