March 3, 2018
Artificial intelligence permeates nearly every major industry. True AI uses neural networks to make inferences to perform everything from speech recognition to diagnosing diseases. One of the most practical applications for AI is financial services. A recent Forbes article outlines how AI will impact the financial services industry and what aspects of AI those companies should focus their efforts on.
Conversational AI with Clinc
The article highlights an interview with Dr. Jason Mars, CEO and co-founder of Clinc. Clinc is a world leading artificial intelligence research application for the finance industry. Mars describes the platform as “Siri for your bank account”. Clinc’s AI enables natural language flow to interact with customers as a teller or adviser would at a conventional bank.
Clinc doesn’t aim to compete with financial services companies, but rather partner with them. Many financial institutions have either already tried integrating AI or are just getting started. Mars emphasizes that finance companies doing AI well are focusing more on the user experience and less on the bottom line. While customers care more about the quality of the responses and results from computer applications, natural language and interaction isn’t obsolete.
Focus on AI Quality
Mars believes one of the major pitfalls of companies integrating AI into their services is the lack of focus on the actual quality of AI. Many businesses focus too much on the sell rather than the actual user experience. The pitch to customers checks the innovation box but doesn’t truly enhance the product. In order to make the product work in a way most imagine artificial intelligence, companies must invest in technology leveraging deep learning to handle more complex and novel inquiries.
The best financial AI products will tailor personalized services to users based on spending habits, financial history and future goals. Mars criticizes current state AI financial applications for simply providing insights rather than customized, complex recommendations. Customers can simply perform a Google search to answer straightforward questions. AI can truly help customers by taking real personalized financial data coupled with market insights to help them make the best decisions for their financial futures.