AI and machine learning are making the customer experience more personalized and contextual than ever before. Banks and credit unions are using advanced technology to make websites, emails, digital advertising, social media and other content more efficient and effective. This is increasing marketing ROI as well as customer satisfaction. Subscribe to The Financial Brand via email for FREE!There is a great deal of discussion of the potential value of artificial intelligence, machine learning and robotics in banking. Unfortunately, much of the implementation of these technologies lags the potential by a significant margin.
In the past few decades, sci-fi films have elevated the awareness of intelligent machines among mass audiences. Last year, Google's AlphaGo program beat a team comprising five of the best human Go players in the world. With Go being one of the most abstract strategy board games ever designed for humans, AI's ability to win placed the overarching technology's growing capabilities firmly under the spotlight. The rise of the machines – and what that means for humans – has been a hot topic. These machines, commonly depicted as sentient robots trying to overthrow humans, have in fact been highly misrepresented.
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.
Companies always have known that the foundation of customer loyalty is strong relationships. In the early days, building these relationships meant face-to-face interactions and phone calls. But as more aspects of business have been digitized, this sort of engagement has become less common. In an effort to counter the uniform and impersonal nature of commerce that came along with massive scale and automation, marketers have shifted their emphasis toward personalization, which delivers custom content to highly specific audiences based on their interests and behaviors. Achieving this type of personalized outreach on a massive scale – especially in real time – requires sophisticated machine-learning technologies, more broadly referred to as predictive analytics.
The expression, "Marketers are data rich and insight poor" is more true today than ever. Marketers all over the world are working to optimize marketing operations and effectiveness using their abundance of data. Many are turning to tools and platforms powered by artificial intelligence and machine learning. AI promises to make sense of all the dark data companies are sitting on as well as structured and unstructured data online to surface insights about customer behaviors, opportunistic content and emotional triggers to inspire conversions. In an age of too many choices, increased competition for customer attention requires every advantage to optimize for reach, engagement and conversion.