LAS VEGAS, Dec. 4, 2020 /PRNewswire/ -- Remark
Holdings, Inc. (NASDAQ: MARK), a diversified global technology
company with leading artificial intelligence ("AI") solutions and
digital media properties, today announced that several large banks
in China, including the Bank of
China, have installed the Smart
Customer Retail Platform created by Remark's KanKan AI business to
act as a centralized, interactive hub for the marketing and sale of
the banks' products and services. For the Bank of China, the installation of the Smart Customer
Retail Platform represents the first in a series of systematic
upgrades planned by the bank. The initial installations are
expected to generate approximately $1.5
million in revenue during Remark's fourth quarter.
"The banking industry has gradually transformed from the
traditional method of bank employees providing services at the
counter to highly personalized AI-driven interactive services. Bank
of China's implementation of
Remark AI's system reflects the initial capture of the Chinese
banking industry's estimated $2
billion annual budget upgrade opportunity as 20,000 branches
of major banks are scheduled to be upgraded each year," noted
Kai-Shing Tao, Chairman and Chief
Executive Officer of Remark Holdings. "The Smart Customer Retail
Platform, which integrates Kankan AI platform, can be customized to
meet each branch's marketing goals by personalizing services for
each customer."
Several large banks in China,
including the Bank of China have
installed the Smart Customer Retail Platform.
KanKan AI's computer vision technology identifies customers,
allowing the banks to know whom they are interacting with and also
providing targeted and personalized marketing information.
Customers can use the platform to complete transactions such as the
purchase of investment products and the completion of credit card
applications. In addition, Kankan AI provides valuable feedback to
bank managers by analyzing customers' interactions on a real-time
basis.
Given the initial success, KanKan AI is targeting sales to an
additional 500 branches of the banks that participated in the
recent pilot rollouts of the Smart Customer Retail
Platform.
Additional information regarding KanKan AI and its other
innovative solutions can be found on its website
(www.remarkdip.com).
About Bank of China
Bank of China is one of
the four biggest state-owned
commercial banks in China. It was founded in 1912 by the
Republican government to replace the Daqing Bank. It is
the second oldest bank in mainland China still in existence (after the Bank
of Communications, founded in 1908). From its establishment until
1942, it issued banknotes on behalf of the Government along with
the "Big Four" banks of the period: the Farmers Bank of
China, Bank of
Communications and Central Bank of the Republic of China. Its headquarters are
in Xicheng District, Beijing. By the year end of 2019, the Bank of
China had a total of 228,000
branches worldwide. As of August
2020, it was the fourth-largest bank in the world in terms
of assets, ranked after the other three Chinese banks. Additional
information regarding Bank of China can be found on its website
(www.boc.cn/en).
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated
suite of AI solutions that enable businesses and organizations to
solve problems, reduce risk and deliver positive outcomes. The
company's easy-to-install AI products are being rolled out in a
wide range of applications within the retail, financial, public
safety and workplace arenas. The company also owns and operates an
e-commerce digital media property focused on a luxury beach
lifestyle. The company is headquartered in Las Vegas, Nevada, with additional operations
in Los Angeles, California and in
Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website (www.remarkholdings.com).
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contacts
E. Brian Harvey
Senior Vice President of Capital Markets and Investor Relations
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702-701-9514
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+86) 13702108000
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SOURCE Remark Holdings, Inc.