Banks risk missing the boat on voice-controlled AI and advanced payments data

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Many consumers want strategic guidance on budgeting, shopping and payments, and they’re willing to offer detailed personal data to get it.

According to recent research by NTT DATA Services, voice-controlled artificial intelligence (AI) agents, such as Amazon’s Alexa and Apple’s Siri, will soon be the providers of this personalized financial guidance.

Those categorized as “Explorers,” early adopters who are often indicators of the next big trend, seek more than just high-level recommendations. They want personalized and customized advice on income, expenses, spending and savings, with 61% expressing interest in having a financial services provider intervene when they are in danger of going over budget in a specific category, such as dining out.
What kind of relationship do they want? Interestingly, 75% of consumers want their provider to connect the dots between their income, transactions, expenses and savings. And although Explorers want personalized guidance, that doesn’t necessarily mean human guidance. In fact, 41% prefer to interact with AI agents. That required accurate and timely data — data that creates a uniquely personal experience for each consumer.

The good news is consumers are ready to provide FSIs access to the data they need to deliver this experience. They are more than willing to share retail payment information, geolocations, as well as Uber, OpenTable, Facebook and Twitter information. However, they have high expectations for what they receive in return.

Unfortunately, financial services is not there yet in terms of being able to deliver a truly personalized experience. Only 16% of respondents are totally satisfied with their digital experience, citing issues such as irrelevant options and too many choices. These issues all point to data as a key challenge to overcome.

These proof points create a unique opportunity for issuers to improve their digital offerings, but only if they address the key underlying data issues. Data is the key to create superior customer experience and provide strategic financial guidance to help on-the-go customers reach their goals. FSIs must not only collect the data, but access, mine and analyze it in real time to provide a more digital and personalized experience that consumers expect now and in the future.

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