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Bank of China installs Remark smart retail platform
- December 8, 2020
- Steve Rogerson
Several large banks in China, including the Bank of China, have installed a smart customer retail platform created by Las Vegas-based Remark’s Kankan AI business.
The platform acts as a centralised, interactive hub for the marketing and sale of the banks’ products and services. For the Bank of China, the installation represents the first in a series of systematic upgrades planned by the bank. The initial installations are expected to generate approximately $1.5m in revenue during Remark’s fourth quarter.
Remark Holdings is a technology company with artificial intelligence (AI) technology and digital media properties.
Kankan AI’s computer vision technology identifies customers, allowing the banks to know whom they are interacting with and providing targeted and personalised 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 feedback to bank managers by analysing customers’ interactions in real time.
“The banking industry has gradually transformed from the traditional method of bank employees providing services at the counter to highly personalised AI-driven interactive services,” said Kai-Shing Tao, CEO of Remark Holdings. “Bank of China’s implementation of Remark AI’s system reflects the initial capture of the Chinese banking industry’s estimated $2bn annual budget upgrade opportunity as 20,000 branches of major banks are scheduled to be upgraded each year. The smart customer retail platform, which integrates the Kankan AI platform, can be customised to meet each branch’s marketing goals by personalising services for each customer.”
Kankan AI is targeting sales to an additional 500 branches of the banks that participated in the recent pilot rollouts of the platform.
Remark Holdings delivers an integrated suite of AI products that enable businesses and organisations to solve problems, reduce risk and deliver positive outcomes. The AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates an ecommerce digital media property focused on a luxury beach lifestyle.
The company is headquartered in Las Vegas, with additional operations in Los Angeles, and in Beijing, Shanghai, Chengdu and Hangzhou in China.