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Who has not ever heard this man-or woman-sitting case depends on our shoulder, that when we doubt whether to buy something says with a twinkle in his eye: “Come, buy it! You asked deserve “.
That thing can be clothes, shoes, a computer … Everyone has a vice.
Now, try to imagine that this voice is real.
DBS Bank, headquartered in Singapore, the called something like the “personal concierge”, and to better understand what we mean, imagine you are in a shop exclusive designer clothes.
Your smartphone knows it’s there thanks to the GPS technology and communicates to the bank with a service to which you subscribe.
The bank knows that you usually buy at places like these but now funding is scarce.
The system recognizes that the odds you buy something are low.
Normally, unless you want to go hungry, you would leave the store empty handed.
But stop right there! Your phone rings. It’s a text message and it says: if you buy what I was looking for the next 20 minutes, we can give you a loan with an interest very convenient. Not only that, the merchandise comes with a 20% discount.
After a while, he leaves the store with a nice bag in hand.
What I just described is an example of a system based on intelligent algorithms that follow-financial movements customer-adopted by ADB mentioned before and it is starting to be used in different companies.
“Algorithms are the new slaves,” said John Bates, CTO of Progress, a company that specializes in creating platforms algorithms for a wide range of businesses.
“Algorithms are the new slaves “
John Bates, CTO of Progress
According to Bates, in an ideal world, banks, or any company that relies on customer loyalty, we offer every customer a sort of personal assistant who could follow him closely and look for the best deals. But from a logistical standpoint, that’s impossible.
“I do not have the resources to do that, even if outsourced to companies in India, China or wherever cheaper. Therefore need to resort to technology. A algorithms must not pay”.
Progress works with several businesses that use algorithms to make key decisions.
Most companies that use this system are not too interested in this to become public, as some feel that this method is a little iffy and pigeonholed users in default groups.
But these techniques are gaining popularity because they are effective in increasing profits.
Algorithms to gain time
Turkcell, the cell phone provider Turkey’s largest, recently won an award for implementing algorithms. As the bank of Singapore, uses information about the geographical location where the customer is located.
“We note that these deals were sending marketing system using real-time much more positive results gave the offers we sent by conventional methods,” said Emre Sayin, manager of Turkcell.
In other areas, the algorithms are being implemented to entice people to spend money on more than just luxury items.
The entrepreneur David Coats uses it to make crucial decisions. His company invests in start-ups in the technology sector and uses its own algorithm to decide which companies to place their funds.
“What we noticed is that employers lost much time raising money,” Coats told the BBC.
“That it could save time and dedicate it to run your business.”
The start-ups seeking funds possess five documents with financial details and other financial information.
This information is analyzed by a program that compares it to a database containing information on risky investments of the past 20 years.
Companies whose documents fail the test of the algorithm are invited to a 30 minute interview, to check the information and clear doubts, and then receive the investment chosen.
The process takes about two weeks.
Coats explains, this does not replace the instinct of business or anything, but provides additional information.
One important thing to note is that the company never Coats is the first to invest in a company.Before approaching a company Coats and his team, have to be supported by other investors who have taken the time to check their credentials.
Our scheme, he says, is only shorten the time it takes to obtain the necessary funds.