Partnering to Power the AI Revolution in Financial Services, with Microsoft
Today, we announced that we will be delivering our Augmented Intelligence Systems that are optimized for the financial services industry through a Microsoft Azure partnership. We are collaborating with Microsoft to combine the power of Microsoft Azure with industry-specific machine intelligence software from CognitiveScale. The relationship is designed to accelerate AI adoption in the financial services industry to transform front and back office operations for enterprise clients. In the release, there is a great quote by Janet Lewis, VP/GM of Microsoft FSI industry team that talks about democratizing AI for the benefit of every person and organization.
The financial services industry is at the forefront of technological innovation, yet there is a huge lag between the companies who truly made the business take advantage of technologies like the cloud and big data. Artificial Intelligence (AI) is facing the same scenario. With the disaggregation of banks and financial institutions, where startups and disruptors are attacking the perceived vulnerabilities of the traditional financial system (robo-advisors, frictionless trading, payments, lending marketplaces, etc.), the industry needs to embrace disruptive technologies like AI and blockchain to thrive and remain relevant. The forward-looking organizations have a different approach that is driving business value using AI and blockchain, compared to the ones who are lagging. I’ll explore those characteristics in a later blog.
We at CognitiveScale believe that technology should be all about unlocking human potential. We think AI has the power to do that, if it’s focused on augmenting humans vs. replacing them. We have to even the playing field for all organizations to leverage AI to better engage customers and empower employees. And partnering with Microsoft is key to that. Microsoft has always been about democratizing technology for the masses, be it operating systems for your PCs, productivity suites, cloud, or now AI. Microsoft Azure is a power-computing platform that is revolutionizing the way companies and individuals use the power of the cloud to do more.
And today with this partnership, we are enabling that focus to go further into the financial services industry, including banking and insurance, by launching the industry-optimized AI suite on Azure. Our Cortex Augmented Intelligence Platform and the ENGAGE and AMPLIFY AI Accelerators are now available on the Microsoft Azure cloud platform and can leverage the wide variety of Azure services, including cognitive and blockchain. We have identified four core solution areas that can help financial services institutions unlock the power of AI_ Client Engagement (Wealth/Financial Advisory), Trading Intelligence, Market Research, and Risk & Compliance. See more about our FSI-optimized AI solutions.
Our financial services industry-optimized AI accelerators that include curated datasets, models, skills, and methods to stand up AI’s rapidly in the enterprise, together with our focus on bridging the data science/analytics workflows and the application developer workflows, now give organizations a way to leverage AI to deliver business outcomes, rapidly.
We will be exploring the technical side of this joint solution in great detail in the coming weeks, focused on the stack elements of Microsoft Azure across its compute, storage, machine learning, cognitive services, CNTK, and bot frameworks. Stay tuned.