Bankers Expect AI To Make Your Financial Life More Personal

“96% of banking executives say the pace of innovation in their companies has quickened over the past three years.

Accenture survey, 85% of banking executives say digital demographics that are generated by how consumers interact with digital tools provide powerful new ways to serve customers.

Similarly, a large majority of banking executives (80%) say new technologies like AI will provide fresh ways to provide relevant financial advice to consumers.

In-vehicle Marketplace will be Available in 80 Percent of Premium Vehicles Sold by 2020, says Frost & Sullivan

Image Credit: Frost & Sullivan

“The likelihood of in-car ads converting to purchases of products and services is especially high in automated vehicles, which makes marketplace a scalable model,” said Suhas Gurumurthy,

“Connected car makers will be eager to build strategic partnerships with telecom providers and communication module makers to augment on-road safety and offer in-vehicle, data-rich services,” noted Gurumurthy.

“There’s merit to Blueshift’s approach. A recent report published by Forrester Research found that highly personalized, omnichannel marketing campaigns have the potential to generate four times more revenue and 18 times greater profits than static campaigns.

In practice, Interaction Graph enables marketing managers to manage email, push notifications, text messages, social media accounts, and webpages in one place, and to A/B test and optimize content in an automated fashion. Through Blueshift’s Personalization Studio dashboard, admins can segment users in real time by behavior (i.e., attributes and time frame) and demographic (names and IP addresses), all while proprietary algorithms tabulate predictive scores to identify which users have a high or low likelihood of completing various actions.
‘Marketers need a system that was built ground up with AI,’ said Storm Ventures managing director Tae Hea Nahm. ‘Savvy digital marketers are starting to realize that AI Marketing requires a fundamentally different architecture. Like the early transition to SaaS and now to AI, incumbents will have a very hard time re-architecting their platform.'”

‘Contextual commerce is the idea that consumers should be able to buy whatever they want, wherever they want, with as few hoops to jump through as possible.’

On the back end, there are numerous systems a retail can harness to connect with consumers. “Any multivariate platform like Rich Relevance, Optimizely or Maxymiser can associate content with a shopper’s context,” said Chris Haines, director of consulting at Amplience. But there are challenges with contextual commerce, he continued, namely that none of the leading ecommerce platforms are built to handle content — or any non-product data for that matter.
Artificial intelligence also plays a significant role in the better executions of contextual commerce. “Almost all concepts in contextual commerce require AI to help detect important attributes about the context,” Finkelshtey said.”

“Another fun fact: nearly half of US consumers say they’re more likely to make purchases with companies that personalize experiences, according to Accenture.

It’s estimated that by 2020, eCommerce businesses who use a smart personalization software will see as much as a 15% increase in their profits, according to Gartner.

Following a recent 3-month long in-home delivery pilot program launched by smart lock maker August, 90% of clients who participated later said that if the service of in-house deliveries from merchants would continue to be available, they were happy enough with it to want to continue using the service.

With 42% of B2C customers being influenced to purchase following a good customer service experience, according to Zendesk, it’s no surprise that eCommerce is looking to AI bots to help convert users.

Gartner predicted that by 2020, over 85% of all customer support communications for online businesses will be done using AI, not customer service representatives.

ECommerce marketers can use AI and CRM to identify and create uber-accurate personas of your users.