Keep it Human: Engaging Consumers Where They Are

Will we lead technology or will technology lead us? Terms like artificial intelligence (AI), machine learning, ChatGPT, and augmented reality have increasingly become part of our daily vocabulary, and the concerns and uncertainty around their implications are also on the rise. 

At Money Experience Summit 2023, MX CEO Jim Magats explained the opportunity the financial services industry faces in leveraging these technologies to improve the consumer money experience. But, the key is keeping it human. 

AI is only as good as the data it receives and the inferences it’s trained to make. It puts humans into a specific box with a set of predetermined recommendations. But we’re more than just a zip code, FICO score, or income. We’re unique people with unique stories.

Technology alone could dehumanize the money experience. But, by combining the best of technology with the human element, we can create truly powerful money experiences. 

Here’s what human-led technology looks like: 

• It recognizes consumers as individuals. It sees me for me. It delivers a personalized experience so consumers are not treated solely based on a demographic. 
• It is contextual, not creepy. It pulls financial insights into their everyday experiences. It meets customers where they are. 
• It enriches a consumer’s life. It provides actionable insights that pertain to each consumer as a human. For example, many Americans today don’t have emergency savings and don’t even know where to start. Human-led technology could change this. 
• It works. It has to work when the human wants it to work. None of this matters if the technology does not work. These capabilities need to be available every time someone needs them.