Citigroup, the world's third-biggest bank, recently announced that it will use the help of super computer Watson to improve customer service efforts. The computer earned its reputation last year after beating out human competitors on the trivia show Jeopardy.
The financial institution decided to enlist the help of the advanced technology because it can understand and process human language better than any other computer.
Citigroup is still deciding how to leverage the technology to use data in a way that can improve customer service. An IBM general manager suggested in a blog entry that Watson could help banking customers calculate how much money they need to save for retirements, and how best to manage their investments online.
"We will collaborate with IBM to explore how we can use the Watson technology to provide our customers with new, secure services designed around their increasingly digital and mobile lives," said Don Callahan, Citis chief operations and technology officer.
Citigroup is evaluating ways in which Watson can improve customer satisfaction and loyalty by analyzing client needs and processing vast amounts of data. With this technology, Citigroup renews its effort to providing clients with high levels of service through innovative research.