How artificial intelligence is being used in financial advice marketing
It may come as no surprise, especially given how much you tend to see about it in the news these days, but artificial intelligence (AI) is very much already part of our everyday lives.
Whether that includes the internet sites we visit, the articles we read, right down to the advertising put in front of us, AI is already being used in many industries around the world for even the most basic of processes.
One of the main benefits seen in using AI is that it removes the human instinct for bias, where we would tend to lean towards one decision more than another, and not always with the use of data in place. With AI, you can begin to use your assets and values as a company to play into what people look for. For example, if someone is looking for financial advice, then you can utilise AI to find out what else they are likely to click on – either on your website or someone else’s.
Data analysis can also take up an incredible amount of time, so for those in financial services marketing, being able to relay some of that work on to an AI infrastructure and simply figure out what to do with the results will allow more concentration on the core task: providing simple financial advice. AI is something we use at Lead Tech. The data we collect helps us to generate better financial advice leads for our partners.
Use of AI gathering pace
Leading industry figures have noted that there has been a huge proliferation of AI in the last year alone, with increased competition and a squeezed market leading to a greater need to retain market share and return on investment (ROI). As such, it would seem that the race is on for those looking to make inroads ahead of everyone else and capitalise on the use of AI to find patterns that nobody else has yet discovered.
A lot of AI can also help to plug gaps in data sets to give a more definite idea of what a potential customer is likely to do. This means that whoever can get their statistical modelling right will have a better chance of coming first for a search term such as “find the best financial advisor”. But there’s more it than this. For instance, the AI might then suggest that the person searching this term is also likely to perform a number of other, trackable, behaviours. They might be just as probable to want a guide to financial advice when they visit your website. With this in mind, it would be little wonder that the AI revolution is gathering apace in financial services marketing.
The general consensus suggests that the reason why it may have taken this long to gain the traction that it currently has is twofold. First, companies have started to get a lot smarter about the data they collect, how they gather it, and also in their aims to get consent for it in a number of ways. Second, the potential of AI has grown exponentially in recent years because of the sheer processing power that we currently have available to us, which was not always the case. These combine to help astute businesses make more educated, data-based decisions, precisely when it matters most.