FinovateFall Reflections: AI, Personalization, and the Smooth Journey to the Front Line
The Finovate Fall Conference brings together industry leaders, innovators, and truly thought-provoking discussions. This year, there were some key themes around AI, personalization, and creating seamless journeys for customers. I gained new insights into how these concepts can be translated into actionable strategies, especially for banks and credit unions looking to drive growth and efficiency.
Here are my main takeaways from this conference:
The Reality of AI Adoption
AI was a dominant topic, but the statistics presented were sobering: 85% of AI projects fail, a figure similar to the 70% failure rate for digital transformation initiatives. These projects suffer not because of the potential of AI itself, but because of challenges related to where AI is applied, how it is consumed, and the deployment strategy used.
For example, Intelygenz has demonstrated impressive success metrics for AI-based fraud detection: a 34% increase in true positives and a 72% decrease in false positives. This caught my attention because it shows how AI can reduce the friction of revenue generation, which is essential for many financial institutions today. However, AI is not a one-size-fits-all solution. Consumption models (off-the-shelf, as-a-service, or open source) and deployment strategies (buy, build, or partner) must be carefully considered. Most financial institutions today are primarily leveraging AI for cost savings, and top-line revenue generation remains elusive.
Sarah from BCV made one important point. She emphasized the importance of narrow, focused AI applications over general-purpose solutions. For Amount, this could mean digging deeper into tools like policy optimization tools or documentation chatbots, both of which leverage proprietary data sets to create value.
Personalization in a Customer-Centric World
Another key theme revolved around personalization, focusing on the “Blue Dot Consumer” metaphor. Think of it like Google Maps. Everything in the digital world now revolves around a customer’s specific location, preferences, and context. The better financial institutions understand and anticipate these needs, the more they can drive adoption, loyalty, and engagement.
One memorable quote from the conference stuck with me: “Standing still is the fastest way to go backwards.” This resonated particularly with me on a recent sales podcast I was listening to, which emphasized that the real competition we often face is not other companies, but indecision itself. The best way to overcome this? Provide personalized, contextual experiences that seamlessly guide customers forward.
Simplify the customer journey
Digital transformation is often described as adding technology, but a key lesson from Finovate Fall is that it’s also about *removing* unnecessary obstacles. More technology doesn’t necessarily mean a better customer experience. In fact, more complexity can cause customers to disengage, or as one speaker put it, “quietly quit,” and stop interacting with your brand.
One shared story is of a corporate traveler who almost changed his flight because of the complexity of a loyalty program that didn’t sync with his corporate card. It’s a simple but powerful reminder. Customers want simplicity, and even small obstacles can make or break loyalty. This applies broadly to banks and credit unions. We need technology to make our customers’ lives easier, not harder.
Demo: Where AI and Engagement Tools Shine
With over 60 demos, it was hard to see them all, but I noticed a few themes that stood out. More than a third of the demos included AI in some form, with applications ranging from stock research chatbots to tools that help banks optimize their balance sheets. Some of the most interesting demos for me were customer acquisition, fraud, and asset management, with companies like Union Credit, Further, and CD Valet offering solutions to help credit unions attract new customers.
But not all demos were successful. There were a few presentations where it was difficult to understand the problem being solved. Clarity is important for future demos. Clearly explain what the solution does, what problem it solves, and for whom it solves it.
To finish
Finovate Fall has given us a lot to think about, especially the potential of AI, the power of personalization, and the importance of simplifying the customer journey. At Amount, we are taking these insights to heart as we continue to develop solutions that help financial institutions get ahead. If there’s one thing that was emphasized at the conference, it’s that standing still is not an option. Digital transformation is a journey, not a destination. Let’s keep moving forward.
Want to learn how Amount can help your agency leverage technology and AI to improve customer experiences, drive efficiency, and gain a performance edge? sales@amount.com To learn more.