How can financial institutions augment and contextualize the significant data they already have on their customers in order to deliver relevant engagements and experiences?
For over a decade Flybits has delivered the answer to that question, working to empower marketing and customer experience teams to deploy hundreds of contextual experiences without any ongoing dependencies on IT or channel teams. All while ensuring users’ privacy and consent for data augmentation and contextualization, and giving end-users the ability to participate and engage with the information they need or might be interested in.
And now the path to contextualization in consumer experiences is about to get even easier.
Meet Nestor, a sophisticated and intelligent generative AI Flybits plug-in that expedites the creation of customer experiences with generative AI models and prompts. Nestor simplifies the complexities of customer journey building and delivers relevant information and experiences to the right audience at the right time.
“As more companies begin to adopt largely consumer-facing foundational AI models like Large Language Models (LLMs) into their consumer experiences, the longstanding risks involved in using them as a standalone tool are growing.”
The Risks of Consumer-Facing AI Models in Enterprise
As the conversation over the many uses of AI in enterprise grows, Flybits, a global leader in experience design solutions has long championed the idea of bringing more meaningful customer experience deployment to the financial sector. And in a moment when the global market for AI in the financial industry is expected to reach $64.03 billion US, at a CAGR of 32.6% from 2021, the time to act on that idea is now.
However, as more companies begin to adopt largely consumer-facing foundational AI models, specifically ones with data-driven machine learning such as Large Language Models (LLMs) into their consumer experiences, the longstanding risks involved in using them as a standalone tool are growing (e.g. compliance, privacy, management and control of IP etc.).
While LLMs are powerful machine learning tools for generating content and answering questions by sourcing often publicly available data, their lack of explicit reasoning skills or control over what data sets they learn from can make them, at best, unreliable for complex tasks that require logical deductions.
It’s the issues around trust and privacy that are perhaps the most alarming, especially within the financial sector. Training AI models based outside of a secure environment with personal financial data would be impossible due to regulations. It could also pose a high security risk that could severely impact the trust and credibility of the financial institution implementing these tools.
AI is not the main character, you are!
The latest advancements in AI provide a preview for the broader vision of how it is set to play a crucial role in personalization strategies, but it really should be viewed as a supporting actor rather than the main character. Financial services need to utilize AI as a tool to enable new business strategies, instead of being dictated by the latest trends. An ideal framework would allow FIs to evolve their AI strategy and adoption seamlessly without disrupting the entire experience ecosystem.
With the Flybits dynamic experience design platform, banks can integrate the right AI models, whether proprietary or from partners, using low or no-code tools. This plug-and-play integration framework creates reusable AI connectors, simplifying how banks deliver intelligent personalized experiences to their end-users.
Breathing new life into customer experience delivery
The upshot is that as we look at the above risks involved in integrating consumer-facing AI models, we begin to understand the characteristics of a solution. We need something that completely innovates the way marketers and customer engagement teams deploy experiences. Something that can incorporate the trust financial institutions have earned with consumer’s data and can work with the compliance measures that banks use to ensure top-line security. All in a way that is more dynamic, responsive, and more efficient than ever before.
With Nestor’s development underway, financial institutions will soon be able to enhance their current Flybits integration to further make banking relationships more than just transactional. By using the machine learning capabilities of LLMs rooted in industry taxonomies and semantics in combination with machine reasoning, among other AI models, Nestor can anticipate and plan for future engagement moments and use reactive AI systems that respond to specific situations.
While operating within a secure environment and architected to protect customer data, Nestor will act as an AI concierge to customer experience teams. Nestor works off a user’s contextual information as a base to deliver personalized experiences based on the financial situation and personal priorities of the consumer. All within an easy-to-use prompt-based interface that empowers teams to create top tier experiences that can be deployed without having to spend long amounts of time creating them.
Here are just some of the features that Nestor will offer:
The above video demonstrates Nestor’s application in delivering personalized experienced with Flybits platform.
Experience Generation:
Assisting business users in defining and generating customer experiences, interpreting prompt-based requests and providing a draft of the experience to work from.
User Modelling:
Regularly generating and updating user models by analysing the end-user’s engagements, activities, and behaviors, with the consent of the individual themselves.
Personalized Recommendations:
Making use of those user models to generate personalized recommendations for relevant information, products and services that are fully aligned with individual customer needs.
Conversational Interface:
Offering a conversational tool to end users, providing guidance on common financial inquiries and prompting relevant questions and clarifications.
Optimization:
When multiple options exist for a user’s inquiry, Nestor provides multiple optimized ideas as answers to financial questions, leveraging data analysis capabilities.
User Feedback Integration:
Nestor actively receives user feedback to continuously learn and improve its personalization parameters and the suggestions it generates.
There is no one universal experience for every person, and as a dedicated leader in powering financial institutions capabilities in providing unique experiences to match the individual, Flybits understands the context in how lives can involve meaningful moments and, with the help of Nestor, financial institutions can broaden their capabilities and speed to value to be a part of it.
The possibilities of Nestor don’t have to be confined to your desktop or mobile device. How would this tool work in a virtual reality space?
Click ahead to see how OpenDome is creating a wholly immersive finance experience
