06 Jan Remark Holdings Marginally up after Deal with One of China’s Largest Banks, But Can it Help Turn the Tide for the Company?
Remark Holdings, Inc. (NASDAQ: MARK), a Company delivering cutting-edge AI solutions, announced that one of the largest commercial banks in China has chosen KANKAN AI, its data intelligence platform, which provides AI-based products and software-as-a-service solutions for a wide-range of industries, to install the Smart Customer Retail Platform, an interactive hub that will help reduce costs, improve customer experience and loyalty.
Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings, commented
“The bank’s implementation of Remark AI’s platform reflects our initial capture of a $22 billion total addressable market. As many as 20,000 of approximately 220,000 branches of major banks are scheduled to be upgraded annually with the industry’s estimated $2 billion annual budget. Our Smart Customer Retail Platform, which integrates the Kankan AI platform, can be customized to meet each branch’s marketing goals by personalizing services for each customer.”
The Smart Customer Retail Platform creates great opportunities for intelligent marketing activities across a broad range of industries and can be conveniently accessed through online bank-operated e-commerce platform or through a mobile app, while ensuring complete safety and security from data exposure or breach of privacy.
The Company is buoyed by the initial success and intends to actively pursue four other major banks that have over 150 branches in each of the 30 provinces. Besides Retail, the Company also specializes in providing artificial intelligence and data analytics based solutions for workplace/public safety, bio safety and smart city markets.
Remark Holdings, Inc. (NASDAQ: MARK)
Market Cap: $186.06M; Current Share Price: 1.87 USD
Data by YCharts
Artificial Intelligence is witnessing burgeoning demand and gaining wide scale acceptance owing to the humongous amount of data being generated by new age organizations. There is a growing need for tools that enable advanced data interpretation, and offer valuable insights, that can be used for serving both internal as well as external customers better. According to a report by Markets and Markets, the artificial intelligence as a service market is expected to reach USD 10.88 Billion by 2023, growing at a CAGR of 48.2%, from USD 1.13 Billion in 2017.
Innovative AI powered solutions are making their way in to the service industry, to address the demand for software tools and services that use machine learning, deep learning, and natural language processing [NLP]. The application of these novel solutions is to be found in various industries such as agriculture, manufacturing, banking, transportation, healthcare, insurance, telecommunication and defense and government functioning. The emergence of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups will propel the growth in the industry according to the report.
AI powered service solutions can create better customer experiences as they eliminate the need for long wait times, human errors and the solutions offered are mostly preemptive and quick in nature. This can help improve customer loyalty and brand reputation as well. In fact the conversational AI market size is estimated to be worth over USD 15.7 billion by 2024, growing at a CAGR of 30.2%, from USD 4.2 billion in 2019 according to a report.
However as the adoption of AI is still in its nascent stage, the prohibitive costs of design, implementation and customization as well government and regulatory hurdles may hamper the growth in the market and act an impediment for the industry from reaching its full potential.
Remark Holdings has a diverse portfolio of artificial intelligence solutions and digital media properties. KANKAN AI, its artificial intelligence arm delivers tailor made applications for the retail, food and workplace safety industry, agriculture and traffic management and public safety spheres. The Company’s digital media portfolio consists of Sharecare Inc, a digital health and wellness platform. Remark’s Thermal and Biosafety platform that was recently launched in view of the pandemic offers intelligent solutions such as contactless attendance and mask detection.
Retail solutions include in depth real-time customer analytics that offer insights on consumer behavior, shopping habits, frequency of visits and their transaction history, helping retailers make intelligent and targeted decisions pertaining to store layouts and promotions. The Company has recently released two new computing systems namely S and T Series Smart Boxes that use an NVIDIA module that offer support to its AI inference cores and facilitate actions such as facial recognition, vehicle recognition, license plate detection, PPE enforcement, social distancing enforcement, and contact tracing.
The Company won three champion awards at the 16th edition of the 2020 Biennial ECCV, one of the premier evaluation platforms for image analysis and target tracking. The competition consisted of 62 of the largest companies, institutions and universities in the field such as Microsoft Research Asia and Tencent AI lab, Oxford University and ETH Zurich to name a few. Remark AI won in Long-term tracking challenge (VOT-LT2020), Short-term real-time tracking challenge (VOT-RT2020), Color and Depth long-term tracking challenge (VOT-RGBD2020).
Remark AI has also won a contract from Hanvon Technology, the largest telecom operator in China, to transform over 17,800 retail stores into smart stores. The project will be for a 3 year period and is valued at $50M for Phase 1 and additional few millions USD for Phase 2. In addition, the Company has tied up with Tongyue Technologies to detect student health conditions in kindergarten classrooms to prevent spread of infectious diseases.
Furthermore Remark Entertainment, formerly known as Fans Tang, offers comprehensive solutions encompassing Licensing, Talent, Social, Content Creation, Movie Copromotion and Content Production.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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