There was a time when the discussion was all about “if” AI will change the marketing landscape, but it’s safe to say the breakneck speed of AI’s evolution has changed that question to “how”. For instance, this article itself could very well have been written by an AI bot. Now, wait, hang on – it hasn’t, but I’m saying, there are lot of good points that an AI tool can make, on any subject, which in turn makes the topic of this article one worth exploring.

Fintech marketing is no exception to the power of AI. While there are many ways in which AI can impact the fintech marketing landscape, I will briefly highlight some of the ones I feel that can be truly disruptive.

Assessing Credit Worthiness – Targeting.

When it comes to fintech as a category, risk and credit are some of the biggest elephants in the room that need fixing. Access to clean credit continues to plague smaller companies, and the gap is often exploited by unscrupulous money lenders, no wonder there’s a huge spurt in lending-based start-ups. However, these companies always run the risk of defaults as it isn’t always easy to know who your ideal customer is. This is where AI can play a huge role. It can access, mine and analyze mountains of data from varying sources to pick the target customer. And as more real data is fed into it, the more accurate the output becomes over time.

Behavioral Analytics – Personalization.

Addressing a need-gap in the market by introducing a product is only the beginning. For a company it is of critical importance to understand how the end consumer is using the product. And based on this insight, the product can continually be tailored and even dynamically priced. One of the best examples is in the insurance industry. For long, an insurance product has been static, sold in a manner that is completely disconnected from the realities of the consumer. However, there is an obvious flaw in ensuring a heavy smoker and a regular gym goer with the same yardstick. Similarly, for car insurance, driving analytics can help understand and predict the likelihood of accidents in a geography to create rewards for desirable customers. Essentially, AI can build highly personalized models of consumer behavior, which in turn can give companies and marketers opportunities to categorize and tailor-make the customer experience.

Also Read - Festive Fervor: Merging Design Psychology and Spatial Dynamics

AI-aided Customer Journeys – Engagement.

In today’s highly interactive world, every product, no matter how well positioned or priced, lives and dies by the experience it provides to the customers. And the gold standard in this regard has always been the so-called, “human touch”. However, as a company grows, scaling a human-centric model of any sort becomes extremely challenging. The costs get so prohibitive that the company is forced to prioritize, which results in gaps, which causes bad experiences, which causes customer dissatisfaction, and so on. But with the rise of AI, these automated experiences can truly seem life-like, be it with chat-bots, content creation, voice assistants, and so on. It’s only a matter of time before these automated tools start mimicking the human touch closely enough for anyone to not know the difference. Having said all of this though, the key to remember is AI is at the end of the day – a tool. And no matter how seemingly powerful a tool may be, what really matters is the way it is wielded. Sure, there will be disruption, even big ones as AI finds its way to the mainstream, however, AI in of itself is not a silver bullet for all things marketing or business in general. It needs a human mind, a “human touch” if you will, to truly discern the best way to be deployed to achieve a particular objective. But whether you are the poster child of AI or the scaremonger of a dystopian future with the robots in charge, the fact is AI is very much here to stay and will become an integral part of our lives much sooner rather than later. So, it’s high time companies, including and especially marketers develop their own take on this tech.