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AI Eye Podcast 732: Stocks discussed: (NYSE: WFC) (NYSE: IBM)

Wells Fargo’s New Virtual Assistant Leverages AI from Google Cloud, and IBM Expands AI Software Portfolio

 

Vancouver, Kelowna, Delta, BC - October 26, 2022 (Investorideas.com Newswire) 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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AI Eye Podcast 732: Stocks discussed: (NYSE: WFC) (NYSE: IBM)

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Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence

Stocks discussed: (NYSE:WFC) (NYSE:IBM)

Wells Fargo & Company (NYSE:WFC) has announced that Fargo, its new virtual assistant set to roll out in the "coming months," "will leverage Google Cloud's artificial intelligence (AI) to provide a more personalized, convenient, and simple banking experience." Fargo, according to the press release, aims to help customers with servicing their accounts, managing debit cards, and checking credit limits. Yolande Piazza, VP of Financial Services at Google Cloud, said:

"Today's announcement marks a milestone for Google Cloud as we expand our partnership with Wells Fargo to evolve the digital banking experience. By pairing our leading AI and natural language processing capabilities with Wells Fargo's industry-leading banking experience, we can provide customers with connected, personalized tools that seamlessly blend with their financial needs."

IBM (NYSE:IBM) has announced an expansion to its embeddable AI software portfolio with the launch of three AI libraries, which aims to help Independent Software Vendors (ISVs) across industries to develop "natural language processing, speech to text, and text to speech capabilities into applications across any hybrid, multi cloud environment." Kate Woolley, General Manager, IBM Ecosystem, said:

"Enterprises must commit to a significant investment in expertise, resources and time required to build, deploy and manage AI-powered solutions. By bringing to market the same portfolio of embeddable AI technology that powers our industry-leading IBM Watson products, we are helping Ecosystem partners more efficiently deliver AI experiences that can drive business value for their clients."

Global AI in Speech Recognition Market to reach $45.35B by 2032

A report published by Adroit Market Research finds that the global AI in Speech Recognition market is projected to grow from $14.58 billion USD in 2022 to $45.35 billion by 2032, registering a compound annual growth rate (CAGR) of 16.24 percent in the forecast period 2022-32. The following excerpt from the report's summary outlines the impact of technological development on the market:

By using a number of procedures, including as the representation of speech units, the formulation and development of recognition algorithms, as well as the display of suitable inputs, artificial intelligence transforms voice beautifully into well-structured algorithms. The development of the artificial intelligence-based technology sector is anticipated to be supported by the expanding developments in machine learning and natural language processing.

Sam Mowers, Investorideas.com

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