The AI Eye Episode 364: CaixaBank Announces Cloud Agreement with IBM (NYSE: $IBM) and Wipro (NYSE: $WIT) Teams with IBM for Innovation Center
Point Roberts, WA and Vancouver, BC - June 8, 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: CaixaBank Announces Cloud Agreement with IBM (NYSE: $IBM) and Wipro (NYSE: $WIT) Teams with IBM for Innovation Center
Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence
Stocks discussed: (NYSE:IBM) (OTC:CAIXY) (NYSE:WIT)
Spanish financial services company CaixaBank (OTC:CAIXY) has announced an agreement with IBM (NYSE:IBM) to "accelerate its hybrid cloud journey and continue their work to increase the bank's capability to develop innovative, digital-first solutions to enhance client experiences." According to the press release, CaixaBank is "one of the pioneering banks in the application of artificial intelligence for financial services, developing one of the first virtual banking assistants created in Europe," based on IBM's AI-based virtual assistant Watson. CaixaBank CEO Gonzalo Gortazar commented:
"Our company, the leader in digital customers in Spain, has renewed our relationship with IBM to allow us to continue innovating and transforming the way we interact with our customers. By strengthening and expanding the collaboration with a company that is a global model in innovation for the finance industry, we will accelerate, even further, our digital capabilities to continue developing innovative projects and services."
Wipro Limited (NYSE:WIT) announced a collaboration with IBM on a co-innovation center called the Wipro IBM Novus Lounge at the former's campus in Kodathi, Bengaluru in India. The center "will offer a comprehensive suite of solutions leveraging Cloud, Artificial Intelligence, Machine Learning and Internet of Things capabilities to foster innovation for enterprises, developers and start-ups." Gaurav Sharma, Vice President of Cloud and Cognitive Software, IBM India, explained:
"As companies across the world continue to drive digital transformation, decision-makers must rethink radically on how to leverage the combined power of data, cloud and open source technologies to become industry leaders. Wipro IBM Novus Lounge brings together Wipro's expertise across industries and IBM's open source technologies, designed to be secure and scalable across hybrid cloud, Data and AI, all running on Red Hat OpenShift promoting the journey to Cloud and journey to AI."
Global NLP Market to Reach $80.68 Billion by 2026
A report from Fortune Business Insights finds that the global Natural Language Processing (NLP) market will grow from $8.61 billion in 2018 to $80.68 billion by 2026 with a compound annual growth rate (CAGR) of 32.4 percent in the forecast period 2019-2026. An excerpt from the report summary outlines the role of customer experience in driving the market:
Understanding the clients' feedback or requirement is becoming very difficult day by day because of the increasing number of channels through which the clients provide their requirements or feedback. To understand these requirements that are associated with products or services, companies need a platform to manage business processes. Hence, they are constantly looking for an opportunity to enhance customer experience (CX) capabilities. AI and NLP will aid in analyzing the clients' inquiry or comments and further, convert them into individual solutions.
The integration of AI along with NLP can make suggestions based on the history of information, available customer data, or from the instant responses by the client. With the use of advanced technologies, seamless communication can be established between the client and the system. These communications can be saved for further references by the systems. AI along with NLP, can offer unique and customized recommendations that are more specific to the customers' queries. The platform is able to solve multiple channel management problems as it can be integrated with more than one channel. Also, this generates more interactions between the client and the company.
Sam Mowers, Investorideas.com
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