Fincredible MacroTalk July 21: Companies Embracing Artificial Intelligence
Comments from company earnings calls on AI use cases. Quotes from BAC, LEVI, ACCD, PAYX, ORCL, SEAC, BB, HDFCBANK, VLRS.
Artificial intelligence (AI) refers to simulations of human intelligence processes by machines programmed to emulate human actions and problem-solving abilities. In a more general sense, AI refers to any machine that shares traits associated with human minds, like problem-solving and learning.
AI is still very much a work in progress and applications are limited. However, a growing number of companies are starting to use AI models like machine learning and deep learning to replicate tasks usually done by humans with the purpose of cost savings or improving processes like customer service.
Over the past couple of months, several companies have talked about current use cases for AI. In this post, we’ve highlighted some of the best quotes on the matter. All quotes are sourced from Fincredible.
If you are a current subscriber, welcome back to another edition of MacroTalk! If you have not yet subscribed, feel free to do so!
And if you’d like us to cover a specific topic or have any other suggestions, feel free to reach out to analyst@fincredible.ai.
Artificial Intelligence Use Cases
“Digitization, and in particular, artificial intelligence, is helping us streamline processes and respond to clients more quickly and efficiently. As an example, our bankers are using technology powered by Erica to not only better manage credit exposure, but also identify and win new business.”
Bank of America Q2 2021 Earnings Call
“Very importantly, continuing to build out the technology platforms that create integrations that help our frontline care teams be more efficient. So it's leveraging the AI and machine learning engine to do something we call Next Best Action to help our frontline care teams know what would be the next best thing to recommend or where someone to direct -- where to direct a member elsewhere in the ecosystem. That all, as we automate that more, makes our teams more efficient.”
Accolade Q1 2022 Earnings Call
“Our Paychex Flex intelligence engine, our AI and machine learning chatbot, is now trained to successfully answer over 340 questions while also providing users access to our help center inventory of 800 instructional and educational materials. This past fiscal year, our automated help solutions have serviced approximately 1.8 million client and employee users, handling over 60% of the questions in an automated fashion. And we have seen double-digit increases in the number of sessions in our 5-star Paychex Flex mobile app and the use of our self-service functionality continues to grow.”
Martin Mucci, CEO
“Our infrastructure strategy depends on AI technology, specifically, neural networks and machine learning, that we use to develop second-generation autonomous cloud services, such as the Oracle Autonomous Database, the Oracle Autonomous Linux operating system and an array of autonomous cybersecurity defense bots that automatically identify and neutralize cyber attacks. All of Oracle's cloud applications then run within the defensive perimeter of Oracle's autonomous cloud infrastructure, the most reliable and secure platform in the world. And that's increasingly important in a world plagued by cyber warfare, data theft and ransomware. Oracle's autonomous database and other autonomous services eliminate human labor. No human labor means no human error or opportunity for human mischief. Autonomy makes computer systems and cars much safer and more reliable. The Oracle Autonomous Database offers 99.995% availability. That means only a few minutes of downtime a year. And we have 0 downtime security patching and upgrades, available today for infrastructure and very soon available for all of our applications.”
Lawrence J. Ellison, Chairman, CTO
Oracle Corp Q4 2021 Earnings Call
“With machine learning algorithms that help to segment and cohort relevant consumption and business intelligence data, we generate meaningful and actionable insights for our customers to optimize the promotion or packaging of content to increase traffic and engagement on the services and to reduce churn.”
Christoph Klimmer, SVP of Global Sales & Marketing
SeaChange International Q1 2022 Earnings Call
“Although we have organized along the go-to-market lines, there are a number of future high-growth opportunities that our factory lab is working on that actually harness the power of all the entire technology portfolio. The first is supplying our AI/ML engine in IoT. One good example of this is using Cylance in a car. You may or may not remember at CES a couple of years ago, we demonstrated an early version of how our Persona technology that identifies inappropriate access from the user behaviors can be applied to drivers of vehicles. We also demonstrated how our protected EPP can be used to protect the connected cars from cyber threats. They are just 2 the number of potential use cases that we are currently looking at.”
BlackBerry Ltd Q1 2022 Earnings Call
“On the retail branch banking front, we focused on launching a unique initiatives that takes need-based selling to the next level. Immediate next best action is an artificial intelligence tool that studies the customer transaction patterns and digital behavior, and is able to correctly pinpoint the financial need of the customer and the contextual relevance to suggest product and timing. It provides real-time figures to the RMs on customer transaction patterns and digital behavior. The initial trends are very encouraging with a 6x higher probability of the customer to take the product based on analytics than the traditional process.”
Srinivasan Vaidyanathan, CFO
HDFC Bank Q1 2022 Earnings Call
“This quarter, we launched a digital upskilling initiative, which included the industry's first machine learning boot camp, and immersive training in coding, machine learning and agile ways of working, uniquely designed for LS and Co employees. After graduation, these practitioners now data scientists, return to the business to apply their skills and create momentum around our digital agenda. By the end of the year, we will have upscaled more than 100 employees globally.”
Levi Strauss Q2 2021 Earnings Call
“We're also working on dynamic pricing of those ancillaries. So we have artificial intelligence that helps us price the ancillaries to the right customers at the right time.”
Controladora Vuela Compañía de Aviación Q2 2021 Earnings Call
If you would like to find more incredible insights on company earnings calls, use the Fincredible Earnings App. And if you want to receive e-mail notifications with our next Fincredible Transcript or share this with your friends, click the buttons below.
As always, feel free to e-mail us at analyst@fincredible.ai with any comments, inquiries, or whatever you feel like sharing.