Artificial Intelligence

Digital-First Doesn't Mean Digital-Only

Top stories we're reading this week

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

CX More Important Than Security and Compliance

Rackspace Technology surveyed 1,420 IT decision-makers from companies with $300 million annual earnings revenue and above. A ZDNet article reports that:

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

David Murphy, Head of Financial Services EMEA & APAC at Publicis Sapient, writes in an article in IBS Intelligence,

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

While we are thinking about banks being digital-first, Debbie Bianucci, President & CEO of BAI, reminds us that digital-first isn’t about ignoring all other experiences. 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.

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