3 AI Takeaways From Denim Summit 2018
As consumer expectations change, here's how financial services companies should be thinking about AI.
More than 100 insurance, financial services, innovation, and technology leaders made their way to downtown Des Moines October 24 and 25 to attend Denim Summit 2018. The event featured leading perspectives on artificial intelligence (AI), customer engagement, APIs, digital marketing, and more.
Over the coming months, we will be delivering some of the content that was shared at Denim Summit 2018 through the Denim blog and the Denim Rivet podcast.
AI and Finances
One of the Denim Summit 2018 keynote speakers — Tim Hoskins, president of Quester — tackled to the topic of AI head-on. Hoskins, whose company has built the industry’s only software moderator driven by AI, shared fascinating findings from a study conducted with the Consumer Technology Association:
- 60% of consumers are very/somewhat open to AI making financial investment decisions.
- 56% of consumers believe AI will play the role of accountants/financial advisors by analyzing spending behavior.
- Of those, 76% are very/somewhat open to using the function.
“This a clear indicator that consumers are going to demand change, they’re going to expect change, and they’re going to drive change for each of our businesses,” Hoskins said.
Key AI Takeaways
Below are a few of insights Hoskins and other Denim Summit 2018 speakers shared with attendees.
- Focus on the consumer experience. Many companies, especially from a B2B perspective, are using AI to create efficiencies. While there’s certainly a use case for efficiency, on a consumer-facing front, AI needs to be about making their lives easier and better. “That’s what consumers expect from businesses: Not to use AI to enhance your business, but to use AI to better their lives and their experiences with your brands,” Hoskins said.
- Improve — don’t replace — human-to-human interaction. AI has the power to recognize, optimize, and deliver a very specific message to the right consumer at just the right time. And, according to Hoskins, 76% of consumers would prefer to start a conversation about finances via digital communication channels. However, Hoskins adds, “I am a big believer in combining that data with human expertise so when that consumer is ready to have a conversation, you know more about them, you’re better prepared, and you can deliver to where they’re at, on their terms.”
- AI is nothing without data. Last year at Denim Summit 2017, Denim’s CEO and Founder Gregory Bailey announced the Denim platform had collected more than 1 billion data points about consumer engagement with mobile advertising for financial services and insurance companies. This year, Bailey announced another big step on Denim’s journey to make marketing personal at scale: Smart Campaigns, the first-ever solution for automatically optimizing mobile advertising across local markets. There’s a reason Denim started with data: Without it, there’s nothing for AI to activate. “Data and activating that data for our customers’ and users’ benefit is really important to us,” Bailey said.
To get more insights from Bailey and a panel of industry experts, listen to our latest Denim Rivet podcast episode featuring a Denim Summit 2018 fireside chat on “Engaging Customers at the Digital Edge.”