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IBM's Watson supercomputer will advise Citigroup

Watson gets a job in the financial sector
Wed Mar 07 2012, 10:11
IBM Watson supercomputer

ENTERPRISE VENDOR IBM's supercomputer nicknamed Watson will be deployed by US financial services firm Citigroup to help conduct risk-assessment profiles in real time and analyse customer needs.

The partnership is the first IBM has secured for Watson in the financial sector, after making a deal in the healthcare sector last year with insurance company Wellpoint.

Citigroup said it will create a "first-of-a-kind customer interaction solution" using Watson's big data analytic capabilities and natural language processing technology.

It added that Watson's ability to analyse the meaning and context of human language, and quickly process vast amounts of information to suggest options targeted at an individual's circumstances could accelerate and assist decision makers in identifying opportunities, evaluating risks and exploring alternative actions for clients.

"We are working to rethink and redesign the various ways in which our customers and clients interact with money," said Citgroup CAO Don Callahan.

Meanwhile, IBM software solutions SVP Mike Rhodin said the deal was just the beginning of IBM using Watson to help organisations process large and diverse data sets.

"The collaboration between IBM and Citi will explore how applying Watson in the consumer financial market could help empower financial professionals to make better business decisions," said Rhodin.

Watson is powered by 2,880 processing cores, 90 IBM P750 servers, has 16TB of memory and 80 teraflops of computing power.

The system hit the headlines in 2011 when IBM used it to play the game show Jeopardy and beat former champions to 'win' a $1m jackpot for IBM.

At the start of the year IBM revealed plans to target Watson at three industries - finance, telecoms and healthcare.

Last week IBM announced the formation of a Watson Healthcare Advisory Board to provide businesses with insights on healthcare issues that could be positively impacted by Watson technology. µ

 

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