Newsletter: May

Innovation & Trends in Data-Powered Financial Experience Design

Brought to you by Flybits

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Hello everyone! 

This newsletter is different. It cuts through the jargon and brings you the innovation, trends and tactical applications of Data-Powered Financial Experience Design.

We will bring you the discussions from academics researching AI, personalization and safe and secure applications of data in financial marketing.

This month’s highlights come from MIT Media Lab, Google Next, Forbes and Insights on the top data-powered use cases being deployed by all sizes of financial institutions.

Top Ways FI’s are Using AI 🧠

Hyper-Personalized Customer Experiences: 
Banks can now offer customized offers, targeted marketing campaigns, and product recommendations that are always changing behind the scenes thanks to artificial intelligence (AI), which analyzes data to understand individual preferences, behaviours, and financial needs. 

Enhanced Fraud Detection and Prevention: 
Artificial intelligence (AI) is being used to discover abnormalities and suspicious patterns in real-time by continuously evaluating transactional data and user behaviour patterns. 

Reducing Demands on Customer Service: 
Modern AI chatbots can respond to standard questions, offer tailored support, and finish straightforward transactions, freeing up customer service agents to concentrate on more difficult problems and provide quicker, more effective service. 

Risk Management and Compliance: 
AI-powered models can analyze vast datasets to assess credit risk, detect regulatory compliance issues, and identify potential market fluctuations.

Predictive Analytics for Financial Planning: 
By analyzing historical data and market trends, AI can forecast future financial behaviours, such as spending patterns, investment opportunities, and savings goals, helping individuals make smarter financial decisions and achieve their long-term objectives. In turn, financial marketers can now anticipate what objectives will be most impactful and meaningful to their customers. 

Financial Use Case Spotlight 🚀

Mortgage Use Case: TD Bank’s use of CRM + AI + Experience Design: 
“A great example of using AI in CRM can be found in the financial sector. Dr. Hossein Rahnama, founder and CEO of leading personalization firm Flybits and visiting professor at MIT Media Lab, worked with TD Bank to integrate AI with regular banking operations. “Using this technology, if you have a mortgage with the bank and it’s up for renewal in 90 days or less … if you’re walking by a branch, you get a personalized message inviting you to go to the branch and renew [your] purchase,” Rahnama explained. Read more about How Artificial Intelligence Will Transform Businesses

Notable Events & Insights 🔎

Google Next ‘ 24 – Petar Kramaric 
At Google Next ’24, Flybits CTO Petar Kramaric, was onstage to share insights into the evolving landscape of financial services through the lens of Google Cloud AI. His panel discussion provided a thoughtful exploration of strategies and technologies shaping the industry’s future.

Imagination in Action: The Future of Business with AI @ MIT
The Flybits team had the privilege of attending the Imagination in Action event hosted by MIT Media Lab, a gathering that brought together a diverse array of industry leaders, businesses, and academic visionaries. The focus? Exploring the profound impact of AI on the business landscape and delving into the imperative of responsible and equitable AI deployment. Several key themes emerged: 

  1. Responsible AI Deployment: Ensuring ethical and transparent AI usage.
  2. Economic & Access Challenges: Bridging gaps for equitable AI adoption.
  3. Education Challenges: Promoting digital literacy and ethical awareness.
  4. Design Challenges: Creating user-friendly, inclusive AI interfaces.
  5. Decentralized Data and Safety: Emphasizing fair, secure zero trust data practices.
  6. Governance and Regulation: Establishing frameworks for AI accountability and compliance.

AI Chronicles Help Us To Understand Each Other  Forbes Article
Dr. Hossein Rahnama states, “One thing that is currently changing with AI is that it is enabling us to have better ‘human-to-human interaction’ while AI stays in the background. If we use it correctly, and if we build it correctly, we can introduce human-AI systems.”

What would you like to learn about in our next Newsletter series? What current challenges is your FI facing? Please feel free to comment on LinkedIn and our team will aim to include in the next release.

Want to learn more about data-powered user experience for your financial institution? Please feel free to book a call with the Flybits team.

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About Flybits

Flybits helps financial institutions scale digital value by mobilizing data as a strategic asset and creating enterprise-grade customer experiences that drive loyalty and business results. An Experience Design Platform for data-led banking, the company was founded in 2013 on the belief that data is the digital economy’s most valuable asset and can enhance people’s lives in powerful ways: helping them connect to loved ones, make better decisions, and filter out unwanted noise. Guided by this, Flybits helps complex enterprises to bring the power of data to life – transforming customer data into one-of-a-kind personalized experiences by launching predictive and contextual digital recommendations, at scale.