Fintechs are leveraging Artificial Intelligence (AI) to gain a competitive advantage with personalization-at-scale. Using the data available to them and applying the structure to the data in usable ways, these companies are taking product development and marketing to a new level. By using machine learning and AI logic on top of transactional data, and then pairing it with other information that is known about their customers, these companies can create a personalized service based on individual preferences. These technologies are enhancing cookie sessions, email, and banner campaigns that have been used in the past to sign up new customers. AI helps to interpret the data and make product marketing campaigns more targeted and effective. Companies are using this data to create consumer profiles to customize experiences and create a better relationship with individual customers.
Envestnet is a company that helps financial institutions leverage AI to provide services and products to customers. Eric Jamison is the Head of D&A Product, Banking & Tech Product & Design at Envestnet. He believes that providing personal experiences that are relevant, helpful, and emotionally resonant are what break through the noise and confusion. He also notes that new generations of consumers demand more detailed insights into their data and why this data is relevant.
By leveraging data and AI technologies, fintechs can optimize portfolios and strategies and also visualize scenarios that help customers make an informed decision. Additionally, generative AI will help process data from various sources and synthesize it. This, however, needs to be monitored and fine-tuned by data scientists in order for it to work properly.
To learn more about the power of personalization-at-scale and the AI technology driving the platforms of the financial service industry, watch the VB Spotlight on-demand. The insights and information presented will help launch a successful strategy and build lasting relationships with customers.
