Managing finances is one of the greatest areas of concern for most consumers. Yet, few financial organizations have found a way to provide insight that is comprehensive and easy to access. As a result, there is a significant opportunity for banks and credit unions to develop AI-based financial wellness tools for the masses. Subscribe to The Financial Brand via email for FREE!Despite all of the advancements made by the banking industry in providing access to savings, borrowing and investment options through physical and digital channels, the vast majority of consumers continue to feel insecure in their ability to adequately manage their finances. The need goes far beyond post-transaction alerts and pretty graphs.
It's in the Bee Movie that we have our first encounter with the concept of Colony Collapse Disorder. The 2007 animated comedy film depicts the phenomenon of a mass disappearance of worker honey from the hive. In the film, bees, who generally, function as a very centralized organization decide to disappear from the beehive, leaving behind the queen bee. Without bees, the production of honey, fruits, agricultural crops, flowers and vegetables is hit because they are primarily responsible for pollination. Vittorio D'Orazio, Research Director- Banking and Investment Services, Gartner believes that the financial services industry is in the midst of a colony collapse disorder, as its delivery model changes in response to digital disruptions.