Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (“AI”) solutions and digital media properties, today announced that several large banks in China, including the Bank of China, have installed the Smart Customer Retail Platform created by Remark’s KanKan AI business to act as a centralized, interactive hub for the marketing and sale of the banks’ products and services. For the Bank of China, the installation of the Smart Customer Retail Platform represents the first in a series of systematic upgrades planned by the bank. The initial installations are expected to generate approximately $1.5 million in revenue during Remark’s fourth quarter.
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“The banking industry has gradually transformed from the traditional method of bank employees providing services at the counter to highly personalized AI-driven interactive services. Bank of China’s implementation of Remark AI’s system reflects the initial capture of the Chinese banking industry’s estimated $2 billion annual budget upgrade opportunity as 20,000 branches of major banks are scheduled to be upgraded each year,” noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. “The Smart Customer Retail Platform, which integrates Kankan AI platform, can be customized to meet each branch’s marketing goals by personalizing services for each customer.”
KanKan AI’s computer vision technology identifies customers, allowing the banks to know whom they are interacting with and also providing targeted and personalized marketing information. Customers can use the platform to complete transactions such as the purchase of investment products and the completion of credit card applications. In addition, Kankan AI provides valuable feedback to bank managers by analyzing customers’ interactions on a real-time basis.
Given the initial success, KanKan AI is targeting sales to an additional 500 branches of the banks that participated in the recent pilot rollouts of the Smart Customer Retail Platform.
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