Remark Holdings on Dec. 30 announced that one of the largest commercial banks in China had chosen its KanKan AI to upgrade 169 branches in the Yunnan Province. Shares of the global technology company rose 6.4% at the close on Wednesday.
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As part of the upgrade, the branches will install the smart customer retail platform created by Remark’s (MARK) KanKan AI business to set up an integrated, collaborative hub to help bank operators ease expensive manual processes, enhance the users’ experience, boost customer loyalty, and drive online-offline business. Financial terms of the deal weren’t disclosed.
Using the smart customer retail platform, customers can directly make desired purchases online or download the mobile app by quickly scanning the QR code on a mobile device by accessing the bank’s e-commerce platform without risking data or privacy.
KanKan AI seeks to implement its product at four other major banks across 30 provinces. Remark said that KanKan AI has gained a competitive advantage in a $360 million total addressable market for its smart customer retail platform.
“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,” noted Remark’s CEO Kai-Shing Tao. (See MARK stock analysis on TipRanks)
On Nov. 23, Roth Capital analyst Darren Aftahi reiterated a Buy rating on the stock.
Despite the stock’s 286% year-to-date rally, Aftahi set a price target of $4.25, which indicates that shares have room to gain another 114% over the coming year.
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