Clinc wants to solve financial institutions’ ai problems – business insider apple cider health benefits list

Clinc, a US-based provider of conversational AI technology for financial institutions (fis), announced the launch of a new self-service platform, spotlight, that enables fis to train and deploy sophisticated conversational AI software in-house, independently of vendors.

Spotlight is available in over 80 languages, and can be integrated into any digital channel, including contact centers, mobile apps, and alexa, google, and facebook messenger, allowing fis to create a consistent user experience. Spotlight is already being used by USAA and isbank, one of turkey’s largest banks.

Clinc is trying to democratize fis’ access to best-of-breed AI software, which has been limited so far.Clinc CEO jason mars explained at finovate in london that the software underpinning voice assistants like apple’s siri and amazon’s alexa isn’t made commercially available for fis to use, and is distinct from the more rudimentary AI software that GAFA (google, amazon, facebook, apple) does commercialize.Financial institutions


This has resulted in banks creating sub-par voice interfaces that are brittle and make for poor user experience, mars says. Clinc claims its “key innovation" has been to remove the complexity from conversational AI design and development by making it easier for fis’ in-house tech teams, which often lack experience with machine learning (ML) techniques, according to mars, to easily use and customize sophisticated and complex AI software.

Spotlight gives fis access to clinc’s sophisticated AI software, and enables them to use it any way they want. The platform provides fis with clinc’s proprietary natural language understanding ( NLU) and ML software, allowing them to use it to underpin any customer interaction. Banks can develop programs that allow users to transact, ask about spending habits and balances, and get advice on future spending, among other things. Spotlight also gives banks a dashboard of customer queries and interactions to let them fine tune their customer experiences.User experience

Unlike commercial AI software that is currently made available to fis, clinc’s tech doesn’t stipulate an order in which customers have to feed information into clinc’s AI software, and allows for interruptions and interjections, making for a smooth user experience.

Clinc seems to have hit on a very lucrative idea. Legacy fis, from banks to insurers to wealth managers, find themselves increasingly at risk of being made irrelevant in a digital economy in which consumer expectations are rapidly being shaped by tech-savvy players like neobanks, robo-advisors, as well as tech giants trying their hand at finance. And, while incumbents recognize the opportunity that emerging techs like AI give them to update their business models, most lack the tech talent to leverage and deploy it, at least to a standard that will match the sophistication of their digitally native competitors.

As such, a tool like spotlight, that takes the most complex challenges out of using AI and threatens GAFA’s monopoly on the best AI-powered conversational tech, stands to see extremely high demand among fis.Financial institutions

BI intelligence, business insider’s premium research service, has written a detailed report on AI in banking and payments that cuts through the hype to offer an overview of different types of AI, and where they have potential applications within the finance industry. In full, this report: