Singapore, 13 May 2020 – Bahrain FinTech Bay and TAIGER co-hosted a webinar to demystify Robotic Automation Process by discussing the capabilities and limitations of it.
Joined by 81 participants, namely executives from the banking and finance sector in Bahrain and other parts of the Middle East, Kevin Quah, our Head of Technical Sales and Thomas Yip, our Head of Sales, shared with the audience what TAIGER does and how semantic technology is the basis of our products.
The key difference brought to the fore:
“Most RPA solutions don’t incorporate complex aspects of AI disciplines such as reasoning, knowledge representation and natural language processing, thus, not able to conduct high value cognitive tasks autonomously and at a scale that makes significant ROI impact.”
Thomas spoke about the three major ways in which Semantic AI can help businesses:
- Document Extraction which reads unstructured documents, saving organisations time and labour hours;
- Natural Language Search which promotes efficient knowledge transfer within the organisation;
- Anticipatory Virtual Assistants which when user-friendly enough, increases customer satisfaction levels.
Kevin then gave a demo on how our TAIGER Extract, TAIGER Search and TAIGER Converse work, with examples of real case studies. Here’s the recap:
Some questions were asked after the presentation by Suzy Al Zeerah, Head of Communications & Events at Bahrain FinTech Bay, who was the moderator of the session.
Suzy: How is TAIGER Extract different from other document capture solutions?
Kevin: The main difference would be that other solutions out there require a definite position of the placement of information in the document, for example for the address of the person to appear on the top left hand corner of the document, or for specific keywords to be present in the document for the information needed to be extracted accurately. TAIGER Extract uses logic to automatically read and classify the information needed, so even unstructured documents can be used for efficient data extraction.
Suzy: What do you think is the future of AI in the finance sector in Singapore and Hong Kong?
Thomas: People need to realise that AI actually is here to assist humans, and not to replace them. This is not only true for Singapore and Hong Kong, but globally as well, that repetitive jobs will definitely be replaced by AI robots and humans will be put to complete higher-level tasks for a higher value add for the organisations. This is especially true in the Insurance Sector. The analysing of insurance policies will be done by AI but humans will then vet through the results and can then suggest better solutions or policies to help society at large.
Kevin: Both cities have similar business climates and one important factor in common – we want things done fast! Further reduction of onboarding time for bank customers would definitely continue to remain an important focus, to improve customer satisfaction and experience.
Suzy: How does TAIGER ensure data security?
Thomas: The most common engagement arrangement we have with clients in the banking industry would be on-site so that data would not be stored by us. Other arrangements, for example a private cloud data storage system, can also be discussed. We take the data privacy of our clients very seriously.