Over the past decade, the marketing profession has moved from art to science, with a foundation of new technologies powered by artificial intelligence (AI) and internet of things (IoT), and with a level of personalization and real-time communication only dreamed of in the past. Consumers are continuously connected through mobile devices and have complete control over the organizations they interact with and purchase from. Their expectations are elevated -- and the opportunity for banks and credit unions that master the new technology has never been greater. Management's expectations are elevating as well. Rather than asking to see the newest TV commercial or hear the next radio commercial, financial institution leaders will increasingly say, "Show me the money" as it relates to the impact of marketing initiatives.
The rise of voice assistants has put a new customer-facing channel on the map for marketers. The promise is clear: voice-enabled devices operate as a fine blend of digital and physical realities, which makes room for truly contextual interactions with users. But with voice technology so young, it's still unclear if it can add up meaningfully to the marketing toolkit. In 2016, Gartner predicted 75 percent penetration of voice-activated devices in US households by 2020. We're now two years short of this deadline and the penetration rate is a humble 13 percent (though expected to rise to 55 percent by 2022).
Over the past few years, the buzz about how artificial intelligence (AI) will impact the future of marketing has reached a fever pitch. But what will AI's role in marketing look like, and how can marketers start to prepare now for the future? AI is part of a larger wave of digital transformation that's impacting businesses and consumers around the globe. This transformation can be characterized in three ways. Firstly, technological interactions are becoming multi-device, multi-sensory experiences, with voice and facial recognition-based interactions.