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“ We get frustrated as the user experience we tolerate in our working lives is often far inferior to that which we enjoy in our consumer lives ,” she says .
Indeed , Hotchin argues that the increasing reliance on AI is not motivated by technological advancement but rather by human understanding of how best to apply it “ usefully across all areas of the firm in a way that is rewarding and therefore adopted .”
rejected for lack of funds . Even when I had online banking and a banking app in my hand , the experience was such that I checked it no more than once a week .
“ Now the user experience I get from challenger banks , products and services is so rewarding I have totally changed my behaviour . I don ’ t just know my bank balance . I know what is going on with my mortgage , my savings , my investments , even my pension .”
Hotchin points out that consumers are so used to a seamless user experience that if it isn ’ t provided , they will simply seek it elsewhere . It ’ s become an expectation of the financial services space .
The future of AI in financial services As AI continues to be a growing force within fintech , experts believe its usage will spread across more sectors , increasing crossovers which will inevitably result in tensions – most specifically in the area of access to data .
The pandemic has also caused an accelerated shift away from physical and towards digital communication , affecting the entire financial industry .
But the motivation to increase AI within the sector will ultimately be driven by how much financial services organisations invest into upskilling their workforce . This upskilling is required to get real value from democratising insights , says Spencer Tuttle , SVP WW Sales at ThoughtSpot , the AI & search-driven analytics provider .
“ According to the data , the industry is at a halfway point when it comes to upskilling their employees , with 49 % of respondents saying training initiatives for employees to better understand AI are currently in place .” He adds , “ An end goal is to be able to react at the speed of thought to changing conditions , markets , and information : Making the best use of time because getting to understanding has not been a fast process in the history of business intelligence .
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