50wise Ltd, a leading provider of IT solutions to the payments industry, today announced that Indra, one of the world's largest consultancy and technology multinationals, has adopted its eVision solution powered by IBM Watson to enhance its card payment services to financial sector clients.
50wise is a Watson ecosystem partner whose application, eVision, combines the payments industry expertise of 50wise with IBM Watson’s cognitive ability to understand natural language, unlock new insights from unstructured information, and learn over time. Card payment specialists at 50wise fed Watson global and local regulations for major card schemes, card issuers and merchant acquirers, and then trained Watson to become an expert in card payment language, procedures, products, technologies, security standards, and other aspects of card payments management.
Harnessing the power of the IBM Watson Developer Cloud, the IBM Watson Question & Answer API, and Language Translation API, 50wise’s eVision app offers retail banking customers comprehensive card payment expertise instantly. The result is a service that streamlines the card payment process by providing instant answers to complex questions about the rules and processes that drive the industry. This online ‘ask the expert’ service is invaluable both for payment card operator back-office functions and for their customer support services to reduce the costs and complexity of managing a payment card business while improving customer service and engagement.
The 50wise eVision innovation has been recognised across the financial services industry including being selected as a finalist in the BBVA Open Talent Awards 2015.
Indra Financial Services will now include 50wise’s Watson-powered eVision application in its service offerings to leading bank clients to further improve operational efficiency for processing these banks’ card payments. Indra strives to transform banking businesses through technological innovation and maintaining a customer-centric approach to meet the evolving needs of customers who want a dynamic, mobile-friendly user experience for financial services.
Indra addresses the technology needs of more than 400 clients in 20 countries worldwide and oversees more than 90 business processes in the field, offering services that cover the entire banking value chain, from business consultancy and technology to complete outsourcing of IT processes and management.
Just as it did in other sectors (music, film, books and communications), technology is changing the financial sector, moving it towards an ecosystem focused on customers, who, smartphone in hand, have changed their behavior, demanding more dynamic banking.
According to Indra’s Banking Trends report from October 2014, this represents a challenge for traditional banking, splitting the industry and allowing the entry of new technological players, who are already starting to make inroads into some of the business. Banking is therefore forced to reinvent itself, through changes in mentality and technological tools designed to enhance the user experience.
“We are always seeking to select and adapt the best specialized solutions for our clients. We are committed to technological development in the banking business and the 50wise eVision payment system knowledge service represents an opportunity to step forward into Artificial Intelligence applications specifically developed for Financial Services. This combination of advanced cognitive technology from IBM and immediate efficiency improvements are what we are seeking for our clients, in this case some of the top banks in the world,” said Mario Robredo, Innovation Manager at Indra Financial Services Market.
“By embedding IBM Watson cognitive computing technology into our application, we can now instantly deliver evidence-based answers to specific questions helping financial institutions to minimize costs, time, and complexity in running a payment card business,” said Carlos Rodrigo, CEO of 50wise. “With the eVision application, every member of the customer support and operations teams at a financial institution becomes an up-to-date expert on all aspects of complex worldwide card scheme processes, policies and regulations. This easy-toaccess expertise allows financial professionals to focus on strategic imperatives such as product innovation, entering new markets and business.”