How NerdWallet uses AWS and Apache Hudi to build a serverless, real-time analytics platform

“NerdWallet’s mission is to provide clarity for all of life’s financial decisions. This covers a diverse set of topics: from choosing the right credit card, to managing your spending, to finding the best personal loan, to refinancing your mortgage. As a result, NerdWallet offers powerful capabilities that span across numerous domains, such as credit monitoring and alerting, dashboards for tracking net worth and cash flow, machine learning (ML)-driven recommendations, and many more for millions of users.”

AI Maturity in Banking Lags All Other Industries

  • “Despite the importance of leveraging data and artificial intelligence for risk management, enhanced operations, revenue generation and improved customer experiences, the vast majority of banks and credit unions are only in the formative stages of development. In fact, Accenture ranks banking at the bottom of all industries in AI maturity.
  • According to research from Accenture, only 12% of all organizations have an AI maturity level high enough to achieve superior growth and business transformation (‘AI Achievers’). Another 25% of firms are somewhat advanced (‘Innovators’ or ‘Builders’), while the remaining 63% are still mostly testing the waters (‘AI Experimenters’).”

Why digital optimization is the new digital transformation

  • “The key to a successful digital strategy is understanding what keeps your customers coming back, and then optimizing and personalizing digital experiences based on those insights.
  • Many companies still focus the majority of their efforts on acquiring new customers, which is important for short-term growth, but long-term, sustainable growth requires lifelong customers and brand advocates. When you gain better insight into how your customers engage with your digital products and experiences, you can dramatically improve offerings to increase retention and, ultimately, revenue.
  • Digital transformation must be rooted in cross-functional alignment, particularly when it comes to managing and dispensing data.
  • Data provides much more value to the company if all teams not only can access it, but utilize it to experiment with new ideas and innovate new solutions that customers actually want.”

Meta is putting its latest AI chatbot on the web for the public to talk to

  • “Meta’s AI research labs have created a new state-of-the-art chatbot and are letting members of the public talk to the system in order to collect feedback on its capabilities.
  • The bot is called BlenderBot 3 and can be accessed on the web. (Though, right now, it seems only residents in the US can do so.) BlenderBot 3 is able to engage in general chitchat, says Meta, but also answer the sort of queries you might ask a digital assistant, ‘from talking about healthy food recipes to finding child-friendly amenities in the city.’”

Challenging Headwinds Loom, Here’s Why Being Data-Driven And Insights-Led Is More Important Than Ever

  • “Sophisticated companies are making good progress connecting internal and external data to create functional insights that can be easily shared and used by decision makers across the business. But two key developments have brought a certain urgency to the question for businesses across the globe.
  • The first is the pivotal nature of this moment for business. Consumer habits and behaviors continue to be shaken up, and longstanding business and operating models disrupted. And with that, we’ve discovered that the ability to use data intelligently to sense and respond to changing market conditions and patterns of consumer behavior has never been more important.
  • The second key development is the rapid advances in real-time data and analytics technologies, specifically artificial intelligence (AI) and machine learning. It means that, rather than simply analyzing what has happened in the past, companies now have the ability to spot new and evolving patterns in the moment.
  • Effective personalization relies on having a cloud-based architecture able to collect and process real-time data to deliver the right contextualized messaging at the right moment through the right channel.”