National Australia Bank, for example, has recently deployed a cognitive solution to help employees identify customer needs faster and in a more personal way. Banks already invest significantly in cognitive systems for fraud analysis and investigation, automated threat intelligence and prevention, and for smarter financial advice.
By 2019 the world’s banks will account for 20 per cent of the $41.5 billion global cognitive systems budget says the International Data Corporation (IDC). The transformative effects of cognitive may begin in banking, but they will percolate rapidly into many other sectors.
According to Rod Bryan, lead partner of KPMG’s Solution 49x cognitive consulting group, the huge transformations possible through deductive and inductive reasoning will be deployed widely as cognitive becomes embedded in business practices.
KPMG itself is a case in point. Ken Reid, the firm’s head of innovation, initially saw cognitive as a way to deliver solutions faster and cheaper.