HSBC announces $10.5 million investment in New York-headquartered cognitive computing startup CustomerMatrix.
CustomerMatrix is promising to transform customer relationship management through a platform that "connects the dots" between organisations and their clients.
The platform’s proprietary scoring system is designed to help firms capture hidden revenue opportunities in real-time, by recommending specific actions for customer-facing employees and placing these recommendations in their existing workflows, ranked by impact value.
Aster Capital, and existing investors Newfund and True Global Ventures, joined HSBC in the funding round which will be used for expansion efforts by CustomerMatrix, which already counts six of the top 20 global banks and insurance firms among its customers.
Guy Mounier, CEO, CustomerMatrix, says: "Maximizing relationship value remains a challenge for financial institutions and therefore represents a huge opportunity. Banks who don’t tackle this challenge will struggle to defend their market position over the next five years."