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IBM Watson Technologies To Aid Citigroup (C) In Improving Digital Banking

 March 05, 2012 12:22 PM
 


Citigroup Inc. (NYSE:C) and International Business Machines Corp. (NYSE:IBM) has entered into an agreement to explore possible uses of technologies for IBM Watson.

Citi will assess ways to use a first-of-a-kind customer interaction solution combined with Watson's deep-content analytics, natural language processing, decision support, and evidence-based learning to continue to advance digital banking.

Citigroup, a global diversified financial services holding company, will examine the use of deep content analysis and evidence based learning capabilities found in IBM Watson to help advance customer interactions, and improve and simplify the banking experience.

[Related -International Business Machines Corp. (IBM): Hardware Woes Weigh On IBM Results]

Citi is working to be the leading digital bank, providing customers with the latest technology to enhance and facilitate service. Citi will evaluate ways that IBM Watson technologies can help analyze customer needs and process vast amounts of up-to-the-minute financial, economic, product and client data.

Citibank customers have come to expect the highest level of service in an integrated, timely fashion, whether delivered by phone, ATM, live-chat, online or in person in a branch.  The bank continuously explores new ways to ensure it is lending responsibly and acting in the best interest of customers.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

Watson's ability to analyze the meaning and context of human language, and quickly process vast amounts of information to suggest options targeted to a consumers' individual circumstances, can help accelerate and assist decision makers in identifying opportunities, evaluating risks, and exploring alternative actions that are best suited for their clients.

IBM Software Solutions' Senior VP Mike Rhodin said the collaboration between IBM and Citi will explore how applying Watson in the consumer financial market could help empower financial professionals to make better business decisions and represents a significant step in delivering on the promise of personalized banking in the 21st century.

Watson, named after IBM founder Thomas Watson, was built by a team of scientists to accomplish a grand challenge - a computing system that rivals a human's ability to answer questions posed in natural language with speed, accuracy and confidence.

C is trading down 1.76% at $33.49 on Monday, while IBM trades up 0.25% at $199.30.

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