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What, Where & How: A Glossary Of Terms Related To Artificial Intelligence, Machine Learning and Deep Learning

This is more true for the fields of Artificial Intelligence, Machine Learning, and Deep Learning than others, which is why our developers have put together a list of more commonly used terms to help you tell your Algorithms from your Active Learning, and Selection Bias from Sentiment Analysis.

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Advantages of Single Tenant Cloud Deployment

Financial services organizations are accepting the advantages of cloud deployment because they are seeing that unified ecosystems, more agility, and better management of investments are all great for business. The cloud can be daunting though, for organizations that aren't clear about their priorities or don't have access to the expertise required to maintain or secure data effectively.

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If Your CRM Doesn't Take Integration Seriously, How Can It Offer Seamless Access To All Data?

Working with data is always tricky because there's so much that can go wrong so quickly. Any CRM solution that claims to do its job well has to deal not just with data duplication or conflicts, but with third-party applications, back-office systems that don't talk to each other, external systems and a seemingly unlimited number of integration points. 

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If You Want Your CRM To Fail, Just Make Integration An Afterthought

Here's an interesting piece of information that got lost in the hype surrounding Salesforce's biggest deal ever. Apparently, the acquisition of MuleSoft in March for $6.5 billion was met with skepticism by senior management, until they were gently informed by a financial services firm of the importance of connecting data that is stored in disparate systems.

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Not Getting Results? Stop Using Wealth Management CRM For Corporate And Commercial Banking.

 “Vertical CRM will be the preferred CRM Choice in the next three years”1

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Don’t use the same CRM they use for Hospitality! Use Financial Services CRM

 “VerticalCRM will be the preferred CRM Choice in the next three years”1

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Continuous Integration, Delivery, and Deployment: What’s The Difference?

What’s it all mean?

Continuous Integration lets lots of people work on one project at the same time, while merging their work together in a central place regularly. This maintains the most recent version, so everyone is checking in or out only the latest code.

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Vertical CRM: Because When Did One Size Ever Fit All?

Our CRM capabilities and features are targeted towards a specific set of users, job requirements, or departments within an organization.

How does NexJ do it?

In: Insurance
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For The Record, Continuous Deployment Can Lead To Continuous Benefits!

It makes perfect sense here too, because a Continuous Delivery Pipeline is nothing but a set of steps that code changes must go through to make their way to production. This Pipeline has four elements — Continuous Exploration (CE), Continuous Integration (CI), Continuous Deployment, and Release on Demand.

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Next Best Action: Smarter, Faster, And Really, Really Good For Business

Picture this: You, an advisor at a financial services firm, are interacting with customers. You have at your disposal an enormous amount of information related to their likes and dislikes, along with a comprehensive overview of their finances. 

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Continuous Integration, Continuous Delivery, and Continuous Deployment

The Financial Services industry is a fast-paced environment. With constantly changing and increasing compliance regulations, client expectations, and access to information, financial services organizations need access to the newest and best tools. 

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NexJ’s Dynamic, Flexible, and Centralized Security Model

The increasing popularity of internet banking and mobile access are paired with increasing regulation and scrutiny. This means both more possibility for issues and more consequences when issues arise. NexJ enables firms to manage and protect information with a robust, centralized security model.

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British Airways Just Learned A Lesson That Financial Institutions Figured Out A Long Time Ago

This is a question that increasingly occupies a lot of minds across industries. For financial service providers, it depends on not just how their customer data is stored and protected, but how it is processed and used on a day to day basis. 

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The Language Around Cloud (And Other Things That Drive Solution Architects Crazy)

I am often reminded of a specific parable whenever someone drops the words 'cloud', 'private cloud', 'hybrid cloud' or 'SaaS'. It's the one about the blind men and an elephant, who describe the animal based on which part of its anatomy they feel, then come to blows because they assume the others are being dishonest. 

In: Insurance
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Are You Ready For Open Banking? Because You Really, Really Should Be

A lot of people have the misconception that getting banks to change is like pulling teeth. It's a misplaced analogy, first because banks really are more open to embracing emerging technologies than most people think, and second because the last time pulling teeth was painful was probably around 1846, when the first successful surgical procedure was performed with anesthesia.

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Next Best Decision Models

Some of you may be familiar with Next Best Action in the context of Sales & Marketing, where the consideration is which offer is most appropriate for which customer at a point in time. Extending Next Best Action to customer service seems a natural progression, considering the service representative is already engaged with the customer, and presuming the interaction went well, means extending the dialog with an appropriate offer. 

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NexJ: Delivering Industry Leading CRM

To deliver optimal value to our customers, NexJ leverages our vast experience in deploying our software at the most recognized financial services firms in the world, our strict focus on addressing the specific business needs of the sub-vertical markets within financial services and our fervent passion for innovation.

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Recapping CDAO: Examining the Transformation of Risk Management

Last week's CDAO presentation on Single-Family Data Governance & Management by Freddie Mac illustrated how traditional back office activities are aligning and impacting front office processes.  We continue our recap of lessons learned at CDAO with this week's focus on risk management. This April, we were delighted to attend as well as participate in the Financial Services-focused Chief Data & Analytics Officer conference in Boston.  This annual gathering brought together senior-level data practitioners in financial services to share their latest innovations, best practices, challenges and use cases.  The concept of monetizing or commercializing data assets is revolutionizing the Financial Services industry by using governed data strategies partnered with business initiatives to realize data-driven transformation benefits.

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AI in Financial Services: Work Faster, Better, and Smarter Today.

It’s interesting that artificial intelligence is such a hot topic these days because AI itself is not new. The concept of an ‘artificial brain’ was discussed by scientists in the 1930s. In 1950, Alan Turing created the Turing Test to distinguish machines from ‘thinking’ machines.

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Intelligent Customer Management – The Untapped Value of AI in Wealth Management.

It’s been astonishing to see the amount of media attention around Artificial Intelligence (AI) in recent months. From the dystopia of HBO’s Westworld to the hype of Salesforce's Einstein, we’ve been inundated with larger than life claims about AI and its abilities. 

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Deciphering Vendor Speak, Part 3: ‘Increase Productivity’

Who doesn’t want their team to work faster? And not just faster, but better as well? It’s what we all want. That’s why ‘increasing productivity’ is a key driver behind many front-office system upgrades. It’s also the reason so many vendors promise productivity improvements. So how do you sort out the empty promises from the legitimate? 

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Thoughts from Digital Integration in Wealth Management 2018

Back for it’s 2nd year, the Digital Integration in Wealth Management conference took place last week in London, UK at the Chelsea Harbour Hotel. The two-day event, put on by the folks at Arena Financial, brought together industry thought leaders in Wealth Management.

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AI, Chatbots, and Intelligent Customer Management : Video Primers

Interested in AI, Intelligent Customer Management, or Chatbots, but having a hard time unpacking what they all mean? Adam Edmonds, VP of Products at NexJ Systems, explains everything you need to know in this series of short videos.
 

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Querying the Data Lake

The Apache Open Source contributions to Hadoop are numerous and cover a broad portion of a reference architecture. It has been some time since we considered foundational low cost storage and in-place query capabilities. And as we saw in the "Data Lakes" blog posting, many organizations utilized this foundational offering.

In: Insurance
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Intelligent Customer Management in Wealth Management

The power of AI at scale

In my previous blog, I introduced the concept of Intelligent Customer Management that we discussed at NexJ Client Day. Many of our Wealth Management and Private Banking customers were eager to discuss how it could explicitly apply to them. 

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Deciphering Vendor Speak, Part 1: ‘Better Understand Customers’

Whether you’re shopping for customer relationship management, customer engagement, business process management, or a customer insights platform, you’re bound to come across similar vendor promises. “We’ll help you better understand customers. Improve the customer experience. Increase productivity.”

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Fintech Needs in Wealth Management

Today I’m boarding a plane heading to fabulous Las Vegas, Nevada.

It’s not my first time in the “City of Sin”, in fact I’ve lost track of how many times I’ve been, but this trip is different. Tomorrow morning the Gartner Application Strategies & Solutions Summit 2017 #GartnerAPPS begins. These shows are always incredibly insightful.

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Wealth 2.0: Robots, Hybrids, and AI, OH MY!

It was a pleasure to attend the inaugural Wealth 2.0 conference in Canary Wharf, London, UK last week. The two-day event brought together industry leaders from some of the top wealth management firms including Barclays, BNP Paribas, Schroeders, Northern Trust, Rabobank and many more as well as robos like Wealthsimple, Nutmeg and PensionBee. Of course, innovators like NexJ such as SwissQuant and Addativ were there too.

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It’s All About the Customer

I know, I know… I’m always talking about how it’s the age of the customer and how everything revolves around the customer. Guess what? I don’t just talk about it, I live by it too. Last week, it was my privilege to host our 2017 Client Day here in Toronto. We were joined by senior business and IT leaders from many of our customers from across the globe, across the country, and down the street. 

In: Insurance
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Omni-channel to Omni-digital: The New Normal

PwC's 2017 Digital Banking Consumer Survey summary, "(Don't) take it to the bank: What customers want in the digital age," proposes a new segment of consumers they've called "omni-digital." They define omni-digital customers as those who "don't use physical channels like branches or call centers to interact with their financial institutions." 

In: Insurance
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Strengthen the Advisor-Customer Relationship with Meaningful Non-Financial Touches

I’ve spoken in the past about integrated desktops and the value they bring to advisors and the firm. In essence, the integrated desktop brings together all the information and applications an advisor uses into a single workspace.

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AI in CRM for Wealth Management: Sizzle or Steak?

I’m a consistent conference goer. I go to learn about and discuss all things wealthTech, and every year we see the bandwagon steer towards the same trends. This year especially – though certainly true of the last few years – we seem to have latched on to artificial intelligence (AI) and machine learning (ML). I see demos of some really cool technology. 

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AI & Your Competitive Edge in a Changing Marketplace

In our last post, we looked at the Artificial Intelligence (AI) platforms that banks are using to drive their digital initiatives. Now, we come to the central question that banks are faced with: “We have a great brand. How do we grow revenue? And can we increase customer loyalty while doing it?”. 

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Will Your AI Strategy Deliver Revenue & Increase Share of Wallet?

As consumers, we use AI platforms every day. Google uses AI to auto-complete your searches. Amazon builds personalized product recommendations based on the things you’ve bought in the past. Did you enjoy House of Cards on Netflix? Give it a 4 star rating and AI will suggest similar content that you’re bound to enjoy.

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Digital Content Part III: Converting Social Posts

This is the third and final post in my series on Digital Content. In the first post, we discussed how your advisors can build a personalized professional brand using NexJ Digital Engagement and Artificial Intelligence. In the second post, we discussed using the same AI tools to deliver personalized touches to your existing clients.

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CRM Adoption Starts with Integration

For a person to use something, they almost always have to believe they have something to gain. For a CRM system, that means that a person should get more information out than they put in. After all, if all you have access to is the information you entered, what’s the point?

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Digital Content Part II: Customer Engagement

In my previous blog, I discussed the importance of using content to create a personal brand on social media. To recap, NexJ Digital Engagement uses Artificial Intelligence to match articles from public news and internal sources to a profile that is unique to each financial advisor or banker. 

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Insights from In|Vest 2017

This year’s conference was jam-packed full of content. Billed as the event for following innovation in wealth management, this year’s incarnation did not fail to deliver on that. NexJ was among twenty 8-minute “Disrupt Demos” presented this year. It was a great way to get a lightning tour of the industry’s latest and greatest.

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Millennials Are The Future of Wealth Management. Are You Ready to Meet Their Needs?

The wealth management customer base is changing – both in behavior and age. Baby Boomers are shifting from growth to protection strategies or passing their wealth on to younger generations.

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Digital Content Part I: Creating a Strong, Unique Personal Brand

Digital brands are important. In the digital age, customers do research on their financial decisions before they even contact the bank. They Google, talk to friends and colleagues on social networks, and look at the websites for both the institutions and the advisors themselves. When it comes to financial decisions, they are looking for someone they can trust and who will be a partner, not just a vendor. Your institution and your bankers themselves must communicate a unique perspective that makes them stand out from the crowd before the client reaches out directly.

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Transforming a Contact Center into a Customer Engagement Center

In my recent blog, Customer-Centric Digital Transformation, I discussed the strategy for ensuring the customer is at the center of digital transformation. Today, I’d like to discuss one particular channel, the Contact Center. 

In: Insurance
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Customer-Centric Digital Transformation

For some, it’s about reducing costs by modernizing the back office.  For others, it’s about leveraging disruptors within their enterprise.  For NexJ, it’s all about the customer.In the age of the customer, the customer is in control of their journey.  They dictate how and when they will interact with the firm.  

In: Insurance
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Customer Exchange for Financial Services

Next week, I'll be flying to London, England, for the Customer Experience Exchange for Financial Services. The Exchange is a meeting of senior executives responsible for the design, development, and delivery of customer service strategies and solutions. Bringing together a range of exclusive experts from the Financial Services industry, this conference provides valuable information on current and future trends in customer experience.

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A Prioritized, Evolutionary, Best-of- Breed Approach

As part of my job, I review a lot of articles about advisor desktops, platforms, and strategies. Rarely do I get to say that someone truly understands the reality of delivering and executing on them. I work with top wealth management firms regularly on their front-office solution road-maps and implementations, and I can tell you that it’s not easy. How do you cater for so much functionality in a usable but cost-effective way? Financial planning, CRM, portfolio and account management, order management, trade execution, statements and reporting, fee management, social media, etc. – it’s a lot. You cannot build all this in-house – you’re not a technology company, software is not your core competency, and it’s not economically viable to sustain. And as much as there will be a clamoring of vendors to tell you otherwise, the truth is that no “one vendor” can provide the right functional coverage to cater for all these needs.

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