From Banking to Telecom, How Cognitive tech is re-inventing these 5 sectors

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Organisations are focussing on next-generation business models and re-building themselves into Cognitive Enterprises by driving ‘inside-out’ digital transformation using Artificial Intelligence (AI), machine learning, automation, Internet of Things (IoT), blockchain and 5G.

The companies are re-aligning their priorities while leveraging these emerging technologies, also known as cognitive technologies, to make new outcomes possible. Many enterprises in sectors including banking, insurance, retail, manufacturing and telecom are putting unique processes in place and deriving desired results.

Indeed, breakthrough transformation is happening and we give you a lowdown on how your businesses can also benefit from this wave of adoption. Here’s how:


Traditional banking practices are becoming increasingly irrelevant now, as people are switching to digital transaction modes. Thus, banks must adopt new digital models and give their customers richer experiences, customised products and round-the-clock services, and re-invent themselves as a Cognitive Bank. To be able to drive customer-centric approach forward, banks can use AI, ML, data analytics and NLP to collate unstructured data and analyse it to unlock deeper customer engagement, enable seamless dialogue, enhance cross-platform experience, reduce waiting time, and offer personalised products. Besides fulfilling customer needs, the emerging tech will also lower operational costs, create efficient interactions, improve cross-selling and rapidly evolve within the industry, gaining competitive edge.

MUFG Bank, Singapore took note of the rapidly evolving banking sector and embarked on a path to digital transformation. With IBM’s support, MUFG Bank leveraged Blockchain, IoT, robotics and automation and improved operational efficiency, reduce costs and increased staff productivity.


The penetration of insurance and its products is quite low in India and insurance companies are taking concrete steps to bridge the gap. With cognitive tech, companies can reach out to their customers with hyper-personalised products, expand footprints, understand their target audience, increase efficiency and even lower operational costs and frauds. With cognitive decision making in Insurance, advanced data analytics with the help of AI can help companies to become customer-focused, grasp what customers want, and engage with richer experience, from selling an insurance policy to claim settlement.

One such example is of Apollo Munich Health Insurance that infused exponential technologies and reduced end user ticket volume by 10%, increased productivity of deskside agents through KPI driven metrics, one-click self-service resolution, application monitoring and saw 99% uptime in infrastructure. The company collaborated with IBM and saw service quality and agility.


Intelligent automation, i.e.–AI infused into automation, enabling machines to learn and generate recommendations, and to make autonomous decisions and self-remediate over time–can take retail companies to newer heights in the areas of supply chain, operations and customer engagement. It can reduce operational costs and increase annual growth at least four times. With the coming AI revolution, help is available in areas such as manufacturing, product design and development, ensuring high-quality products, trend-setting designs that you can deliver at unprecedented speed.

In addition, store operators can benefit from intelligent automation by analysing customer demands in a specific area, their age group, buying patterns and purchase journey. It will help in better product placement and assistance.

Thus, companies in retail business can expect increased operational efficiency, revenue growth, agility, speed, etc., by adopting to emerging tech just like Future Group did. The retail major aspired to be a Green Store, and wanted to reduce carbon footprint and energy cost and build a green store platform. With IBM’s AI and IoT solutions, Future Group was able to reduce annual energy costs by 10%, reduce equipment failure and improve customer experience.


Manufacturing companies can capitalise on AI and IoT capabilities for quality control, production operations and machine maintenance. They can optimise predictive maintenance, statistical evaluation, manufacturing and production processes in real-time. In addition, the AI effect on Industrial products helps businesses synthesize vast amounts of structured and unstructured data, query results in natural language and apply machine-learning capabilities to data analysis. Through this, they can expect greater insights, higher efficiencies and speed. Moreover, by building an AI data foundation, businesses can look at cloud-based storage, drive greater innovation, and make data-backed operational and financial decisions.

Godrej embarked on the Cloud journey and partnered with IBM for a private cloud infrastructure. They were able to reduce TCO, increase disaster recovery coverage and enhance security posture. This gave way to a hybrid cloud model, a win-win situation for Godrej.


The emerging technologies can assist the telecom sector in building the customer-first approach and design new user experiences. AI & automation for Telecom solutions address customer needs in a faster manner and prevent order fallout. Besides, an agile design coupled with intelligent automation, companies can drive more predictable business outcomes, expect greater productivity, faster order cycles, quicker speed to value, and cost reduction. They can reduce voluminous and repetitive manual processes and bring in smart processes to automate back-end activities. This shift will give more time to employees to innovate and focus on productive analysis. Through blockchain, telco’s can deal with billing and financial settlement and simplify financial operations.

Vodafone New Zealand is a great model for telecom companies to follow. It teamed up with IBM and re-designed its workflows to operate efficiently and simplify choices for its customers. Through IBM Services, it was able to service inbound 60% inquires with virtual assistants and resolve 88% roaming queries by Watson-powered Chatbot. The company is on the path to have 50% digital customer transaction by 2021.

IBM is helping companies on their growth trajectory. Your business too can achieve its desired pace and revenue.

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