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AI – Artificial Intelligence

AI – Artificial Intelligence | Wells Fargo


Technology Banking

innovation | 2 minute read

The new face of commerce is not human

By 2020, people will manage 85% of business relationships without human interaction

Artificial intelligence (AI) is now part of everyday life. Digital assistants recognize
your voice and respond to your commands. Computers help translate vast amounts
of data into better-informed medical decisions. Chatbots offer you help with a
human touch.

By 2020, customers will manage 85% of their relationships with businesses without any
human interaction.1

The new face of commerce is not necessarily human 

Through machines and
software, AI can bring a decidedly human, personal touch while harnessing
extraordinary computing power and information troves to better serve customers.

How is AI making commerce smarter?

  • Personalized experiences. AI enables merchants to tailor
    product recommendations based on purchasing patterns. Advertising can be
    targeted not only to meet individual preferences but also to appear at the
    right time and place. Ultimately, it will be possible to bring an enhanced
    purchasing experience — through digital assistants, analytics, and other tools
    — free to all customers.

  • Consultative selling. Sales teams can apply AI to Big Data
    analysis to better pinpoint opportunities, such as determining the best
    prospects for products. The ability of machines to learn will enable AI to move
    beyond the analysis of historical data to also perform predictive modeling and
    potentially to identify broader sets of sales opportunities.2

  • Service excellence. Customers can get answers more
    quickly and efficiently. For example, Einstein is an AI initiative at
    salesforce.com that’s helping customer service representatives better serve
    callers. As part of a cloud-based customer service platform, Einstein routes
    callers to the best available person for providing support and supplies
    background to the representative. Einstein helps management as well, by compiling
    data on wait times, queue sizes, and other details that support improvement of
    customer satisfaction scores.3

  • Safer commerce. Security remains a major AI
    application and includes the ability to detect and thwart possible fraud
    attempts. The role of AI in fraud detection will continue to evolve to protect
    a connected network of businesses and homes from which purchasing can happen
    automatically.

Reaching beyond the customer

A study by Tata
Consultancy Services found IT departments are still the biggest adopters of AI
today. However, one third of survey respondents expect that by 2020, AI will
make the biggest impact on sales, marketing, and customer service. Another 20% see the largest influence on business functions such as finance, strategic planning,
corporate development, and human resources.4

That means AI is becoming an agent of change well beyond its public surface, as it reaches
more deeply into organizations to affect increasing aspects of the end-to-end
transaction chain that drives commerce.

Disclosures
  1. “Why Salespeople Need to Develop ‘Machine Intelligence,’” by Thomas Baumgartner, Homayoun Hatami, and Maria Valdivieso, Harvard Business Review, June 10, 2016.

  2. “Has Artificial Intelligence Arrived at the Sales Function Yet?” by Ashwin Ramasamy, entrepreneur.com, January 6, 2017.

  3. “Salesforce Adds Some Artificial Intelligence to Customer Service Products,” by Ron Miller, techcrunch.com, February 13, 2017.

  4. “Artificial Intelligence to Dramatically Impact Businesses: TCS,” by PTI, economictimes.indiatimes.com, March 15, 2017

    .

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The new face of commerce is not human

innovation | 2 minute read

By 2020, customers will manage 85% of their business relationships without any human interaction. Learn how artificial intelligence can help you serve your customers better.

Five technologies. One bright future for banking.

innovation | 2 minute read

From APIs to biometrics, several key innovations are not just providing customers with better information in the moment — they’re changing the banking business forever.

How co-bots give you superpowers

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Some tasks require a human touch. Others are suited to automation. But what if people and machines worked side by side with both doing what they do best?

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Can AI keep your data safe from cyber hacking?

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Artificial intelligence and cyber security are a growing partnership in enterprise security operations, and may be able to help your business become more proactive in avoiding data breaches.

Four solid tips for managing risk before a liquidity event

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The better you understand the risks associated with your pre-IPO or pre-acquisition stock, the better you may be able to prepare for a liquidity event.

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The most important FX questions no one asks

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Before you focus your corporate FX program on hedging risk, first educate your constituents on why it’s important to manage FX overall.

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A tech perspective

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Secil Watson, head of Digital Solutions for Business at Wells Fargo, on how application programming interfaces (APIs) are revolutionizing the future.

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Low-stress cash flow for high-growth tech

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Transacting business in foreign currencies? These best practices can help you navigate the complex ecosystem of regulations, systems, and payment preferences.

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Wells Fargo’s perspective on the challenges of encouraging more women to pursue technology careers.


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Disclosures

Securities Products:

Not Insured by FDIC or any Federal Government Agency

May Lose Value

Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

©2017 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2017 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries. Wells Fargo Capital Finance Corporation Canada (also doing business in Quebec as Société de financement Wells Fargo Capital Canada) is an affiliate of Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company. Wells Fargo Commercial Distribution Finance is the trade name for certain inventory financing (floor planning) services of Wells Fargo & Company and its subsidiaries.

Wells Fargo & Company conducts business outside the U.S. through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, and Latin America. In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

We provide links to external websites for convenience. Wells Fargo does not endorse and is not responsible for their content, links, privacy or securities policies.

Important notice regarding use of cookies: By continuing to use this site, you agree to our use of cookies as described in our Digital Privacy and Cookies Policy.

The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Capital Finance or any other Wells Fargo entity.

The information in this report is for educational purposes only and should not be used or construed as financial advice or a recommendation to participate any strategy mentioned herein. Wells Fargo does not guarantee that the information supplied is complete, undertake to advise you of any change in its opinion, or make any guarantees of future results obtained from its use. The concepts discussed in the paper require the assistance of qualified legal counsel and tax advisors, and investors should consult their own attorneys and tax advisors with respect to their own situations.

  1. Silicon Valley Top 150 2017 Silicon Valley Top 150 Public Technology Companies Rankings by Annual Revenue

Disclosures

Securities Products:

Not Insured by FDIC or any Federal Government Agency

May Lose Value

Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

©2017 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2017 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries. Wells Fargo Capital Finance Corporation Canada (also doing business in Quebec as Société de financement Wells Fargo Capital Canada) is an affiliate of Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company. Wells Fargo Commercial Distribution Finance is the trade name for certain inventory financing (floor planning) services of Wells Fargo & Company and its subsidiaries.

Wells Fargo & Company conducts business outside the U.S. through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, and Latin America. In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

We provide links to external websites for convenience. Wells Fargo does not endorse and is not responsible for their content, links, privacy or securities policies.

Important notice regarding use of cookies: By continuing to use this site, you agree to our use of cookies as described in our Digital Privacy and Cookies Policy.

The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Capital Finance or any other Wells Fargo entity.

The information in this report is for educational purposes only and should not be used or construed as financial advice or a recommendation to participate any strategy mentioned herein. Wells Fargo does not guarantee that the information supplied is complete, undertake to advise you of any change in its opinion, or make any guarantees of future results obtained from its use. The concepts discussed in the paper require the assistance of qualified legal counsel and tax advisors, and investors should consult their own attorneys and tax advisors with respect to their own situations.

  1. 2017 Silicon Valley Top 150 Public Technology Companies Rankings by Annual Revenue.



About Patrick Ireland

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My name is Patrick Ireland, living in the Philippines with my wife and two daughters. I have been studying the web for over a decade. Now that I am 60 years old, I am starting to apply some of the knowledge that I have gained. "Learn from yesterday, live for today, hope for tomorrow. The important thing is to never stop questioning." -Einstein.

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