Postgame with Amount: FinovateFall 2024

Reflections from FinovateFall: AI, Personalization, and Seamless Journeys at the Forefront  

The Finovate Fall conference brought together industry leaders, innovators, and some truly thought-provoking discussions. This year, several key themes revolved around AI, personalization, and creating seamless journeys for customers. I walked away with fresh insights on how these concepts can be translated into actionable strategies, especially for banks and credit unions seeking to drive growth and efficiency.

Here are my key takeaways from the conference:

The Reality of AI Adoption

AI was a dominant theme, but the statistics presented were sobering—85% of AI projects fail, a figure reminiscent of the 70% failure rate for digital transformation initiatives. These projects struggle not due to the potential of AI itself but because of the challenges tied to where it's applied, how it’s consumed, and the deployment strategy used.

Intelygenz, for example, showcased AI-driven fraud detection, reporting impressive success metrics: a 34% increase in true positives and a 72% reduction in false positives. This caught my attention because it illustrates how AI can reduce friction in bringing revenue through the door, a critical need for many financial institutions today. But AI isn’t a one-size-fits-all solution—it requires careful consideration of the consumption model (off the shelf, model as a service, or open source) and the deployment strategy (buy, build, or partner). As of now, most financial institutions are leveraging AI primarily for cost savings, while top-line revenue generation is still more difficult to unlock.

One key takeaway came from Sarah at BCV: she highlighted the importance of narrow, focused AI applications over general purpose solutions. For Amount, this could mean diving deeper into tools like our policy optimizer or documentation chatbot, both of which leverage proprietary data sets to drive value.

Personalization in a Customer-Centric World

Another key theme revolved around personalization, with a strong emphasis on the “Blue Dot Consumer” analogy. Think of it like Google Maps—everything in the digital world now revolves around the customer’s specific location, preferences, and context. The better a financial institution understands and anticipates these needs, the more they can drive adoption, loyalty, and engagement.

One memorable quote from the conference stuck with me: "Standing still is the fastest way of moving backwards." This resonated, especially given a recent sales podcast I listened to, where it was emphasized that the real competitor we often face isn't another company, but indecision itself. The best way to combat that? Offering personalized, contextual experiences that guide customers forward, seamlessly.

Simplifying the Customer Journey

Digital transformation is often framed as adding technology, but an important takeaway from Finovate Fall was that it's also about *removing* unnecessary obstacles. More tech doesn’t necessarily equal a better customer experience. In fact, more complexity can cause customers to disengage or, as one speaker phrased it, “quiet quit” their interactions with your brand.

One example shared was of a corporate traveler who nearly switched flights due to the complexity of a loyalty program not syncing with a corporate card. It’s a simple yet powerful reminder: customers want simplicity, and even small obstacles can make or break their loyalty. This applies broadly to banks and credit unions—we need to ensure that tech makes life easier for customers, not harder.

Demos: Where AI and Engagement Tools Shine

With over 60 demos, it was impossible to catch them all, but I did notice some standout themes. Over a third of the demos involved AI in some form, with applications ranging from stock research chatbots to tools that help banks optimize their balance sheets. Some of the more exciting demos for me were in Customer Acquisition, Fraud, and Wealth Management, with companies like Union Credit, Further, and CD Valet offering solutions aimed at helping credit unions attract new customers.

However, not all demos hit the mark. There were a few presentations where I struggled to understand the problem being solved. For future demos, clarity is key: be explicit about what your solution does, the problem it solves, and for whom.

Wrapping Up

Finovate Fall delivered a lot of food for thought, particularly around AI’s potential, the power of personalization, and the importance of simplifying the customer journey. At Amount, we’re taking these insights to heart as we continue to develop solutions that help financial institutions stay ahead of the curve. If there’s one thing this conference reinforced, it’s that standing still is not an option—digital transformation is a journey, not a destination. Let’s keep moving forward.

Interested in exploring how Amount can help your institution leverage technology and AI to enhance customer experience, drive efficiencies, and gain a performance advantage? Reach out to sales@amount.com to learn more.