• Thu. May 26th, 2022

Forbes India – Artificial Intelligence, Mobile Banking: Certainly, Maybe: The Rise of AI and Design-Based Privacy, Voice Commerce, and Sonic Branding

Statistics show that by 2023, voice commerce is expected to exceed $ 80 billion per year
Image: Shutterstock

Bbuilding trust in a time of great anguish is a challenge. We have the technology to answer the big questions. We’ve built technology around people, but the most critical question is different: How do we ensure that trust permeates our engagement models?

1) Trust in the spotlight

With the torrential demand for digital, we need to ensure that consumers can monitor and change their consents, presenting the privacy policy in plain language rather than jargon. Managing consent will be a game-changer by propelling this change. Brands oscillate between data security and personalization. The right balance is essential: we use data to make informed choices, observe consumer behavior and be as transparent with them as possible. It’s time to take a more privacy-focused approach to brand design. Solutions such as access to a digital chain of custody that allows users to verify the authenticity, accuracy and source of digital content are simple ways to meet the challenge.

2) Harness the e-commerce boom

First, brands need to take a close look at what consumers are looking for. With a massive shift to digital, businesses now have the ability to capture information and identify pockets of growth. If we use detailed market and customer level information, we can understand how consumer behaviors have changed and where their loyalty lies. The hierarchy of needs has also changed. Consumers are ready to give more information about themselves.
Additionally, social silos also cause people to think individually rather than collectively. Their decisions are more personal than influenced by a set of people, which will have a significant impact on how they use e-commerce. It’s time to quickly adapt from tracking trends and metrics to taking bold action to craft a marketing strategy.

3) 2022 will be the year of sonic branding

Sonic helps brands define their DNA. Having an audio element for a brand identity is mostly an afterthought. But that will change soon. A classic example is Netflix. Sound prepares and pre-frames you for what you’re about to see.
Sonic DNA creates a brand voice that embodies the spirit of its values, helping businesses generate a brand image for various consumer touch points, tailored to the needs of each market and medium. In addition, the sound of voice technology will explode at the dawn of the new year. People no longer want to scroll and find. Statistics show that by 2023, voice commerce is expected to exceed $ 80 billion annually. As for global smart speaker revenue, it is expected to reach $ 35.5 billion by 2025 (according to data from Juniper and Statista, respectively).

4) BFSI brands focus more on mobile marketing

Overall, 4.6 billion downloads of new financial applications occur worldwide. 80% of mobile banking users say it is their primary channel for accessing their bank account. Mobile banking capabilities were ranked # 2 in the decision criteria for choosing a bank. With mobile apps, financial services can deliver more meaningful and effective mobile interactions that improve financial health and well-being. It’s encouraging to see how banks, in particular, are trying to integrate mobile marketing across channels. It will be interesting to see how the industry makes the experience frictionless for the new millennium in the year to come. Will applying for a home loan be as quick as ordering clothes online?

5) Leverage AI for more precision

It’s exciting to see how AI has helped us navigate over the past two years, empowering marketers to make automated decisions based on data analytics. From calculating ROI to setting up personalized experiences or just fine-tuning data analysis, AI will continue to permeate every aspect of marketing. The good news is, we have a lot of data to help us identify patterns, and we can’t wait to sit down with some data. We’ll need AI to make decisions even faster, identify patterns, and help decision makers quickly.

Sunder Madakshira is Marketing Manager at Adobe India. Opinions are personal.

Click here to see Forbes India’s full coverage of the Covid-19 situation and its impact on life, business and economy