The AI Eye: Canadian Western Bank (TSX: CWB) to Implement AI Solution from FICANEX and AI Firm Sonasoft (OTC: SSFT) Announces Appointment of New CFO
Point Roberts, WA and Vancouver, BC - February 13, 2020 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today's edition of The AI Eye - watching stock news, deal tracker and advancements in artificial intelligence.
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The #AI Eye: Canadian Western Bank (TSX: $CWB.TO) to Implement AI Solution from FICANEX and AI Firm Sonasoft (OTC: $SSFT) Announces Appointment of New CFO
Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (TSX:CWB) (OTC:SSFT)
Canadian Western Bank (TSX:CWB) is implementing tunl.chat, an AI-powered conversational banking tool from digital financial services provider FICANEX, with the aim of improving the former's digital client experience. Andrew Obee, President & CEO of FICANEX, commented:
"We are thrilled that CWB Financial Group will be the first bank to implement tunl.chat and take advantage of this very strategic digital channel to improve customer communications. Our experience with other tunl.chat implementations has allowed us to create a very robust AI-powered chatbot that will enable fully automated anywhere and anytime conversations between CWB and their customers and potential customers alike."
AI and data engineering firm Sonasoft Corp. (OTC:SSFT) has announced the appointment of Rob Baumert as its new CFO. Formerly responsible for Finance, Supply Chain, Customer Support and Data Analytics for online marketplace Redbubble, Baumert presided over the company's growth "from $3M in revenues to over $150M" and a successful 2016 IPO in Australia. The press release indicates that updates regarding the company's AI initiatives can be expected "as plans continue to progress."
Sonasoft had previously announced "that its artificial intelligence solution, NuGene, was selected to power a new AI marketing platform by Cognitive ROI." NuGene is leveraged to model marketing ROI based on past performance. Ankur Dinesh, Sonasoft's Chief of Artificial Intelligence, explained:
"NuGene goes further than traditional machine learning analysis of data and tests all correlations to find the ones with the strongest causation, resulting in models that are more robust and less biased."
AI in Automotive & Transportation Market to Reach $45.1 Billion by 2024
A report from Vynz Research finds that the global market for AI in the Automotive and Transportation industry is expected to reach $45.1 billion by 2024 with a compound annual growth rate (CAGR) of 17.7 percent in the forecast period 2018-2024. The report cites the "growing adoption of ADAS (Advanced Driver-Assistance Systems), rising investment in vehicle performance improvement, and implementation of government regulations for vehicle safety and security," as key factors in the market's growth. Expanding on this, an excerpt from the Growth Drivers section of the report description reads:
Growing demand for improved driving experience with enhanced safety and comfort features will act as a major driver for the artificial intelligence market for automotive and transportation industry. Along with that, ADAS and inclination towards safety and security will act as an addition factor driving the market. All these factors will impact the artificial intelligence market for automotive and transportation industry progression in the market in years to come.
Sam Mowers, Investorideas.com
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