Artificial intelligence (AI) is growing its influence within the financial services sector, as more players are integrating it into their propositions. Many companies are now beginning to utilize the technology to achieve the personalization benefits that consumers demand, according to GlobalData.
Two ‘Best of Show’ awards at FinovateEurope – a conference showcasing the latest fintech ideas – went to companies that incorporated AI to add a personal touch to customers’ digital experience.
Voice assistant company Voca.ai says it wants its software to “understand emotions like humans.” Its product goes a step further than most voice assistants, as it is more conversational rather than answering close-ended questions.
Similarly, during Dorsum’s demo of its ‘My Wealth’ digital investment app, it stressed that “investors only succeed if they believe in what they invest in.” Its app incorporates a self-learning chatbot to aid consumers when choosing the amount they wish to invest in different asset classes or any other changes they wish to make to their portfolio, as well as offering the option to talk to a human advisor.
The provision of personalized financial advice by an investment management partner is viewed as important by 69% of millennials and 63% of baby boomers according to GlobalData’s 2018 Mass Affluent Investor Survey.
This proves there are no major generational differences when it comes to access to advice that considers one’s financial situation, objectives, and needs. And nor does it differ between affluence segments either. A truly personalised service is naturally offered by private banks, but as the data shows this is clearly not something that only HNW individuals want. The likes of Dorsum will do well in such an environment.
The rapid growth in technology over the past decade or so has infiltrated all industries, and long may it continue. But with increased competition it seems the next trend to emerge is building the best emotional and personal connection with consumers through these technological advancements. Players that are unable to get closer to consumers will lose out. The more companies get to know investors the better the outcomes will be for all.
Whether machines will achieve full emotional intelligence remains to be seen. However, Finovate showcased that steps are being made towards this evolution. Competitors must keep up or face being left behind.
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