Self-Financing an Artificial Intelligence Software Company: John Rauscher, CEO of Yseop (Part 3)

Sramana Mitra: Can you give an example of something that was not possible for a salesperson to do before you introduced your product into the process?

John Rauscher: Let’s take an example of a financial adviser in a retail bank branch. Customers enter from time to time. You go to your bank and look for a financial adviser. You’re going to sit in front of him. The banker is going to secure your ID and account number. He’s going to connect to your data and see in front of him hundreds of data. He cannot understand the data immediately because it takes time to analyze the data. What we are going to do is immediately provide information instead of just data. Information like the customer has been with the bank for 15 years or the customer deserves preferred client status but has not applied for it. The customer actually bought a car last month and that explains why balance is very low this month. You will receive information that is very difficult to see from the data. Yseop is going to analyze the data.

The system may go further. The system may guide the banker about which questions to ask you to better know you and get information needed on which product you should get. The system may detect that you’re not paying for life insurance and that may be an option for you. The software will explain why that product is good for you. If the customer says, “I want to buy an apartment and I want to find out if I can get a loan from the bank.” Then he wants to select that the customer wants to loan. The system is going to calculate immediately which type of money the bank can lend you. The system is going to guide the salesperson—help him to ask the proper question to qualify your situation and to provide you the most appropriate advice.

Sramana Mitra: This is what your technology is capable of doing. How long did it take you to develop the first version of the product? Who were the first customers to adopt the solution?

John Rauscher: It took seventeen years between the time they started the first project at a university in Paris.

Sramana Mitra: You got the first customer in 2007?

John Rauscher: Yes. It was a small customer but it was a financial application to compare balance sheets. You enter the balance sheet of your company and the system would immediately analyze the data and provide reports about performance. Reports would be 7 to 80 pages long and take less than a second to be generated.

This segment is part 3 in the series : Self-Financing an Artificial Intelligence Software Company: John Rauscher, CEO of Yseop
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