Name: AI applications in CX: The challenges of hyper-personalisation and the need for better authentication
Uploaded: 2023-10-24T15:22:13.567Z
Duration: 364.08
Description: Tiffani Montez, Principal Analyst, Banking, Insider Intelligence, joins Greg Palmer, VP, Finovate, to talk about the challenges of getting personalisation right and the areas where artificial intelligence can really create a better customer experience.

Fall.INT.011.mp4

INT.011 Tiffani Montez.vtt

English

{{00:00:04}}
Greg Palmer: Hey, Greg Palmer here
coming to you from FinovateFall

{{00:00:07}}
2023 joined by Tiffani Montez.

{{00:00:09}}
Tiffani, thanks so much for
attending this week and joining

{{00:00:12}}
me for this quick interview.

{{00:00:13}}
Tiffani Montez: Absolutely.

{{00:00:13}}
Always a pleasure to spend time with you.

{{00:00:15}}
Greg Palmer: So one of the things that
came up a lot over the course of the last

{{00:00:18}}
couple of days is the idea that artificial
intelligence can have a dramatic impact

{{00:00:22}}
on customer experience and elevate what
people are able to offer in that space.

{{00:00:26}}
Was there anything that caught your
eye that you think this is a really

{{00:00:28}}
cool way to use AI to really create
that kind of good customer experience?

{{00:00:33}}
Tiffani Montez: I think it really
comes down to being able to hyper

{{00:00:36}}
personalize certain segments.

{{00:00:38}}
I think we heard a lot this week
about trying to find particular

{{00:00:42}}
needs in the market where
consumers are not served today.

{{00:00:46}}
So I think for me, that was
probably one of the best examples

{{00:00:49}}
and probably something that I
would say is more actionable than

{{00:00:52}}
some of the forward looking use
cases that are out there today.

{{00:00:55}}
Greg Palmer: Yeah obviously it's a
good idea to look forward, but having

{{00:00:58}}
something that's actionable today is
what this audience kind of demands.

{{00:01:01}}
One of the things though, sometimes
there's the potential, if you go

{{00:01:05}}
too far down this road of using
artificial intelligence, you

{{00:01:08}}
can actually get creepy, right?

{{00:01:09}}
In the financial ecosystem, if I go
too far, it can be very off putting.

{{00:01:15}}
Where do you think that kind of
right balance is in trying to, for

{{00:01:19}}
all the financial institutions who
are looking to update their tech?

{{00:01:21}}
Yeah.

{{00:01:22}}
Tiffani Montez: When I think about
the creepy scenario, I feel like

{{00:01:25}}
there is a very fine line of riding
in like a hero, meaning you show up

{{00:01:30}}
at the right place at the right time
with the right offer under the right

{{00:01:33}}
context and rolling out like a creep.

{{00:01:37}}
And the difference between the two is if
you do any of the things that I just said

{{00:01:40}}
wrong, you automatically appear creepy.

{{00:01:43}}
So it really is about, like, how
do you finally balance that entire

{{00:01:47}}
experience to make that you're
showing up at the right time.

{{00:01:50}}
You're creating value for that consumer.

{{00:01:52}}
That's really where you
are showing up like a hero.

{{00:01:55}}
And if you get any of that wrong,
you're just showing up creepy.

{{00:01:59}}
Greg Palmer: Right?

{{00:01:59}}
And I think for me, one of the
big lines is this expect, is this

{{00:02:02}}
something that my customer would
expect me to know already, right?

{{00:02:05}}
Because customers are constantly
sharing information with their

{{00:02:08}}
financial institutions, whether
it's through account information or

{{00:02:11}}
through a loan origination process,
there's no shortage of information

{{00:02:14}}
that's traveling back and forth.

{{00:02:15}}
And I think we've all had the experience
where you have to say the same thing to

{{00:02:19}}
five different people on a phone line.

{{00:02:21}}
You think I told you this, I just
spent a half an hour talking to

{{00:02:24}}
somebody else in the different
departments in the exact same stuff.

{{00:02:26}}
And that's where I think you can
really elevate dramatically the

{{00:02:29}}
experience because you can say,
okay, you've told us this before.

{{00:02:32}}
We know this about you.

{{00:02:33}}
It's not creepy.

{{00:02:34}}
You expect me to already know this.

{{00:02:37}}
It's not something which I'm
popping out of left field.

{{00:02:40}}
Tiffani Montez: Yeah, I think it
also, if you do it wrong, then

{{00:02:43}}
you also have that amount, that
element of diminishing trust, right?

{{00:02:49}}
So when you think about any interaction
- I think I heard this in the CX track today

{{00:02:52}}
- 
that there is an area where you can
actually, it takes a lot of work to

{{00:02:56}}
build trust, is what Allison Clark
said, but also takes a lot, it's pretty

{{00:02:59}}
easy to destroy trust on the other end.

{{00:03:01}}
And with every other interaction, you're
either building or you're destroying,

{{00:03:05}}
and you're building and destroying,
so if you start thinking about

{{00:03:07}}
personalization, and you start to get
too deep into it, that's really where

{{00:03:11}}
you have an opportunity, if you don't
do it right, to just diminish any trust

{{00:03:15}}
that consumer may have for your brand.

{{00:03:16}}
Greg Palmer: So do you think
then banks are maybe justifiably

{{00:03:19}}
a little bit hesitant to go
engage too deeply in this area?

{{00:03:22}}
Because if you say of every interaction
has a possibility to be this kind of

{{00:03:28}}
pull the rug out from underneath you,
then they have to tread very carefully.

{{00:03:31}}
Tiffani Montez: Yeah.

{{00:03:31}}
Absolutely.

{{00:03:32}}
Because I think you, you do have to make
sure that you're understanding how you're

{{00:03:35}}
using data, what types of experience.

{{00:03:38}}
And I think the key word here is if you're
going to use data, you have to do it in a

{{00:03:42}}
way that creates value for that customer.

{{00:03:44}}
Whether it's that you put them in a
better product, that you understand

{{00:03:47}}
their needs, that you sense that
they might be frustrated, and within

{{00:03:50}}
all of that, right channel them
or offer them the right product.

{{00:03:54}}
And if you can't do that, then you
probably shouldn't do it at all.

{{00:03:57}}
Greg Palmer: Yeah, no, absolutely.

{{00:03:58}}
I think one other piece I just wanted
to mention is we saw some people playing

{{00:04:01}}
with the idea of using artificial
intelligence and kind of the customer

{{00:04:04}}
authentication space to be able to say,
yes, we know that when I call in, this

{{00:04:08}}
is actually Greg Palmer calling in.

{{00:04:10}}
We have data that says this.

{{00:04:12}}
Is that an area where you think
consumers are maybe a little bit

{{00:04:14}}
more willing to give their financial
institutions more benefit of the doubt.

{{00:04:18}}
Tiffani Montez: Yeah, I think if they can
do it in the app, right when one of the

{{00:04:21}}
studies that we do mobile banking emerging
features, we do this study every year.

{{00:04:25}}
One of the things that we ask is like
when you actually pick up the phone

{{00:04:28}}
to call and you're calling from the
mobile app to contact customer service.

{{00:04:33}}
Is there a way for you to authenticate
even before you get to that step so

{{00:04:36}}
that you know that you are talking to
the right person versus you calling in

{{00:04:40}}
and maybe not calling the right number
and someone asking you to give them a

{{00:04:44}}
pin Or some other piece of information
that you should never give to anyone in

{{00:04:49}}
exposing themselves from that perspective.

{{00:04:51}}
Yeah, I think there's a lot more that
is going on in the authentication space.

{{00:04:55}}
If you think about AI and even behavioral
biometrics, understanding if you are

{{00:04:59}}
using your phone, that you are the one
using your phone based on how you hold

{{00:05:03}}
the phone, how you swipe the phone,
how you do all these different things.

{{00:05:07}}
I think when you start to think about
trust, there is an element of security.

{{00:05:11}}
That consumers expect and the more things
that you can do to keep their account

{{00:05:15}}
safe, keep your interaction safe and
keep their personal information safe.

{{00:05:18}}
It's better position
that you're gonna be in.

{{00:05:20}}
Greg Palmer: Yeah, and I think this
is one of the big challenges as well.

{{00:05:23}}
All of these pieces factor into the
customer experience from the first moment.

{{00:05:27}}
That you call in or you engage with
the app, you have to be authenticated

{{00:05:30}}
in a way that's seamless in a
way that's not too intrusive.

{{00:05:33}}
And ultimately it still feels secure
because as much as obviously the

{{00:05:36}}
financial institutions have this need
to know that they're being secure.

{{00:05:40}}
The consumers themselves
need to feel that they're.

{{00:05:43}}
They're securely navigating
their platform as well.

{{00:05:45}}
So there's quite a bit to balance,
and it's no secret that this is

{{00:05:49}}
obviously a big focal point for
financial technology right now.

{{00:05:51}}
We'll see what the future holds.

{{00:05:52}}
Been chatting with Tiffani Montez.

{{00:05:54}}
Thanks, as always, for coming, and
we'll continue to monitor this space.

Greg Palmer: Hey, Greg Palmer here
coming to you from FinovateFall

Tiffani, thanks so much for
attending this week and joining

Always a pleasure to spend time with you.

Greg Palmer: So one of the things that
came up a lot over the course of the last

couple of days is the idea that artificial
intelligence can have a dramatic impact

on customer experience and elevate what
people are able to offer in that space.

Was there anything that caught your
eye that you think this is a really

cool way to use AI to really create
that kind of good customer experience?

Tiffani Montez: I think it really
comes down to being able to hyper

I think we heard a lot this week
about trying to find particular

needs in the market where
consumers are not served today.

So I think for me, that was
probably one of the best examples

and probably something that I
would say is more actionable than

some of the forward looking use
cases that are out there today.

Greg Palmer: Yeah obviously it's a
good idea to look forward, but having

something that's actionable today is
what this audience kind of demands.

One of the things though, sometimes
there's the potential, if you go

too far down this road of using
artificial intelligence, you

In the financial ecosystem, if I go
too far, it can be very off putting.

Where do you think that kind of
right balance is in trying to, for

all the financial institutions who
are looking to update their tech?

Tiffani Montez: When I think about
the creepy scenario, I feel like

there is a very fine line of riding
in like a hero, meaning you show up

at the right place at the right time
with the right offer under the right

And the difference between the two is if
you do any of the things that I just said

So it really is about, like, how
do you finally balance that entire

experience to make that you're
showing up at the right time.

That's really where you
are showing up like a hero.

And if you get any of that wrong,
you're just showing up creepy.

And I think for me, one of the
big lines is this expect, is this

something that my customer would
expect me to know already, right?

Because customers are constantly
sharing information with their

financial institutions, whether
it's through account information or

through a loan origination process,
there's no shortage of information

And I think we've all had the experience
where you have to say the same thing to

You think I told you this, I just
spent a half an hour talking to

somebody else in the different
departments in the exact same stuff.

And that's where I think you can
really elevate dramatically the

experience because you can say,
okay, you've told us this before.

It's not something which I'm
popping out of left field.

Tiffani Montez: Yeah, I think it
also, if you do it wrong, then

you also have that amount, that
element of diminishing trust, right?

So when you think about any interaction
- I think I heard this in the CX track today

- 
that there is an area where you can
actually, it takes a lot of work to

build trust, is what Allison Clark
said, but also takes a lot, it's pretty

And with every other interaction, you're
either building or you're destroying,

and you're building and destroying,
so if you start thinking about

personalization, and you start to get
too deep into it, that's really where

you have an opportunity, if you don't
do it right, to just diminish any trust

Greg Palmer: So do you think
then banks are maybe justifiably

a little bit hesitant to go
engage too deeply in this area?

Because if you say of every interaction
has a possibility to be this kind of

pull the rug out from underneath you,
then they have to tread very carefully.

Because I think you, you do have to make
sure that you're understanding how you're

And I think the key word here is if you're
going to use data, you have to do it in a

way that creates value for that customer.

Whether it's that you put them in a
better product, that you understand

their needs, that you sense that
they might be frustrated, and within

all of that, right channel them
or offer them the right product.

And if you can't do that, then you
probably shouldn't do it at all.

I think one other piece I just wanted
to mention is we saw some people playing

with the idea of using artificial
intelligence and kind of the customer

authentication space to be able to say,
yes, we know that when I call in, this

Is that an area where you think
consumers are maybe a little bit

more willing to give their financial
institutions more benefit of the doubt.

Tiffani Montez: Yeah, I think if they can
do it in the app, right when one of the

studies that we do mobile banking emerging
features, we do this study every year.

One of the things that we ask is like
when you actually pick up the phone

to call and you're calling from the
mobile app to contact customer service.

Is there a way for you to authenticate
even before you get to that step so

that you know that you are talking to
the right person versus you calling in

and maybe not calling the right number
and someone asking you to give them a

pin Or some other piece of information
that you should never give to anyone in

exposing themselves from that perspective.

Yeah, I think there's a lot more that
is going on in the authentication space.

If you think about AI and even behavioral
biometrics, understanding if you are

using your phone, that you are the one
using your phone based on how you hold

FinovateFall

Expert Insight

Tiffani Montez, Principal Analyst, Banking, Insider Intelligence, joins Greg Palmer, VP, Finovate, to talk about the challenges of getting personalisation right and the areas where artificial intelligence can really create a better customer experience.