On Monday, Citigroup Inc. (C) entered into an agreement with IBM Corp. (IBM) to identify the uses of IBM Watson in banking services. As per the terms of the deal, Citi will scrutinize the process of IBM Watson and will work on some initiatives to improve customer interactions as well as simplify banking services for them.
Watson, named after IBM founder Thomas J. Watson, is a computing system that competes with the ability of human beings to answer questions in natural language marked by speed, accuracy and buoyancy. The technology, built up by a group of scientists, precisely extort facts and helps understanding relationships quickly in large volumes of data. Moreover, the technology can be advantageous in increasing and enhancing decision-making process across a range of industries.
In the current digital world, Citi is working hard to provide its clients with the latest technology and improved services. Therefore, the company will investigate the deep content analysis and fact-based learning potentials found in IBM Watson as well as study its usage for its customers. The bank will figure out different ways under which IBM Watson technologies can evaluate the needs of the customers, help them and carry out huge up-to-date financial, economic, product and client data.
Citi has always been successful in exploring new ideas and executing modern ways to help its customers with the banking services according to their financial needs. Moreover, nowadays customers anticipate best services to be provided by banks in an integrated manner through various means such as phone, ATM, live-chat and net banking, in person or in a branch on time.
IBM is continuously working on the improvement of Watson to make it available in information-intensive industries. This technology enables various companies to make decisions and improve their ways of providing services to the customers.
Moreover, the partnership between IBM and Citi will come up with different ways of applying Watson in the consumer financial market. In addition to that, the pact would help taking significant step in welcoming personalized banking in the 21st century.
It’s been almost 200 years since Citi started working with IBM. Together, they came up with innovative ideas to enhance the use of information technology in the financial services industry and are enduring those efforts till today.
Citigroup currently retains a Zacks #5 Rank, which translates into a short-term Strong Sell rating. However, considering the fundamentals, we maintain a long-term Neutral” recommendation on the stock.
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