The buzz at the 2018 Financial Brand Forum this week was all about adopting machine learning and artificial intelligence technologies to better understand customers and personalize their experience.
The event kicked off with an excellent and entertaining keynote from Guy Kawasaki in which he detailed the 11 things he learned working for Steve Jobs. And while lesson number 11, “Some things need to be believed to be seen,” is focused on innovation, it was clear that Guy is really hoping to see his deposited check images saved into his photo album!
After Guy’s keynote, I made my way to the Demo Theater and found Kony presenting a topic of interest in which they explored the need for banks and credit unions to innovate in their mobile app development. In particular, calling for a shift away from the historical approach of letting systems of record determine what features are offered to the customer and instead pursuing an outside-in approach letting systems of engagement determine the innovative features and capabilities that customers need.
This resonated with what we do every day at ZineOne — help our customers derive value from connecting systems of record and systems of engagement together via our Customer Engagement Hub for Real-Time Personalization. This enables enterprises understand every user’s intent and needs and communicate with them accordingly.
Making my way to the P2P Lunch and Learns, I joined Alkami’s session a little late but still walked away with a couple of lessons. From a high-level perspective, they presented a nice summary of The Evolution to Big Data and AI. It was nice to be able to apply core capabilities of the ZineOne Customer Engagement Hub across any of the Descriptive, Predictive and Prescriptive phases.
Heading back to The Chelsea Theater for Forum X presentations, this particular slide from Brian Solis couldn’t make a stronger point about the growing demand for personalization and its impact on the customer experience.
At a more tactical level, I also thought Alkami’s advice to review provider contracts to ensure you have access to your data, and at an affordable pricing model, makes a lot of sense. One could look at that as an inverse view of the API Economy!
The strategic imperative of personalization was further underlined by Jim Marous and his Alexa powered robot companion. The new Millennial is simply a digital consumer that demands: know me, look out for me, and reward me. I do not want better reports but better experiences that are improved on a contextual basis. Further, these experiences are digital first in nature and serve to better support physical experiences. I think Jim might be reading our retail white papers on in-store personalization!
And finally, our own Debjani Deb delivered a presentation in the Demo Theater that explored the opportunity to leverage front-end analytics in combination with traditional analytics approaches to drive significant business results. With proven outcomes increasing loan application conversions by more than 40% and increasing loan abandonment recovery by up to 5X. You can download the presentation here: