So, let’s talk about what AI means for your FI.
First of all, what is AI (artificial intelligence)?
The literal dictionary definition of Artificial Intelligence is as follows:
/ˌärdəˈfiSHəl inˈteləjəns/ noun
1. The theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
2. Essentially, AI is how machines learn human behavior. Which, understandably to certain readers, will sound concerning and disquieting. We get it and we’ll touch on that throughout this article. But AI is literally everywhere. The data of our behavior is being studied 24/7 and that information is being used to bring organizations to scale and to bring paper towels into your newsfeed ten minutes after your significant other shouted that you ran out from across the house.
3. Much like you’d trust a financial advisor with whom you’ve built a relationship, AI gives financial institutions the ability to analyze the data coming from someone’s accounts and associated behaviors and make decisions on their behalf. But before you even get to that point, this kind of data gives you the kind of inside information all marketers go starry-eyed for. Deep insights into lifestyle choices and behaviors
Let’s crystallize all of this with an example – you’re moving. Planning, organizing, selling, packing – all of the things that go into transitioning a home, which tends to take up a lot of mental real estate (pardon the pun). But what if you had an assistant of sorts that could anticipate any number of things you might need based on having observed all of your behaviors?
For instance, this assistant could suggest recycled cardboard boxes and eco-friendly packing materials because based on your purchase history across the internet, it knows that you shop sustainably. They’d also point you towards realtors in your area that have great reviews and take the legwork out of having to find one all on your own. Need to hire a moving company? Your assistant knows that because they’re constantly analyzing what you do and say and is using that knowledge to make sure you’ve seen something in your news feed about the highest rated moving company in your area and has already gotten you a quote.
Feeling less stressed just thinking about it, right?
Consumers thrive on customized recommendations and personalized communications. They WANT us to use their data, so they have to do less leg work in finding the financial services that are best for them. Personalization and customization (being where the member is before they even know where they’re going) creates brand loyalty because it removes the guesswork for the consumer.
Utilizing AI usually requires a big investment in skills and in people to analyze and strategize, but if you find a trusted AI supplier – IntelliFi powered by Faraday – that offers a service bureau model, it’s a great way to take advantage of your data without the extreme overhead costs to run it.
There is a wealth of information available to you in an endless stream to help you make better and more impactful choices in service to your prospective consumers, and your bottom line. And there’s nothing artificial about that intelligence.