Chronicle Journal: Finance

AI Eye Episode 418: Houston Expands Digital Alliance with Microsoft and Sterling National Bank Partners with IPsoft for Cognitive AI Skye

Point Roberts, WA and Vancouver, BC - August 25, 2020 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today's edition of The AI Eye - watching stock news, deal tracker and advancements in artificial intelligence.

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AI Eye Episode 418: Houston Expands Digital Alliance with Microsoft (NasdaqGS: $MSFT) and Sterling National Bank (NYSE: $STL) Partners with IPsoft for Cognitive AI "Skye"

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Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence

Stocks discussed: (NasdaqGS:MSFT) (NYSE:STL)

The city of Houston is expanding its digital alliance with Microsoft (NasdaqGS:MSFT) to "innovate in big data, artificial intelligence and the digital economy," through the latter's Accelerate program. Kate Johnson, president of Microsoft U.S., explained:

"Microsoft launched the Accelerate program at a time when closing the digital divide has never been more important. We're thrilled to be joining Mayor Turner and an impressive group of partners in this effort to expand access to in-demand digital skills-and close digital skills gaps widened by COVID-19-through Accelerate: Houston."

Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE:STL), has announced its partnership with enterprise AI leader IPsoft to deploy Amelia, described as :the industry-leading Digital Employee." According to the press release, "Sterling National Bank is deploying the technology under the name "Skye," that will be a cognitive AI digital customer service colleague." Chetan Dube, CEO at IPsoft, explained:

"During this challenging period where many bank branches remain closed all across the world, it has never been more important to have a scalable customer service solution to ensure that our limited ability to interact in the physical world doesn't prevent customers from conveniently managing their banking services. By taking advantage of the scalable and superior digital customer service capabilities of Amelia, Sterling National Bank is assuring its customers that it can support their banking needs no matter where they are - now and in the future."

Global AI Platform market to Register 31.2% CAGR from 2018-2025

A report published by Data Bridge Market Research finds that the global AI Platform market, which was valued at $2.34 billion in 2017, will register a compound annual growth rate (CAGR) of 31.2 percent in the forecast period 2018-2025. The report identifies high Information and data storage capacity, high computing power and parallel processing capabilities, and an increasing number of AI applications and adoption of these applications in various segments," as market drivers. It identifies a lack of people power, and data inefficiency in building proper AI algorithms as restraints to market growth.

Sam Mowers, Investorideas.com

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