Artificial intelligence (AI) is poised to have as much of an impact on humanity as the launch of the Internet. Natural language-processing capabilities, an understanding of customer data and a personalized customer experience are among the benefits that AI could bring to provide a more efficient, convenient user experience, concluded a group of top marketing executives during a roundtable discussion with Tim Alexander, CMO Deutsche Bank, and hosted by Eva Tholen and Stefanie Meisch from Egon Zehnder.
Wide Range of Tools
CMOs have a wide range of tools at their disposal to boost their marketing efficiency and effectivity. AI can take over any task that can be standardized, such as verifying a customer’s identity or setting up a new account. It's unlikely to eliminate jobs – instead, it will allow employees to focus on more demanding tasks. In addition, AI can manage potential risks, recognize fraud patterns and identity any regulatory breaches.
Customer Is King
By collecting and evaluating data, AI can also help to tailor and personalize financial advice and product recommendations to ensure that the customer is king. In other words, AI could prove to be an invaluable tool in leading a paradigm shift in the customer experience. This would be a major relief for many CMOs. “The fragile connection of customers with companies currently keeps CMOs awake at night,” said Alexander.
Tellingly, more than 80% of customers have ended their relationship with a brand last year due to a bad experience. There is a clear mismatch between company and customer expectations: 80% of companies are “very happy” with the customer experience they provide, yet only 8% of customers feel the same way. AI models could potentially empower customers and render the customer experience the guiding star of corporate action. Customer experience is a fusion of marketing plus product plus brand plus service – the overall experience. Here, AI could make a big contribution in terms of collecting data, evaluating it, and creating forecasts.
Humans Come First
Going forward, CMOs need to take care to remain master, not servant, as this new technology sweeps through the industry. Clearly, AI can enhance marketing efforts but only under the right human leadership.