Advanced technologies such as big data analytics (BDA), machine learning (ML), artificial intelligence (AI) and blockchain are changing the way …
“The disruptive features of bots are its speed of execution and ability to accurately respond to queries,” explained Deepali Sathe, ICT Senior Industry Analyst at Frost & Sullivan. “The ability of bots to effectively handle repetitive tasks creates opportunities for robotic process automation (RPA) and chatbots that respond immediately to customers. Solutions that are easy to deploy and pre-designed vertical bots are likely to have a significant impact on the industry.”
Frost & Sullivan’s recent analysis, The Role of Bots in Financial Services, 2018, examines the scope of applications of bots in the global financial services industry and their impact on the industry. It also discusses technologies that empower bots, global market trends, and growth opportunities. The study includes company profiles of market participants and recent investments and collaborations evident across the industry.
“Bots are channel-agnostic and can be deployed on websites, mobile phones, internal organizational systems, messaging apps, and social platforms,” noted Sathe. “However, ambiguity in regulations, lack of standards, and a fragmented market hinder rapid growth. To harness opportunities in such a market, companies need to collaborate to create a bot ecosystem that can help them scale up, push for favorable regulations, and launch innovative, industry-specific solutions.”
Adoption of bots by financial services firms is on the rise, and strong growth opportunities include:
- Vertical-specific bots equipped with capabilities to meet stringent regulatory and compliance requirements.
- Bot platforms that enable a wider range of services and products for customers and can easily manage scaling up/down.
- Options that enable cloud and on-premise deployment, given the sensitivity of financial services data.
- Partnerships to expand product line and customer base.
- Ensuring security of data.
“Conversational AI is altering traditional methods of engagement between financial firms and their customers. Enhanced efficiency, productivity and resource optimization are some of the other benefits that companies can expect to derive after implementation,” said Adrian Drozd, ICT Research Director at Frost & Sullivan.
The Role of Bots in Financial Services, 2018 is part of Frost & Sullivan’s global Big Data & Analytics Growth Partnership Service program.
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As mentioned earlier, the two executives working for South Korean crypto … “This is the first time a representative of a virtual currency exchange has …
In a major blow for the global crypto sector, two executives working for an established cryptocurrency exchange called ‘Komid’ have reportedly been sentenced to jail for “purposely inflating trade volumes” through the use of digital bots and fake financial accounts.
A Closer Look at the Matter
As mentioned earlier, the two executives working for South Korean crypto exchange ‘Komid’ have already been sentenced to jail for participating in a couple of fraudulent activities.
One of accused persons is Choi Hyunsuk, the CEO of Komid while the other individual’s identity has not yet been revealed by the police. Hyunsuk has received a “three-year prison sentence while the other executive will be facing a term of at least two-years”.
In this regard, a local news outlet was quoted as saying:
“This is the first time a representative of a virtual currency exchange has been sentenced to prison for allegedly inflating trading volumes.”
For those of our readers who may not be aware, Komid started operations around a year back after completing all of its initial beta test runs. As per a statement released by local court authorities,
“Choi created more than five fake accounts last year through which he purposely inflated trading volumes using digital currencies as well as the Korean won” (on his exchange).
Yesterday, News Asia also ran a similar story and stated the following in their report:
“The charges from prosecutors outlined a scheme wherein the two defendants fabricated 5 million transactions on their platform to deceive investors into thinking that the volume was natural. This led to the two earning about $45mil. There is also a suspicion that they utilized a ‘bot’ to automatically create large orders, which attracted new users.”
How Will This Case Affect Investor Sentiment Worldwide?
In relation to the matter, the judge who presided over Choi’s case was quoted as saying that Hyunsuk had “defrauded countess victims” and there was a clear need for doling out punishment as soon as possible.
However, the judge did take into account the fact that the guilty parties had returned some of the swindled money and thus their intentions were not completely malignant.
He then went on to state:
“The crime has damaged customers’ confidence in the virtual currency exchange and has had a negative effect on the domestic virtual currency trading market.”
Over the course of the past couple of years, quite a few cryptocurrency exchanges have been mired in scandals related to the use of trading bots (for falsify orders). For example, late last year, some of the folks over at UpBit were indicted for fraud.
It was being alleged that a few executives working for the firm had “faked orders worth approximately $226 billion and sold 11,500 BTC to around 26,000 investors”.
Similarly, people working for Coinnest and HTS Coin too have recently been involved in matters related to monetary fraud and embezzlement.
Ingenico Group launched a messaging chatbot that uses artificial intelligence from IBM Watson to help merchants conduct payment transactions with …
Ingenico Group launched a messaging chatbot that uses artificial intelligence from IBM Watson to help merchants conduct payment transactions with customers, according to a company announcement.
The chatbot, created under a collaboration with JoinedApp, a Palo Alto, California-based startup that Ingenico owns a stake in, allows customers to make payments through the app’s secure payment API.
Ingenico officials said the chatbot function is considered ideal for interacting with customers in the retail, travel, hospitality or leisure spaces. The app can be used 24 hours a day, weekdays or weekends.
The AI function uses natural language processing to better understand the user’s needs and can communicate in a variety of languages. The chatbot is currently available internationally and is showing five times better conversion rates than traditional mobile apps, according to the company.
The company has several implementations live in several industries, including telco, hospitality, newspaper and other industries, including retail and travel, in development.
“We’re seeing great success in these initial pilots so far, hence why we continue to invest in this project and why we wanted to expand the capabilities of our chatbots with the IBM Watson technology,” said Gertjan Dewaele, product innovation manager at Ingenico.
Thanks to IBM Watson AI services, users simply tell the bot their desired purchase and submit payment and delivery information – achieving a truly …
Payment Leader Enhances Messaging Bot Solution with AI Services from IBM
Ingenico Group, the global leader in seamless payment, launched its innovative payment-enabled chatbot, which uses natural language processing (NLP) from IBM Watson to create a smooth customer experience. Watson capabilities allow Ingenico’s chatbot to better understand users’ requests once they have been inputted, whatever they may be. It can better interpret nuances in language and phrasing, handling natural variations in the way individuals communicate. As a result, the bot can respond quickly and effectively, enabling it to meet each user’s specific needs in a wide range of different languages. The new AI component reduces steps consumers have to take in order to complete purchases, allowing merchants to boost conversion.
The chatbot, created in collaboration with JoinedApp, incorporates Ingenico’s secure payment API to enhance a business’s messaging app user experience. It enables customers to purchase products and services safely and securely within a messaging app’s chat function, bringing an end-to-end customer experience to the chat platform. By enabling payments within the messaging app environment, merchants can boost conversion by reducing the steps that consumers have to take in order to complete their purchase.
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The chatbot is ideal for use in the retail, hospitality, leisure and travel sectors. It can be active 24 hours a day, seven days a week, enabling a business to communicate with customers and handle transactions around the clock. Moreover, it allows businesses to gather valuable information on bot users’ needs and desires, enabling them to tailor their offering to meet their customers’ changing requirements.
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Speaking about the benefits of the chatbot’s payment capability, Gabriel de Montessus, SVP Global Online (Retail BU) for Ingenico Group, said: “This new AI-powered capability enhances user experience and improves conversion significantly. Thanks to IBM Watson AI services, users simply tell the bot their desired purchase and submit payment and delivery information – achieving a truly seamless payment experience for consumers.”
The chatbot is already available on the international payment market, showing up to five times better conversion rates compared to mobile websites.
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Adtech company DoubleVerify Inc. has acquired Helsinki-headquartered content classification startup Leiki Ltd., the company announced Monday.
Adtech company DoubleVerify Inc. has acquired Helsinki-headquartered content classification startup Leiki Ltd., the company announced Monday. DoubleVerify did not disclose the sum of the deal but said the all cash, all stock transaction was completed late December.
Founded in 2008 by Israeli-born Oren Netzer and Alex Liverant, DoubleVerify provides advertisers with tools to analyze and verify online ads, helping differentiate between bots and real consumers. The company has raised almost $50 million to date, before Rhode Island-based private equity firm Providence Equity Partners took a majority stake in the company in 2017.
Founded in 2000, Leiki’s context-based software performs user profiling and audience segmentation, enabling brands to ensure their ads are displayed next to relevant and appropriate content.
DoubleVerify CEO Wayne Gattinella. Photo: PR