NEWS
Matalan launches GenAI tool to drive online sales in UK first
Kin + Carta has created a Generative AI and Large Language Model ( LLM ) tool for UK retailer Matalan , which allows it to create detailed product descriptions for new items as they are added to its online inventory .
Developed and delivered in only three weeks from the original brief , Kin + Carta built a Generative AI solution that can create product descriptions using product metadata and imagery for Matalan ’ s full product range . These product descriptions aid the retailer to improve SEO and conversion rates and create rich , accurate product descriptions with an absolute minimum of data input .
Using Generative AI , Matalan can now employ a new style of description that is longer , more emotive and contains added value . The bespoke model is also configured to read product imagery , picking out details from any photo images to include in the description .
The descriptions are overseen by a copywriter team to ensure accuracy – and the tool can write a hundred descriptions in 30 minutes vs the maximum of a hundred descriptions a day from
Matalan copywriters . The tool was built utilising Vertex AI , part of the Google Cloud suite .
Ewan Nicolson , Director of AI and Data at Kin + Carta , said : “ This new tool is using Generative AI to increase operational efficiency in Matalan ’ s in-house copywriting team and vastly multiply the number of detailed product descriptions Matalan can post on to its e-commerce site every day .”
The race for ‘ FinTech ’ status : Tech jobs up + 88 % in London ’ s banking sector
Technology-based job vacancies within London ’ s financial services space are up in the capital by + 88 % in 2024 compared to 2023 ’ s monthly average as the race between traditional banks and FinTech rages on .
According to an upcoming Hiring Trends Report from global recruitment firm Robert Walters , the number of tech professionals entering into financial services field ( for the first time ) in the past 12 months increased by + 24 % across England – with this most pronounced in Birmingham (+ 31 %), Milton Keynes (+ 29 %), Liverpool (+ 29 %), London (+ 25 %) and Manchester (+ 19 %).
Chris Eldridge , CEO of Robert Walters UK , said : “ These findings are a positive indication for UK ’ s financial services and banking sector . Not only because the data shows that banks are doing a fantastic job of luring away tech talent from other industries , but also from the job volume alone we can assume that banks are by no means paring back their tech investment .”
A FinTech oasis
In terms of funding , British FinTech ’ s still attract more than those in France , Germany , India , China , Canada and Brazil combined according to KPMG . And traditional banks have been sure to not fall behind the curve – according to emarketer , tech spending expected to reach over £ 12bn this year , a 6.1 % increase since 2020 .
Eldridge added : “ The UK has gained its status as a ‘ FinTech oasis ’ – with a wealth of success stories from Monzo to Starling . “ The race is on in the City for traditional banks to match the growth and burgeoning tech offerings of smaller FinTech start-ups . Especially as home-grown start-ups – such as Revolut – have stated their long-term goals of building the world ’ s first truly global bank .”
When considering the investment from traditional banks from a human resource point of view ; job ads for professionals in banking with skills in FinTech (+ 75 %), Machine Learning (+ 107 %) and Blockchain (+ 58 %) are up on last April across London . www . intelligentfin . tech
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