Welcome back to our series of conversations between respected bloggers from a range of fields and experts from Adobe. These unique encounters offer insight into how end consumers feel about digital marketing, including how and when targeting is effective, what makes for an appealing campaign, and how marketing affects whether these all-important influencers spread the word about specific products and platforms.
Our featured blogger for this quarter is Sarah Pennells (SP). Sarah set up SavvyWoman.co.uk in 2009, after becoming frustrated that none of the financial information online seemed to be written with women like her in mind. SavvyWoman aims to help women become a little richer by helping them invest, save for their retirement and deal with bumps in the road, such as divorce and debt. As well as online content, SavvyWoman runs seminars and events aimed at demystifying money and investing. The site has been shortlisted as number five in The Times’ “Top 50 websites to save you money.”
Sarah is also an award-winning broadcaster and journalist who regularly appears on the BBC as a financial expert. She’s written for a number of magazines and newspapers, including Stylist, Yours and Good Housekeeping.
She spoke with Vijayanta Gupta (VG), the Head of Product and Industry Marketing at Adobe Systems Europe. He leads Adobe’s Industry-specific Go To Market initiatives as well as the Adobe Marketing Cloud Product Marketing initiatives across Europe, Middle-East and Africa regions. He also advises senior executives across industries on their Digital Strategy.
SP I’m Sarah Pennells and I’m a journalist. I’m also the founder of SavvyWoman.co.uk, which is a leading money website for women. I’m here at Adobe’s offices in London as part of a series of interviews where I’ll be talking to some leading voices in the world of digital marketing. I’m here at the moment with Vijay Gupta and we’re talking about innovations in marketing.
VJ So what’s happening is there’s a lot of organisations, financial services institutions, are already using AI. They most likely do not fully realise that things that they’re using are backed by one or the other sort of AI. And the way I make sense of all the things that are going around, specifically in financial services institutions, is that I use a framework by Professor Malone of MIT. And the way he describes organisations absorbing AI is as follows; they use AI as a tool, as an assistant, as a peer, or as a manager.
And if you look at what’s happening in the world of financial services, there are a lot of companies who are using AI as a tool to do, let’s say, first-level authentication. So fingerprint recognition, facial ID, voice recognition to authenticate who you are. So banks like HSBC, First Direct, they use that regularly, and that’s typically using AI as a tool.
When it comes to using AI as an assistant, which is helping a bank employer, a financial services institution employee do their job better, examples can be to identify a list of customers who are most likely to churn. Or a list of customers who are most likely going to be dissatisfied with their previous experience. Or a list of customers who are most likely to buy a product, given that they have already shown interest in other products. And that’s typically called next best offer. So identifying those anomalies using technology like AI helps the employees of the financial services institutions become better in doing the role that they need to do. And that’s using AI as an assistant.
The third is using AI as a peer. And one example in financial services institutes is that of an insurance company called Lemonade. It’s creating a lot of interest in this space. And basically, what happens with Lemonade is that when you file for a claim, if the claim is within certain parameters, an artificial intelligence system processes the claim and just goes through to payment. If it is outside of certain parameters, it then passes it on to a human claim adjustor. So, in that scenario, the AI system is acting as a peer to the human being and doing the job of claim adjustor, in some very specific scenarios. So that’s the third area.
The fourth area is that of manager. And that’s where the alarm bells start ringing, when you say an AI is starting to be a manager. But what we all don’t realise is is that it happens every day. So a traffic light manages how human beings drive and walk. We are all used to that. We just don’t realise that it’s a machine that’s directing our action. So when you apply that to financial services as a manager, you can have a scenario like what happens with a bank in the Nordics, where they use an AI system to understand the context of an email or a message, and they route it to the right person or the right business unit. And in that scenario, the AI system is acting as a manager of allocating workload to individuals who need to act on that.
So those are the four stages. So when we hear about companies investing in AI in our digital trends report, essentially they are using one or more of those stages, specifically in the financial services sector.
SP Vijay, thanks very much.
VJ My pleasure.
SP Well for more insights and to see our other interviews, you can go to blogs.adobe.com/digitaleurope.