Remark Holdings, Inc. releases its AI-powered Natural Language Smart Chat Agent to investigate, file and fulfill real-time 311 Service Requests

Rhea-AI Summary

Remark Holdings, Inc. (Nasdaq: MARK) introduces AI-powered Natural Language Smart Chat Agent to address the backlog of 311 service requests faced by cities and townships. The Smart Chat Agent uses Remark AI's proprietary large language model to communicate with callers and process service requests, supporting up to 40 languages. This technology aims to improve accuracy, user satisfaction, and safety while reducing the cost of resolving 311 service incidents.

Positive

• The introduction of the Natural Language Smart Chat Agent addresses a crucial problem faced by cities and townships, potentially improving the efficiency and accuracy of 311 service request processing, reducing costs, and enhancing user satisfaction.

Negative

• None.

Currently, 311 services receive millions of calls across its call center, email, and mobile applications and cost up to $5.00 per service request.

LAS VEGAS, Aug. 1, 2023 /PRNewswire/ -- Remark Holdings, Inc. (Nasdaq: MARK), a diversified global technology company with leading artificial intelligence ("AI") powered software solutions, today announced the release of its Natural Language Smart Chat Agent to investigate, file and fulfill real-time 311 service requests, alleviating the backlog that arises from the lack of human agents support during busy and critical times.

Currently, 311 services receive millions of calls across its call center, email, and mobile applications, with each call costing as much as $5.00 to resolve. Cities face the challenge of tight budgets while still needing to provide vital services for its citizens. Often complaint resolutions are not reported accurately, or in a timely manner due to the lack of call center representatives currently on staff, lack of training, and language difficulties. 311 operators are overwhelmed without sufficient access to the correct information or resources to provide accurate and timely assistance. With service incidents costing as much as $4 to $5 per 311 session, cities face the challenge of tight budgets while still needing to provide vital services for their citizens.

Using Remark AI's proprietary large language model ("LLM"),  its Smart Chat Agent can communicate with callers and text requests using natural language to understand the context and urgency of the situation. Remark's 311 agent simultaneously processes twenty service requests with LLM while supporting up to 40 languages. In addition, by using both its machine learning and award-winning computer vision technology to see and verify an incident report. Accuracy is trained by a proprietary library of the client's previous 311 transcripts and service requests to finetune and customize the relevant service experience, enhancing the ability to provide services while improving user satisfaction and safety.  Emergency calls are automatically routed to the appropriate 911 channels, distinguishing a customer service request from vital emergency services.

Remark AI's Smart Chat Agent features:

• Assistive AI tools
• Automated email / operated assisted system process
• Automated reporting and filings
• Call routing and prioritization third party system and platform integration
• Data analysis, entry, reporting, and retrieval
• RPA (Robotic Process Automation) that generates a complaint report based upon the conversations relevant keywords.

"We are pleased to offer our AI-powered Natural Language Smart Chat Agent after numerous requests to help process and alleviate the backlog of 311 service requests faced by cities and townships around the United States and abroad," says Kai-Shing Tao, Chief Executive Officer at Remark Holdings. "Too often, cities have to make the hard choice between spending to maintain citizen support services while allocating dollars during a declining budget environment. We are currently working with some of the largest cities in the world, who have come to us to help solve this crucial problem and we look forward to providing more details in the weeks ahead."

About Remark Holdings, Inc.

Remark Holdings, Inc. (Nasdaq: MARK), the industry leader in AI-powered  computer vision and software solutions, delivers an integrated suite of AI analytics that help organizations provide enhanced customer service by understanding their customer demographics and behavior, while  monitoring, understanding and acting on potential security threats in real time. Remark consists of an international team of sector experienced professionals that have created award winning video analytics. The company's GDPR-compliant and CCPA-compliant solutions focus on sectors including government agencies, hospitality, public safety, retail and transportation. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our product portfolio at  www.remarkvision.com and home page at  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 regulations. 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 the 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
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007

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SOURCE Remark Holdings, Inc.

FAQ

What is Remark Holdings, Inc. (Nasdaq: MARK) introducing to address the backlog of 311 service requests?

Remark Holdings, Inc. (Nasdaq: MARK) is introducing an AI-powered Natural Language Smart Chat Agent to address the backlog of 311 service requests faced by cities and townships.

How does the Smart Chat Agent process service requests?

The Smart Chat Agent uses Remark AI's proprietary large language model to communicate with callers and process service requests, supporting up to 40 languages.

What are the potential benefits of using the Smart Chat Agent?

The technology aims to improve accuracy, user satisfaction, and safety while reducing the cost of resolving 311 service incidents.