What toy stores can tell banks about AI’s influence on future customer expectations

Our society views this technology with equal parts fear and fascination. Using machine-learning algorithms to analyze the unique genetic make up of a cancerous tumor and predict the best drug therapies is fascinating. But headlines that claim robots will steal a good chunk of jobs in the finance industry? Those words can elicit fear. Today’s financial services executives sit in the middle of this conundrum, and they have a lot of decisions to make, no matter what their stance is on AI. Leaders enamored with AI may be wondering where they should implement the capabilities first.

There are also many executives who may be on the fence. They acknowledge AI will be necessary to maintain a competitive edge, but fear and doubt serve as the basis for careful hesitancy. Is AI really necessary? Is the level of convenience that AI can provide excessive? What about those clients who prefer to interact with humans?

For the fence sitters, a trip to the toy store can provide some helpful insights.

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