Thought Leaders in Artificial Intelligence: Grapevine6 CEO Mike Orr (Part 3)

Sramana Mitra: Flipping to the use case on the financial services side where you are bringing in the risk, give me an example of what kind of a risk situation you can mitigate or point out. What is the AI’s role in that?

Mike Orr: It gets a lot more involved. It filters out the noise. It’s looking at where all the false positives or innocuous comments and statements are made on social media.

A classic example is that you could promise and say that it’s going to rain tomorrow. That doesn’t represent a regulatory violation, but if you guarantee a specific return on this stock, that statement wouldn’t be allowed.

You don’t want to trigger on the guarantee that it’s going to rain or that the Toronto Raptors are going to win the NBA championship again, but you do want to trigger when it’s related to financial services. If you can process that content accurately, you can zero in on the issues that require human deliberation.

It may be an area that needs to be modified or outright rejected, but if you can sift it down to the 10 things instead of the 500 that happened in the last hour, you can have an effective supervision program. It’s about the outcome that you want to achieve there. 

Sramana Mitra: What is the level of penetration in the two sectors you are in?

Mike Orr: It’s been strong in financial services. I think it’s because of the complexity and the regulatory demands. It wasn’t something that you dip your toe into. It became a well-managed program six or seven years ago.

When we brought out our technology, it was to move it from a controlled environment to using AI to manage risk and recommend relevant content. It opens up the capabilities of those programs so that you won’t be just repeating the same content from your bank all the time.

In the past three or four years that we have been active in the market, we’ve won four out of the top five wealth management firms in North America. Several banks in Canada are using the technology as well. We’ve been successful in the wealth management side and in insurance as well.

I’d say that the B2B side is still adopting social as part of their digital selling strategy. That’s been a huge change in the last six months. Digital selling and communication is no longer an option. It’s pretty much the only thing that you could do.

The change that had been a long-term trend has been accelerating over the past six months once people figured out the pieces needed to have meetings and access your data and content. Now, they are trying to think about how to be effective when we do this outreach. They are now asking which channels they need to use, and social is a big part of that.

We expect to see a big change in the adoption more broadly in B2B and even professional services and anywhere where you are developing relationships and selling on the strength of your thought leadership. That’s a great place to represent that and to build those relationships.

This segment is part 3 in the series : Thought Leaders in Artificial Intelligence: Grapevine6 CEO Mike Orr
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