As digital transformation continues to make waves in the financial industry, artificial intelligence (AI) is starting to take root and transform financial marketing for the better. Consumers are demanding better digital experiences and AI technology can help. FinTech companies have been early adopters and have consistently integrated AI within their digital offerings. It’s estimated that by 2026 the share of AI in FinTech will triple reaching $26.67 billion. To remain competitive and continue to maintain forward momentum in your digital marketing, it’s time your finance brand adopted AI technology.
It’s time to adopt AI technology
Artificial intelligence is no longer something you only see in sci-fi movies, instead, it’s the here and now. AI technology can be adopted by all finance brands, from retail banks to asset managers, as it helps handle and manage big data. Financial marketing utilises a wide array of customer data every day, such as browser history, transactions, and confidential information. AI technology can help manage and analyse your finance brand’s customer data to inform your marketing strategy. This means you can market your products the right way at the right time, helping to nurture leads and convert clients.
“ It’s estimated that by 2026 the share of AI in FinTech will triple reaching $26.67 billion.”
There are a number of areas AI technology can improve your financial marketing strategy. These include:
- Visualising the customer journey
- Improve data collection
- Identify trends in data
- Enhanced understanding of current customers
- Deliver a convenient and positive customer experience
According to the Forbes Technology Council, “AI is crucial in driving sales, as it enables the business to discover details that ordinarily would have taken months and years to gather.”
So, how can these benefits directly translate and improve your digital offerings and marketing strategy?
One of the top ways AI technology can improve your finance brand’s digital experience is through personalisation. AI can help your finance brand better understand customers and the customer journey overall. This means you can deliver timely, personalised messages, recommendations and product offerings in the right way at the right time.
With over 76% of consumers saying personalised communication was a key factor in prompting their consideration of a brand, it’s a critical area to get right in your digital marketing strategy.
Making accurate predictions
AI allows your finance brand to analyse a large amount of customer data quickly. This means it can make accurate predictions and find patterns and processes that streamline the customer acquisition process.
According to Deloitte, there are four key areas consumers want AI technology to help them with. This includes:
- 32% want AI to provide timely offers
- 34% want knowledgeable customer service
- 31% want AI to help educate them further
- 24% want customised recommendations
AI technology can help your finance brand build intelligent algorithms that better understand your customers and their needs. This enables you to build an appropriate next best action strategy, effectively achieving those top four areas Deloitte has recognised. By employing a next best action approach, you can optimise the customer experience as you can recognise the right and wrong times to market and offer products to consumers.
Deliver a better digital experience
AI technology can help your finance brand deliver a better digital experience as it provides you with direct access to intelligent customer service tools. AI technology can be utilised for voice search functions, chatbots and robotic process automation (RPA). These tools can streamline your customer service and provide fast methods for customers to solve their minor everyday problems.
Overall, AI technology can provide your finance brand with access to a range of tools and processes that can drastically improve your customer’s digital experience. While AI technology may have seemed like something from a sci-fi movie, it’s the here and now, and it can help determine the success of your customer acquisition process.