Companies in the financial services and banking industry have been widely recognized as innovators in the broader market world, leading the way in their pursuit of automated technologies such as AI.
Industry marketing teams have long been the front-runners in the race to take advantage of the substantial reductions in energy, expense, and time using AI.
However, another primary advantage is starting to emerge from a productivity perspective in that pursuit. How do we use this technology to streamline and automate other current departmental business activities more widely within a company?
Thinking outside the box to increase the performance
For a while now, AI-powered marketing tools have been around, but it is not until now that we are really beginning to see true global adoption across the sectors of financial services and banking.
The potential is also now beginning to be realized by ancillary sectors that broadly trade and function in this field, such as compliance, wealth management, and insurance.
Our company has found a growing trend in technology inquiries and how businesses are seeking to almost ‘plug and play’ with AI-driven tools to work seamlessly with existing technologies.
In reality, this is what tools such as chatbots do, giving your company an alternative way to increase digital interaction with your website users, collect analytics, and enhance your online presence.
We also found a growing number of customers citing them as a major factor for incorporation into existing technologies. Perhaps this goes some way to understand why there have been slower AI adoption rates for some industrial companies.
If businesses are less tech-focused, any sort of ‘ovation’ or ‘integration’ can be seen as a price later down the road. Although we must appreciate that businesses have been discussing the extremely difficult global market conditions due to Covid-19, the extraordinary impact it has had and preparations for the Brexit verdict, it is clear that some of these AI instruments may not be number one on their to-do list right now.
With some sort of normality now infused with homework, however, is now the time we should be thinking about where are we going next with AI? Ok, I suppose so.
AI can often be seen as frightening, complicated, and costly when it can be the complete opposite in fact. The overwhelming array of low and no-code technology platforms is emerging so that in ten seconds, rather than 10 weeks, we can easily incorporate fresh ideas and make crucial improvements.
The days of costly web development cycles and expensive integrations are a thing of the past, but I think so anyway. About why?
Well the response to me is clear, businesses are working smarter, learning new technology faster, and removing the need for dramatic projects for growth.
When the company might potentially do the project differently, and save ten times the investment. No brainer, huh?
AI has been brought to a new level by the adaptability of low and no-code platforms and gives some of the largest and most admired global companies the help they need to better connect with their stakeholders.
I listed integrations earlier, which is a crucial piece of the puzzle in my opinion.
Why would you incorporate, however amazing, new AI or technology without knowing whether it can be easily integrated into your current infrastructure-the fact is the hassle, time or investment is not worth it.
This is a game-changer since there are very few drawbacks to investing in automated AI to grow a company now.
The sheer brilliance of the platform architects in the industry has meant that without writing a line of code, you can create some of the most complex, expensive, and slow workflows in the world.
Many of the largest and best-known low-code builders actually boast that with a drag and drop builder, you can recreate some of the biggest websites on the planet, such as social networks.
Don’t say it’s not impressive to me! And what’s more, the exciting times are yet to come because it will only boost AI resources like chatbots.
In isolation, chatbots and AI-driven systems are always fantastic, but I still emphasize the bigger picture to clients. How is that going to do more than what we need? Are they scalable? In 3-5 years, will this form of the solution be as effective?
All these kinds of questions raise the issue, how else can we use this program and where else can this slot seamlessly into our current business infrastructure or stack.
Often my first question is, where is this solution going to grow and how else could my company profit down the line? I always try to look at these types of tools in a manner that is versatile for our organization and consumers such that the larger advantages are also achieved by other business divisions.
I sometimes find myself asking similar questions:
- How will this be used by Finance to streamline expenses?
- Can this be used by HR to implement onboarding procedures better?
- Will Enforcement digitize its paper or form-based records?
Could we use this platform to learn more about our consumers or clients?
Does Business Development gain from this approach to increase the capacity for lead generation?
The data and insights it provides are some of the main advantages of AI and automation software.
A critical component of lead generation and efficiency is knowing user journeys, and it will enable any business in the financial services or banking sector to expand in 2021 and beyond.
