Embracing the AI Revolution in Financial Services…
The digital landscape is undergoing a seismic shift with the rise of generative AI tools such as ChatGPT, which are redefining how consumers engage with financial services. As detailed in the latest Ipsos webinar, strategic insights reveal this wave of digital transformation poses both challenges and opportunities for financial brands.
The Evolved Consumer Journey: Complexity and Opportunity
Today’s consumer journey is not a straightforward path but a complex web of interactions stretching across various digital platforms. Almost 20 million people in the UK are intentionally using at least one generative AI tool monthly, which is around 40% of the online population. This marks an impressive doubling over one year with ChatGPT as a leader among these tools, used by 75% of purposeful AI tool consumers. This shift is particularly pronounced among young adults, with 54% of those aged 15-24 routinely turning to AI for financial tasks.
Examples from the webinar illustrate these transformations. For instance, a credit card seeker might spend over 20 minutes engaging with ChatGPT mid-journey to check eligibility with traditional providers. This split journey highlights how crucial decisions are now being made outside of brand channels, emphasizing the need for greater visibility and adaptivity.
Harnessing Ipsos iris for Strategic Insight
Central to addressing these challenges is Ipsos iris. Providing click-by-click insights into consumer behaviours within AI ecosystems, Ipsos iris captures vital data often overlooked by traditional metrics. Our findings suggest that AI tool users are 39% more likely to be heavy users of cryptocurrency sites and 33% more likely to frequent banking apps. Furthermore, post-AI session actions show a 29% shift towards investment platforms, underscoring AI’s influence on consumer financial actions.
In the example of a mortgage and investing journey discussed in the webinar, platforms like Google, YouTube, Rightmove, and ChatGPT worked in tandem, showing how property searches progress into investment explorations with AI’s assistance.
Dynamics in the Banking Sector
The AI influence in banking is undeniable as younger demographics reshape market dynamics. Innovative product positioning and marketing strategies remain vital in appealing to these digitally-savvy consumers who prioritise seamless, technologically advanced experiences.
Ipsos’ Global AI Monitor data shows AI-powered product excitement standing strong with 52% of individuals expressing interest in AI-driven innovations globally.
Reinventing Branding and Relationships in an AI World
This webinar highlights the necessity for financial services to embrace AI integration, challenging existing assumptions and preparing for real-time strategic shifts based on data insights. Flexibility in strategy allows for maintaining brand integrity and consumer trust.
By leveraging Ipsos iris, brands can utilise insights to reclaim visibility in AI-curated spaces, ensuring all digital interactions elevate brand presence and reinforce customer relationships.