How AI is aiding Digital Tech and FinTech businesses

Artificial Intelligence used to be a far-fetched concept. Reserved for science fiction and futurists predicting an age alien to that which we know. Yet what used to be laughed at for its unreliability, such as predictive text and voice activated search, has evolved into the AI that we’ve welcomed into our homes, phones and workplaces and rely on daily. The Digital Technology and FinTech landscapes are fast-evolving and AI has permeated both sectors, evoking fear in many that jobs will be replaced by new technologies. However, there’s nothing to fear. AI, on the contrary, is changing the digital landscape for the better. Let’s consider a few examples of how AI is enhancing businesses in those sectors.

Improved customer journey

There’s no question that AI is a catalyst for sector innovation and the support it provides to customer services within a typical customer journey is no exception. It can identify a customer based on their digital footprint alone. So it’s no surprise that AI adoption is on the increase with 14% of UK business leaders investing in AI. Let’s talk chatbots. While they can’t replace human contact completely, they certainly add value. In the financial sector alone, banks and building societies are able to nurture their customer relationships with personalised UX in real-time. Virtual Assistants are also growing in popularity as they provide 24-7 support without the need for companies to employ additional staff or expect their teams to be available on demand. Similar to chatbots, they guide the customer through targeted products and services to personalise and improve the customer journey which in turn increases conversions.

Early adoption to mainstream practice

AI was predominantly embraced by large enterprises who could afford the services and talents of professional AI developers. But the market is changing and with new technology becoming more affordable and accessible, SMEs now have the tools they need to compete with industry giants and increase their market share through the support of algorithms, analysis and automation. The FinTech industry was an early adopter to AI. Despite the lack of qualified AI developers available across the sector, it recognised the technology’s potential to streamline processes and identified the need to invest in an annual AI strategy. The forecast of Autonomous Research predict that by 2030 banks will be able to reduce their operating costs by 22% thanks to AI technologies alone.

AI’s influence on NetSuite

As a NetSuite implementation partner, we understand the challenges facing our Digital Tech and FinTech customers in a very in-depth way. And NetSuite understands the importance of AI when businesses make the transition from disparate business management systems and aged on-premise ERP software to its cloud-based ERP system. Since 2018, NetSuite has provided an intelligent cloud suite to help businesses identify what’s happening within their company and predict what’s likely to happen. Predictive analytics are employed to predict insights into consumer data, behaviour and profiling, allowing businesses to better understand their customers and tailor prescriptive products and solutions unique to their needs. Yet the benefits aren’t just weighted in favour of the consumer; AI and machine learning allows you to predict which customers are likely to pay their invoices on time. It allows finance professionals to audit risk analysis, dissect previous payment histories and improve cash flow predictions – all daily challenges for growing businesses. With the support of AI and machine learning, businesses can also improve their online security and fine-tune their processes and systems, reducing the risks of suspicious transactions, fraudulent behaviour and potential cyber-attacks.

Finding the FinTech benefits

AI has revolutionised the financial sector. With its intuitive applications it has aided the detection of fraud, identified risks and assessed creditworthiness in real-time. From a commercial perspective this is invaluable. From a public perspective, AI offers peace of mind through secure safeguarding. Let’s consider smartphone use within the FinTech sector. Ten years ago, accessing online banking on a mobile device was still in its infancy. Through facilitated data, cloud platforms and AI driven applications every smartphone user now has the financial independence to manage their bank accounts remotely. But that’s not all – with Apple Pay and similar applications, AI has created a currency stream that’s secure, encrypted and trusted.

AI on form in Digital Tech firms

It’s not just the Fin Tech sector that’s being transformed by AI, the Digital Tech sector is also being aided by AI’s intuitive technology. BrightBridge’s partner, Peak AI, recently supported Latin American Music Streaming Service Leaf with an AI solution that improved customer retention. Ranked as one of the top five services worldwide, Leaf were eager to increase their market share. Peak’s customer AI solution combined behavioural analytics with clustering and predictive analytics to profile customers, increase revenue and customer retention. Peak identified Leaf’s most valuable users, the services they required and their value to the business – allowing Peak to target their highest-value customers strategically.

While AI undoubtedly adds value to numerous sectors and simplifies certain tasks, it still needs human collaboration/intervention. It relies on human interaction to be able to evolve – and this is something businesses should embrace. Employing AI technologies within your company won’t just help your business grow it will propel you closer to your customers than you’ve ever been before – allowing you to support them at every stage of their journey and hold their attention for longer, simply because AI has opened a door – potentially before your competitors have even knocked on it.

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