In this episode of The Digital Banking Podcast, host Josh DeTar welcomed Brett Wooden, the SVP of Innovation at FTSI. They talked about the benefits of integrating AI into banking technology, the importance of thinking outside the box, and why you need to create a seamless and convenient digital experience for your accountholders.
⚡ Artificial intelligence is going to know us better than we know ourselves. AI already does a phenomenal job of analyzing our behaviors and predicting our next moves. This is great news, especially for the FI space. Wooden explained, “When we talked about walking into that room, and it [AI] turns on the lights, it’s going to not only know that, but it’s going to know if I’ve had a stressful day based on my blood pressure or heart rate level. So it’s going to put on some soothing music for when I walk into that room after work. And I feel like the more we spend time at home, the more we automate things; the more we search, the more that artificial intelligence and these things are going to help us with our mental health.”
⚡ People are willing to pay for convenience. Accountholders want convenience and a seamless user experience. They will gladly pay more for a convenient service that caters to their needs. “It’s crazy when you think that someone will order McDonald’s on UberEats — a $6.99 or $8.99 meal — and have it delivered to their house,” said Wooden. “The fee is more than the food.”
⚡ Come up with outside-the-box innovations for your financial institution. FIs can leverage tech advancements to stay ahead of the curve. According to Wooden, all they have to do is think ouside the box. “We have a neighbor. Every six months, they get a new car,” he noted. “So if you know that habit, why not hit them with a text message or something every six months, and they log into their mobile saying, ‘Tap here. We know you typically get a new vehicle during this phase. Here are six vehicles that match your profile.'”