So I did a bit of work on Artificial Intelligence and Machine Learning these last few weeks. We spoke about it here already with a perspective on job creation/destruction, but applying the tools to my day job in a Bank was insightful.
For example, we’ll use it to digitize the process to apply for a mortgage. The payslips and bank statements scans will now be read by a machine, that we’ll progressively train to extract the information we need (name, gross salary, …) from the thousands of different payroll formats in the UK.
And once there, why not spinning off this new capability?! There are, in the UK alone, dozen of mortgage lenders who’ d happily trade boring and repetitive labor tasks for a SaaS subscription, don’t you think so? Add a sales manager and a couple of local headcounts to train the algorithm on local payslips, and to support the scans that fail though the process, and you have marginal incremental cost while improving your MRR for each new country you want to deploy in.
Now can you think of something in an industry you know well where such concept can play as well ? Let me know if you are on to something and I'll see if I can support you OK?