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Artificial Intelligence (AI) is the hot technology topic in most industries including financial services. So where will this take us and how will it effect institutions, customers and regulators to name a few? Intelligent technology has many beneficial possibilities but we should caution those who would assume that customers will readily adopt AI offerings that the tech firms and financial services management get excited about in isolation from market realities.

Today consumers control channel choices in an omnichannel landscape. They have become comfortable at not  only picking preferred suppliers but also managing their own service selections and experiences. Whether you are 18 or 65 financial and technological literacy has grown and continues to increase autonomy and acceptance. With software/apps today individuals can easily aggregate their multiple dealings and maintain their freedom to engage who they want, where and when. Plus, this independence that technology has facilitated will tend to gain greater acceptance over time. Some FI's are now trying to change this trend by offering personal financial services management AI packages which require customers to consolidate their dealings/transactions under a single umbrella to improve their financial profiles , plans and benefits. Will consumers be enticed to aggregate their dealings under a single FI's control or are they at the comfortable stage that they can do it and also have multiple options at their finger tips? Obviously continuous cross segment preference research is necessitated to ensure that investments mirror where customers want to go today and change as new ground-breaking options appear.

Pat Palmer | Thursday, September 28, 2017 | Trackbacks (0) | Permalink

 


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