Finalytics.ai Weekly: July 14, 2021

Alex Jimenez

July 14, 2021

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

Using Data Automation in Financial Services

When discussing the large amount of data that financial institutions have, bank and credit union executives often comment about the challenges they face in distilling insight from data. Scott Hiemstra, financial services sales director at CDW, has a great article in BizTech Magazine examining the use of AI to “turn prolific data sets into predictive strategy gains.”

Hiemstra writes,

banks have turned to predictive analytics underpinned by automation — but not always with success. Here’s a look at two emerging automation use cases and the IT infrastructure necessary to support them at scale.

 

Why User Experience (UX) Should Guide AI

Venture Beat had a very engaging article by Leif-Nissen Lundbaek and Julia Hintz from Xayn, looking at the relationship between UX and AI. They write,“AI’s effectiveness at specialized jobs comes at the price of severe context blindness and a general inability to develop meaningful feedback loops.” Think of Netflix’s lauded recommendations. On that they say,

There is no time to reflect on what you just saw, and the carefully selected end-credit music is cut short. This is the modus operandi of AIX (the fusion of AI and UX): It serves the experience of the algorithm by pushing content your way and learning about what you like or dislike. Meanwhile, you have no time to reflect on the content you are consuming and do not learn anything about yourself. Worse yet, your cognitive processes gradually give out, and you become what AI curates for you.

Their point is that you cannot combine AI and UX, because UX should inform AI, not the other way around.

 

Three Areas of Impact For AI in Fintech

Eric Solis, CEO of MovoCash, wrote a quick primer on some of the uses of AI in fintech, particularly fraud prevention, investing, and payments. Eric writes,

As the world becomes increasingly connected and digital, you will likely see even more innovative examples emerge in the next few years. By analyzing data in real time, unearthing insights and identifying patterns that humans cannot, AI can create efficiencies that businesses can use to deliver a better customer experience.

That’s where we come in, Eric!

 

Simplicity

We missed this article when it was first published back in April, but we are glad we came across it. Greg McKeown, two times New York Times bestselling author of “Effortless: Make It Easier to Do What Matters Most” and “Essentialism: The Disciplined Pursuit of Less,” writes in Entrepreneurship about Steve Jobs’ singular focus on simplicity.

McKeown asks,

Why is so much of what we do on a daily basis still riddled with so much complexity?

We look at digital banking experiences every day and often ask the same question. McKewon gives three tips to attain simplicity.

 

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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