Arria had the pleasure of exhibiting at Money20/20 in Las Vegas last month. Money20/20 is the world’s largest and boldest payments and financial services innovation event for connected commerce. There were 10,000+ attendees, including more than 3,000 companies from 75 countries.
Money20/20 brought together companies with the same end goal of creating accurate, consistent, efficient and automated reports in real time that draw insights from their financial data.
We were surprised by the number of people who had heard of Artificial Intelligence and NLP, yet were unfamiliar with Natural Language Generation and its benefits. So, we were only too happy to fill them in. Once people understood the benefits, we could sense the excitement in our booth. Questions and use cases were discussed. The buzz of Artificial Intelligence filled the ‘New Exhibitors’ aisle of Money 20/20. Occasionally we were challenged, but overcame to qualify new business use cases that could connect companies with their existing data/dashboards.
One common theme was that companies needed assistance with Financial statements, Management reporting and Portfolio and Wealth Management reports; areas which Arria excels in and can provide expert advice.
A variety of use cases came to our attention during the event, yet the ones we found most interesting involved fraud detection and customer-facing narrative. Both use cases can benefit from NLG in reducing time, effort and cost while increasing efficiency, accuracy and consistency.
Detecting fraudulent activity such as Anti Money Laundering (AML) can be difficult to trace and track in time to prevent it. Many companies were worried about their lack of expertise, time and resources to capture the relevant data and carry out analysis. With NLG, data can be analysed in real time, generating a vast number of reports to alert and inform users immediately of any suspicious behaviour. Incorporating NLG will ensure 100% vigilance and best practice. Unlike humans, machines don’t clock off, fall ill, lose concentration or take annual leave. NLG can generate reports day after day, saving analysts from doing repetitive uninteresting jobs and allowing them to focus on higher priority tasks. Customers immediately saw the benefits of NLG and realised that this innovative technology could be the solution to some of their current problems.
When a customer enters a bank to speak to someone about their account, a banker sifts through their history to gain an understanding of the type of customer they are: how they spend and save money. This can often take a few minutes. Not only to complete a thorough evaluation, but also to provide recommendations and solutions which may interest the customer. If the banker is having an off day, the information might not always be 100% relevant. Natural Language Generation allows you to provide individual reports for each customer. Customer services still have a long way to go to exceed customer expectations - NLG is a way of allowing your staff to excel.
After learning about our technology, people were extremely excited about NLG Cloud and the prospect of developing their own innovative solutions. NLG Cloud opens up Arria’s NLG capabilities via two different self-service software development products, each targeting the specific needs of distinct user groups and allowing them to build, design and create their own applications with the freedom to work independently and be in full control.
We met and spoke to over 200 people. Artificial Intelligence is an exciting space to be in with more and more people wanting to be involved and incorporate it into their work lives. Some people described NLG as ‘A real game changer that will revolutionize business’. At Arria we can cater to different use cases, companies, industries and individuals. NLG has no limits and relishes a challenge. If you think you have data that needs narrative, we want to hear about it. Request a demo, get in touch and discuss a use case or become a partner. We thoroughly enjoyed ourselves at Money20/20 and hope that we inspired those we met with new business solutions.
Author: Benedicte Herlihy, Sales & Marketing Executive at Arria NLG