Flamingo AI Partners with HSBC Australia

Flamingo AI Partners with HSBC Australia

Flamingo AI revealed it will provide its virtual assistant software Maggie to HSBC Australia as part of a three year contract.

Last Friday (May 24), Flamingo AI (ASX:FGO) announced that it will be partnering with HSBC (NYSE:HSBC) Australia to provide virtual assistant technology to HSBC’s Australian client base.

As part of a three year deal, Flamingo AI’s virtual assistant Maggie will be developed to gain a greater understanding of the bank’s services. The agreement follows the approval of the proof of concept for Flamingo AI’s Virtual FAQ and Knowledge Assistant in December 2018.

The contract entails monthly subscription services, with the potential for the contract to extend to a five year term from the original three years.

Flamingo AI’s Maggie system helps drive customer engagement solutions through the inquiry process. Through being fed over 1,200 FAQs and paraphrases, in addition to natural language conversations in text form, Maggie applies Flamingo AI’s algorithms for customer inquiries.

Over time, the insight and analysis from Maggie improve as questions increase in frequency and it better learns through these interactions.

In addition, Flamingo AI provides a virtual sales assistant service. Rosie is a virtual assistant focused on sales that helps customers with the sales process from inquiry to purchase. Rosie offers extensive scalability and acquires and applies real-time analytics through the sales process.

In April, Flamingo AI extended its contract with Nationwide Mutual Insurance Company for its intelligent assistant services. The project was focused on a life and annuities machine learning service that analyzes a vast volume of data in addition to improving the client experience.

Similarly, Flamingo AI previously partnered with Credit Union Australia (CUA) in 2018 to provide its Rosie virtual assistant services.

“Consumers are becoming more financially and technologically savvy, and there is an ever increasing number that prefer the convenience and accessibility of a digital sales channel,” CUA CEO Philip Fraser told BankingTech at the time.

Meanwhile, HSBC Australia has been securing a number of partnerships with companies in the tech sector. In January 2018, it partnered with New South Wales-based Skyfii to gain a better understanding of foot traffic within its branches. Skyfii analyses data from guest wifi to gain a broader understanding of a business’ customer experience.

Flamingo AI, based in Sydney, was founded in 2014. Its principal operations of machine learning and commerce conversational AI are designed for finance, insurance and automotive industries.

On Tuesday (May 28), Flamingo AI shares closed at AU$0.008, a 60 percent increase from the stock’s AU$0.005 open last Friday. Year-to-date, Flamingo AI’s shares have declined 55.56 percent.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.

ASX Rare Earths Stocks

Rare earths are a group of commodities that Australia has done well to corner the market on, not because of a monopoly on resources (indeed Australia only accounts for 3 percent of global reserves), but because it was ahead of the curve when it comes to investment.

The story of rare earths in Australia — the modern success story at least — has its roots in a 2010 trade dispute between Japan and China, when China throttled exports of rare earths to Japan as retribution for a fisheries clash.

Long story short, Japan found itself looking to diversify its rare earths import partners. Up until then it had been beholden to the whims of its larger neighbour, which at the time accounted for over 93 percent of rare earths output.

Keep reading... Show less

Australia’s 5 Most Valuable Mineral Exports

Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports.

Four of Australia’s states and territories rank in the top 20 mining jurisdictions in the world, according to the Fraser Institute’s latest annual survey of mining companies: Western Australia (fourth), Southern Australia (seventh), Queensland (16th) and the Northern Territory (19th).

These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.

Keep reading... Show less

Australian Cannabis Producers Could Play a Major Role Internationally

Australia's domestic medical cannabis market continues to gradually open, but is it big enough to sustain the country's plethora of producers?

As the industry gets more crowded, cannabis companies are looking at business options both at home and internationally as a way to increase their reach.

With ongoing questions surrounding the legalisation of cannabis for recreational purposes, Australia's advantageous placement may allow these firms to benefit from plays further afield.

Keep reading... Show less

Bitcoin Investing in Australia

Bitcoin is experiencing hype as its price continues to ride high, and Aussie investors are looking closer at ways to invest in cryptocurrencies.

Debuting in 2010 at a cost of just a cent, bitcoin has since taken off, reaching a record-breaking value of more than US$63,000 this past April, equivalent to over AU$81,000.

The market is gaining steam, and research from Finder shows that one in four Australians are currently investing in cryptocurrencies, with 13 percent putting money in bitcoin. Almost half of the cryptocurrency investors surveyed by Finder said they purchased digital coins due to their skyrocketing value.

Keep reading... Show less

Where They Rank: Australian Mining Jurisdictions

Australia is well known as a prolific mining nation, with large sections of its economy built on mining since the mid-1800s onwards.

Minerals account for up to 60 percent of Australia’s export merchandise, according to Geosciences Australia, giving the mining industry a 12 percent share of gross domestic product.

But not all states in Australia are equal, with the premier jurisdiction and source of wealth being Western Australia, which takes up the western third of the arid continent.

Keep reading... Show less

ATCO Australia Pivots to the Cloud with OpenText

Australian energy company modernizes work for improved continuity and cost savings

OpenText ™ (NASDAQ: OTEX), (TSX: OTEX), today announced ATCO Australia has moved their information management solutions to the OpenText™ Cloud to modernize work for improved flexibility and cost savings.

Keep reading... Show less

Esports Investing in Australia

The gaming and esports sector is growing in Australia, particularly after coronavirus lockdowns left many people spending increased time at home during 2020.

Esports competitions bring both individuals and teams together to play video games. Amateur players were the first competitors, but now the space is full of professional gamers who play for prize money.

The esports phenomenon has taken the world by storm, and the land down under is no different. With many tech-focused investors wondering how they can cash in, here's a look at esports investing in Australia.

Keep reading... Show less

Fintech Investing in Australia

Australia is one of the most dynamic areas for fintech, with over 800 fintech companies currently scattered around the nation's states and territories.

Fintech, or financial technology, is set to be the future of the financial services industry, and in Australia the market had an estimated worth of AU$4 billion in 2020, up from AU$250 million five years earlier. As a global fintech leader, many of the country's top players have expanded beyond its borders or plan to do so.

What else should investors know about the burgeoning Australian fintech space? Read on for a look at what this tech arena looks like right now and what could be next.

Keep reading... Show less

5 Australian Esports Stocks

With major esports tournaments garnering sponsorships from multinational companies, including Disney (NYSE:DIS), Intel (NASDAQ:INTC) and Coca-Cola (NYSE:KO), the esports market and gaming industry continue to gain traction worldwide.

Esports Earnings notes that prize money worth over US$955 million has been won within the esports industry over two decades, based on available public records. The largest prize pool was worth over US$34.33 million and was related to a Dota 2 competition in 2019.

Overwatch League, the largest esports league, has an impressive US$4.25 million in its prize pool for 2021, according to Esports Insider. Overwatch League is Activision Blizzard’s (NASDAQ:ATVI) official esports league for its hit first-person shooter game Overwatch.

Keep reading... Show less

Cleantech Investing in Australia

Climate change is a looming issue for Australians, with 82 percent concerned about bushfires and 81 percent worried that drought or flooding will affect crop production and food supply.

This is where conscious investors look to the cleantech sector, which covers everything from renewable energy to low-emission technologies to water technology to battery storage and more.

What should investors know about cleantech in Australia before they jump in? Read on for a look at key factors, including market size, the industries encompassed by cleantech and big players to watch.

Keep reading... Show less

5 Big Australian Buy Now, Pay Later Stocks

Since Afterpay’s (ASX:APT) Australian launch in 2015, buy now, pay later (BNPL) fever has taken over in the country, and investors are looking for the next big opportunity,

Sometimes cheekily referred to as “buy now, profit later” stocks, BNPL companies often see their share prices go through the roof after making their debut in the public markets.

The appeal of BNPL services is that shoppers can use payment plans to buy items, but still receive their purchases right away. BNPL agreements can be used for both low- and high-priced items.

Keep reading... Show less

Top News

Related News