USAA Invests in CognitiveScale to Transform AI Powered Customer Engagement and Process Intelligence
CognitiveScale crosses $50 Million in venture funding
CognitiveScale, a provider of industry-specific machine intelligence software, today announced that a USAA affiliate has made a strategic investment in the company and USAA will also implement the CognitiveScale Financial Services augmented intelligence products for delivering contextual customer engagement and improving advisor productivity. By using CognitiveScale, USAA will be able to provide its more than 12 million members predictive, data-driven banking and insurance services while learning continuously from user interactions and data.
Artificial Intelligence (AI) is a major disruptive force in banks, insurance companies and financial services organizations, transforming how these firms engage customers, deliver investment advice, manage pricing and risk, and assure regulatory compliance. According to IDC, global cognitive systems spending market will grow to $47 billion by the end of 2020 with the Banking Industry accounting for 19 percent of that projected market spend.
CognitiveScale’s AI products actively discover, act and learn from multi-structured data and from declared, observed, and inferred user behaviors and market events. They emulate human cognitive abilities in software to augment human decision making and build trust by providing users with the right advice, at the right time, with the right evidence across any contact point.
“USAA has a long history of using emerging technologies to develop innovative ways to serve our members,” said Nathan McKinley, VP and head of corporate development for USAA. “Our work with CognitiveScale allows us to support such innovation through our investment while also leveraging the AI products they have today to find ways to better serve our members.”
CognitiveScale customers, such as USAA, now have an opportunity to use machine intelligence-powered software to find the hidden value within data and business signals, and use this knowledge to transform user engagement while boosting productivity through augmenting employee expertise and process intelligence.
“We are delighted to have USAA as a customer and a strategic investor,” said CognitiveScale CEO Akshay Sabhikhi. “We share their commitment to delivering clients with an experience unlike any other currently available in the insurance and banking industry.”
As part of the deployment, CognitiveScale will deploy its AI products powered by its Cortex OS for USAA following its unique 10-10-10 method, which helps businesses select and model their first cognitive system in 10 hours, configure that system using their own data in 10 days, and deploy it within 10 weeks.
In related news today, CognitiveScale announced it has received an additional $15 million in funding – including the strategic investment from USAA – bringing the company’s total to $50 million raised to-date.
To learn more about CognitiveScale and the industry’s first Financial Services Cognitive Cloud, visit https://www.cognitivescale.com/solutions/financial-services/.