Data-Driven Customer Experience Still Requires Empathy

Alex Jimenez

August 6, 2021

These are the Data, Customer Experience (CX) and Artificial Intelligence (AI) stories we’re reading here at Finalytics.ai this week.

 

AI Stocks Are on the Rise.

Kyle Wiggers writes in VentureBeat,

 

The need for enterprise digital transformation during the pandemic has bolstered investments in AI.

He notes that investing in AI startups is up, as wells as enterprise deployments.

We definitely see the opportunity, of course we might be a tad biased.

 

AI Enables Digital Transformation in Financial Services

According to a survey by NVIDIA,

About half (53 percent) of financial service providers cited poor communication and project management as the biggest barriers to successful digital implementation. Lack of leadership and leadership vision was the biggest problem for a quarter of participants, especially in lower and middle market organizations (33%).

Founder of Scientya Yahya Mohamed Mao notes in an article in Finextra,

Financial institutions that switch to AI-intensive consumer technologies and make AI analysis a core competence will find it easier to shift to a real-time ecosystem focused on consumers.

Obviously, we agree there as well.

 

Financial Service Applications of AI

Salabh Kumar, Digital Transformation Lead at BMO Financial Group, also weighed in for Finextra. He wrote a good summary of common AI applications in banking. He covers the areas of mobile banking, chatbots, risk management, transaction data enrichment, data security, and our favorite, data collection and analysis.

Kumar quotes a survey by OpenText,

Almost 80% of banks recognize the benefits of AI, 75% of them already make use of this technology, and about 46% plan to implement AI-based systems in the near future.

Using Data to Drive Digital Experiences isn’t Enough

One of our favorite digital marketing publications is The Drum. Steve Whittington, Creative Director at AnalogFolk, wrote a great article in The Drum highlighting the importance of empathy in digital experiences.

Whittington writes,

UI design has for some time now been shaped by applying user-centered methods and data has been king in revealing the behavioral characteristics that shape insights. But being data-driven isn’t enough. To put emotion into UI design, you have to include a commonly-missed ingredient – empathy.

We won’t spoil the fun in reading the article. We agree with him entirely, and we’ve built Finalytics.ai to marry data and human-centered design.

 

Quote of the Week

Let us know what you think of this weekly listing. Stay safe. And don’t forget to follow us on LinkedIn and on twitter.

 

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