Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (“AI”) solutions and digital media properties, today announced that one of the largest commercial banks in China chose KanKan AI to upgrade its 169 branches in the Yunnan Province. The branches will install the Smart Customer Retail Platform created by Remark’s KanKan AI business to act as a unified, interactive hub to help bank operators alleviate costly manual processes, improve the users’ experience, enhance customer loyalty, and increase online-offline business.
“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,” noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. “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 enables a cross-industry alliance for promotional and marketing opportunities and paves the way for an intelligent marketing system that is accurate, efficient, and integrated. By accessing the bank-operated e-commerce platform, customers can directly make desired purchases online or download the mobile app by quickly scanning the QR code on a mobile device, all of which the customer can do without risk of data exposure or privacy concerns.
Given the initial success, KanKan AI will continue its product implementation targeting four other major banks across 30 provinces. Those four major banks having more than 150 branches in each of the 30 provinces, KanKan AI has gained a competitive advantage in an estimated $360 million total addressable market for its Smart Customer Retail Platform.
