“Two roads diverged in a wood and I – I took the one less travelled by, and that has made all the difference.” – Robert Frost
The speed of the world in which we live in, is overwhelming. Nevertheless, traditional large corporations are as slow in taking action, as a sloth crossing a road. Now, many companies have emerged and disrupted industries in ways which were unthought-of. May it be Uber breaking into the metropolitan taxi cartels, Airbnb redefining the hotel industry, or Amazon becoming the biggest shopping centre in the world, only to exist in a cloud. All this has happened in the blink of an eye…
These ideas, business models have thrived through perseverance, execution, defiance and most importantly because of the visionaries who created them, who simply decided to see existing businesses which seemed obvious at plain sight from a different angle, and make their visions real.
With all the technological progress we have seen, are living today and what’s yet to come; its fair to say that the corporate panorama in 10 years will be totally different then nowadays. In this process, their will be many little companies which will support a few dying, cash rich traditional corporate leaders staying a float; which will become a totally different bread of organizations to provide services to the old, and new organizations of this new dawn in a distinctive way. This is happening now.
In Aboutgoods, through our singular technological solution we plan to disrupt one of these industries, albeit we will save this story for another day. Most major organisations are rigid, hierarchical and in most cases completely lost. Aboutgoods wants to help these organisations to make richer and more insightful decisions through the process in which we acquire data, to help them navigate these challenging times.
As a result of the unique technology we have created, blending Machine Learning, Deep Neural Networks and Semantic technology we have achieved something which may seem simple a first, but has proven to be a very complex challenge, gruelling at times. Through a snapshot, we extract and categorise automatically data from a retail receipt. Now most people confuse this solution as a plain and common OCR, although our Receipt Analyzer has achieved results unlike no other that we know off.
Today we will discuss to what purpose we will put this to use, in a traditional industry which is suffering the pressure of new challengers such as the banking industry. Traditionally, banks are used to custody assets and in return banks provide financial products to their customers. The basis under which banks have historically provided financial products to their customers, has been through the assets the customer owns. Unless he or she solicited a specific financial product, even then the parameters used to make the decisions depends on the assets or possessions this client owns.
Even though this information is important, imagine crossing this data with his purchasing habits. Now, this would be a great combination to the existing data set banks hold on their customers. Unlocking this new universe of data, to see what users purchase down to brand level, will give banks unprecedented insights into consumer behaviour. Now your thinking, to what purpose?
Beyond what we discussed previously of users interacting with the digital ecosystem (brands, services) through purchase habits, to be more engaged with the banking mobile touch point. We are talking about a more accurate user credit profiling, a targeted promotional approach to the millimetre. Understanding, knowing, being constantly present in this user’s life, by simply giving him or her the option to attach a picture receipt to a transaction.
Banks are still in a strong position in which they should leverage their infrastructure and resources to test this new breed of services which may seem farfetched today; just like Uber, Airbnb and Amazon seemed a decade ago, but could completely change the way in which banks provide services through the data they acquire adding these new functionalities.
Moreover, whilst banks capture this rich data through our Receipt Reader which they know has value, even though they still have not mastered this universe of data to convert it into actionable decisions. The bank improves user experience through our added functionalities, giving users the option to spend more effectively, monitor their health when all the nutritional values are extracted from the shopping basket and help users understand themselves better.
All in all, Aboutgoods is travelling through that road which has diverged, trying to make that difference through its novel value proposition which is targeted to reshape the way in which banks interact with their users, brands understand their customers whilst delivering users/consumers what they really need, want and desire, rather then an assumption of what they need.