Artificial Intelligence (AI) marketing, the newest wave of data-driven marketing strategy is taking the financial industry by storm. It enables marketers to create a highly personalized customer experience. The successful financial marketers are those who leverage AI capabilities to understand the needs of the customer. AI almost looks like a safe bet and the only question remaining is how much ruling power will the AI get?
Transformation Of the 4Ps of Marketing
At a time of both challenges and opportunities, marketers will be in need of all possible bits of help. AI could revitalize marketing relating to 4Ps of marketing.
• Products are becoming more relevant in terms of the services they provide. AI is enabling faster and, more relevant services with products.
• Power AI and customer context are optimizing pricing and service extensions.
• AI decisions are automating every channel.
• AI is offering a right promotion in real time according to the context
Humanizing the Digital Experience
AI technologies such as facial and voice recognition are continuing to enable a sensory revolution in financial marketing. For instance, Chatbots are capable of providing support and act as a virtual agent for the end user. AI will accelerate the marketers in
• Acting on insights with a personalized experience and dynamic content. It will also enable marketers to avail offers and promotions.
• Automating cross channel campaigns and optimizing marketing mixes.
• Blurring the boundaries between marketing, sales, and customer care.
• Enabling marketers to harmonize customer experience across the organization.
Challenges With AI Integration
AI not only present a multitude of opportunities but certain challenges in integration also. It is important to be aware that obtaining and cleaning a large database is just a beginning. For this to function well, a team of skilled data scientists is a need. Competing priorities and limited budget compose another challenge.
But the adoption of AI technologies will go a long way to assisting financial marketers to tackle many of the challenges they face.