FFG funding for "Virtual Advisor" research project by bluesource
Our research project "Virtual Advisor" has been included in the basic program of the Österreichische Forschungsfördergesellschaft FFG. In cooperation with the SCCH (Software Competence Center Hagenberg), this gives us the opportunity - to put it bluntly - to expand our mobile-pocket HUB with an artificial intelligence.
"Virtual Advisor": personalized recommendations
Together, we are developing a tool for financial and insurance service providers that analyzes the investment behavior of users in a playful way, provides personalized recommendations and also serves as a communication platform. With the help of intelligent algorithms, users receive highly personalized recommendations for the right banking and insurance products at the right time.
Machine learning algorithm
How it works: First, a psychologically validated method is developed that uses a gamification approach to classify the value base and investment behavior of the respective user. At the same time, the product data of the banking and insurance service providers is converted into a machine-readable format. All this data forms the basis for the machine learning algorithm. The algorithm creates user profiles based on several criteria and derives target group clusters. These are matched with the products of the banking and insurance service providers. The expected probability of closing a deal increases with the relevance of an offer for the user. Product managers have the option of adapting their product according to information on target group size in order to increase reach. The "Virtual Advisor" thus maximizes the frequency with which banking and insurance products are concluded.
Tool for banks and insurance companies
"This FFG research project is an important milestone for us in the ongoing development of our mobile-pocket HUB," says Wolfgang Stockner, CEO of bluesource - mobile solutions. His Managing Director Partner Roland Sprengseis adds: "With the 'Virtual Advisor', we are providing banks and insurance service providers with a tool for the challenges of the present and the future."
Research priorities established
This FFG project will benefit bluesource's existing customers as well as the new customer group of insurance service providers. "The project will also establish machine learning and artificial intelligence as key areas of research in our company," say Sprengseis and Stockner, who are delighted about securing jobs for the future, creating new jobs and further developing Austria as a business location in terms of technology. The research project is the first of its kind, as the machine learning algorithm is based on data from sources that were previously unavailable to banking and insurance service providers in this form.
Sustainable investment by the FFG
As a federal funding agency, the FFG provides reliable and targeted support for research, development and innovation in Austria. "We invest sustainably in Austria's future," say FFG Managing Directors Henriette Egerth and Klaus Pseiner. "Our funding programs strengthen red-white-red innovations, secure know-how and valuable jobs in our country. Because only those who are already working on tomorrow's solutions today will stay ahead of the global competition."