Deutsche Bank jumps on IBM Watson for Germanic AI ambitions
The system will be used in the bank’s Artificial Intelligence Client Communication Centre (AI-C³), and Deutsche Bank says it will use Watson for the development of a “scalable personalised cognitive advisory model supporting the clients and the bank´s advisors and employees in internal and external processes”.
The bank adds: “Our customers and employees benefit from cognitive analytics and AI in several ways: consultancy speed – our customers’ advisors can prepare their personalised discussions with our customers in a fraction of the time.
“Consultancy quality: Our customers are always better informed based on analysis of structured and unstructured data which are processed in order to provide the proper tailored solution with the highest probability of matching clients’ needs and expectation.”
Join the club
Deutsche Bank joins plenty of others using IBM Watson.
Last month, IBM said it will make a ten-year, $240 million investment to create the MIT–IBM Watson AI Lab as the duo seek to unlock the potential of AI.
In August, Mizuho revealed it was testing out new ways of risk management and dealing with financial crime by using Watson’s cognitive technology.
In addition, following a pilot, IBM said Watson will be extended to Crédit Mutuel’s 20,000 employees and 5,000 branches in France to help with the bank’s operations.
However, like a German fairytale, let’s end with a dark twist. In an opinion piece, Roger Schank PhD, chairman and CEO of Socratic Arts, said IBM are not doing “cognitive computing” no matter how many times they say they are.