The desire for users to complete everyday tasks and functions using AI is high. But current AI solutions often fall short of expectations due to limitations in capability and functionality. "Effective learning is critical to creating a compelling experience in this way," commented Christopher Dodge, Associate Director and report author. "Many AI solutions require too much upfront action from the user; manually inputting data or linking profiles from different apps to ensure inclusion in one service is time-consuming and clumsy." Correctly identifying an individual within one ecosystem also impacts basic tasks, especially if the solution cannot identify the individual requesting the action.
Financial services executives believe digital innovations and strategies are key to differentiating customer experience and business performance. In a period of intense competition and relatively slow growth, executives also understand that failure to take adequate steps in pursuit of these opportunities raises the risk of disruption or even commercial irrelevance. Today's advanced technologies--accompanied by similar advances in processes for technology development and implementation--are poised to transform the entire financial services industry. Indeed, as they reassess their customer strategies in light of this fast-evolving technological landscape, leaders see boundless opportunities to implement a wide array of differentiating customer capabilities and experiences. A recent Forbes Insights report, "Digitizing Financial Services: Mastering Digital Differentiates Leaders From Laggards," sponsored by Cognizant, examines this ongoing transformation.
What is the one thing that consumers crave over everything else? Is it the ability to work on the go? Or, is it state of the art customer experiences? I believe what they want encompasses all these things, however, their desire lies in the speed in which it all happens. And if you're not delivering a mobile-first digital transformation strategy that incorporates and meets all of their desires, you'll lose consumers to your competition.
BAI and the Digital Banking Report recently released "Humanizing the Digital Banking Experience" at BAI Beacon. Digital Banking Report owner and publisher Jim Marous discusses why banks lag behind and ways they can bring their experience up to speed via technologies such as AI. You can listen to the archive of the podcast on the apps above or visiting BAI's podcast page.
How is that going to make a difference to you? That depends on what you want it to do, how many resources you have to devote, and how much effort you want to put into maintaining your data driven approach over the long term. There are a lot of different options for solutions out there, some more human intensive than others. But only some will transform the data that is important to you and turn it into relevant and insightful information you can use. To get there, you should start with a great data strategy.