A few years ago, Watson beat the best human players in "Jeopardy!". Yesterday, Watson made headlines again... in Singapore and New York!
In New York., IBM announced that it would invest more than $1 billion in the IBM Watson Group. Our clients will soon have more access to a new class of Watson solutions that think, learn and deliver meaningful insights to them from massive Big Data.
This is a big deal.
As Ginni Rometty, Chairman, President and CEO of IBM said: "It comes nearly half a century after another Watson – Tom Watson, Jr. – introduced the System/360. Now, with our new Watson Group, we are once again launching a new era".
In Singapore, we are moving fast. Watson is set to transform the future of banking. DBS Bank and IBM signed an agreement in which the bank will implement the Watson Engagement Advisor solution to improve the advice and client experience delivered to its wealth management clients. DBS, a leading financial services group in Asia, is the first bank in the region to embark on such a project.
Watson helps DBS cater to the segment of one
At the press briefing to announce the agreement, DBS CEO, Piyush Gupta, said that the new solution is a "game changer" for the bank. Piyush is truly convinced that the way people bank will continue to change. He said, "People will need banking, but not necessarily banks," and so banks must continue to transform. Banking needs to be more intuitive, he added, and the services banks provide must strive to cater to the "segment of one".
In Wealth Management, the DBS relationship managers get update briefings on financial and economic data every day, and use that information to provide investment recommendations to their clients.
What Watson will do, is to take that one step further, through quickly ingesting both structured and unstructured financial, economic and other business data that are relevant to the profile of a particular client. Then, it makes preliminary recommendations to the relationship manager who can use his judgment to tailor the recommendations to each specific client.
In other words, Watson will be a highly effective "digital assistant" to the financial and wealth management professionals at DBS. In fact, in many ways, since Watson is a cognitive learning machine, it also humanizes how computers are interacting with us.
WIth DBS and Watson leading the way, the future of banking is being transformed today!
Find out more:
- DBS video testimonial - http://www.youtube.com/watch?feature=player_embedded&v=rxxNP0SZ6LU
- DBS-Watson Press release - http://www-03.ibm.com/press/us/en/pressrelease/42868.wss
- Press release on the new Watson Group (with video of launch event) - http://www-03.ibm.com/press/us/en/pressrelease/42867.wss