Finance in Focus: IBM Watson financial services
Each member of the trio of IBM Customer Insight solutions for banking, insurance and wealth management is evolving through the addition of cognitive capabilities. In particular, the combination of advanced analytics with cognitive computing is allowing businesses to segment customers and interact with individual consumers in real time. What’s more, having individual knowledge of each customer allows companies to send personalized offers, finally achieving their dream of maintaining one-to-one relationships with clients.
But customer insight is not a new story—after all, every banker, advisor or insurer wants to know how to get closer to customers. Yet answers have been slow in coming. At long last, however, cognitive capabilities are making dynamic segmentation a reality, leaving traditional rules and stagnant demographics behind.
IBM Client Insight industry solutions use tailored models to help you understand your clients while providing you with actionable recommendations. As they do, they keep on learning, helping them offer enhanced predictions and scoring and putting you on a quick path to using cloud-based delivery models. Indeed, with the aid of cognitive-based insight and behavioral segmentation, IBM customers have been able to do the following:
- Predict cash flow overdraft with 94 percent accuracy up to a week ahead and with 87 percent accuracy up to four weeks ahead.
- Predict nine different life events with 95 to 97 percent accuracy.
- Predict attrition with 50 percent improvement on existing models.
- Improve targeting by 91percent by eliminating delivery of irrelevant offers to 3.6 million customers.
Build your business with cognitive capabilities
When you attend IBM Insight at World of Watson 2016, 24–27 October 2016, in Las Vegas, Nevada, you’ll have the chance to enter into conversation with IBM industry experts to discuss how IBM Client Insight solutions can help you create meaningful connections with your clients.
While you’re there, be sure to listen as IBM clients such as First Data, Northern Trust, Pershing, Southern Farm Bureau and USAA discuss how you can integrate analytics and cognitive capabilities into your business processes to enhance your customer service; boost revenue generation; cut costs; and step up your governance, risk and compliance management. You won’t want to miss this chance to explore how cognitive computing capabilities and sophisticated analytics can fit into your deployment models.
Explore the world of Watson
Also joining us at the event are globally recognized fintech experts, including Cherian Abraham, David Gerbino, Brett King, Sebastien Meunier, April Rudin and Bill Sullivan. They'll attend sessions, interact with experts, meet Pepper the robot, watch demos and experience the power of IBM Watson at its fullest—and then they'll share what they learn with the world.
Take the opportunity to experience IBM Watson yourself by using the World of Watson Session Expert to build your own conference agenda. When you do, you’ll discover what is trending and what sessions are available for your industry—or you can simply let IBM Watson recommend sessions for you. For example, here are some of the session recommendations someone in the financial industry might receive:
- Banking in a Digital World: Customers Demand 360-Degree Analytics and Next-Best Action
- From Idea to Impact: Architecting Business Transformation in the Cognitive Era
- The Future of Wealth Management: How Cognitive and Analytics Will Change the Industry
- Gain Deeper Customer Insight with IBM Customer Insight for Banking
- How IBM Watson Analytics Helps You Reduce the Cost of Regulatory Compliance
- The “How-To” Guide to Cognitive Business Transformation
- Improve Customer Engagement in Retail Banking with IBM Watson
- Industry Keynote: Banks and Bots? Top Three Areas Where Banks Are Leveraging Cognitive to Win Big
- Insurance Customer Insight in the Era of Cognitive
- Rethinking Insurance: How Cognitive Solutions Are Transforming the Insurance Industry
- Using Cognitive Computing to Streamline Regulatory Compliance
But IBM Insight at World of Watson 2016 is more than the sum of its sessions. You’ll also find an on-site bookstore where you can browse industry bestsellers and perhaps even attend book signings. When you do, here are a few titles you might want to consider to help you begin bringing cognitive computing to your own organization:
- Analytics for Insurance: The Real Business of Big Data by Tony Boobier
- Augmented: Life in the Smart Lane by Brett King and contributors
- Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World by Don and Alex Tapscott
- FinTech Innovation: From Robo-Advisors to Goal Based Investing and Gamification by Paolo Sironi
- ValueWeb: How Fintech Firms Are Using Bitcoin Blockchain and Mobile Technologies to Create the Internet of Value by Chris Skinner
If you won’t be able to join us in person at IBM Insight at World of Watson 2016, then be sure to tune in at IBMGO.com. We look forward to seeing you.
Jim Gahagan, IBM Analytics global financial services marketing leader
Kim Minor, IBM Analytics global insurance marketing leader
Susan Visser, IBM social media strategist for financial services