“The recent financial crisis,” says financial services executive Jay Dweck, “highlights the problem of systemic risk. One thing that causes this systemic risk is interdependency and these failures that start to go like dominoes. You could use something like Watson to understand what creates those interdependencies.”
Whether an extension of banking or insurance or any business really, Watson’s understanding of language, its capability to learn and its sheer processing power – 2,800 Power Unix processors running in parallel – could put a significant dent in enterprise visibility – or the ability to see an organization’s processes and operations in action – not to mention understanding, managing and simplifying the types of risks every organization continually faces.
According to banking.com, “if a financial institution could harness Watson’s computing power, it could determine the proper actions as they happen. Watson has the ability to analyze multiple scenarios, many broader, more impossible and complex than those able to be executed on the average statistical model.” [Read more...]