These are the Data, Customer Experience (CX) and Artificial Intelligence (AI) stories we’re reading here at Finalytics.ai this week.
CX More Important Than Security and Compliance
according to the survey, 94% of all respondents said their organization was working on some kind of user experience initiative, with 48% citing it as a ‘main strategic priority’ ahead of IT security and compliance. More than 40% said it was also more important than IT strategy as well.
Banks Need to be Digital-First
banks need to stop aspiring and start acting to counter the new competition ‘head on’ by transforming their technology, investing in appropriately skilled talent needed to make this technology work for them, and emulating the digital-first mindset and culture of the challengers. Crucially, they must digitalise and become truly customer centric.
Murphy details the lessons that banks should learn and execute from fintech.
Digital-First Doesn’t Equal Digital Only
She writes in an article in Forbes,
a digital-first approach optimizes the channels consumers use in a different way. For the branch, it’s incorporating digital banking into the delivery model that consumers want to see.
The BAI research finds that consumers report they would mostly likely use the following digital resources if they were available in the branch: video ATMs, interactive teller machines with remote tellers, interactive welcome screens and digital advocates to help with questions.
Top 10 AI Innovations
We can’t help it. We love listicles just as much as anyone else. As proponents of the use of AI, we loved Analytics Insight’s Top 10 AI Innovation Trends for You to Experience in 2021. We’ll let you read it on your own, but we will preface it by saying that we were surprised to see quantum computing on the list. If anyone can give us access to a quantum computer so we can experience it, it would be greatly appreciated.
Quote of the Week