In conversation with Eran Livneh, VP Marketing, Personetics
This time around we are in conversation with Eran Livneh, VP Marketing for Personetics. Personetics enables the world’s leading financial institutions to transform the way they engage and serve their customers in the digital age.
To start, would you mind introducing Personetics?
Personetics provides financial institutions with practical AI-powered solutions that are ready for deployment in the bank environment today. We believe that in order to be successful, AI solutions must be built for a specific domain, and have invested a lot of time and effort creating solutions that combine advanced cognitive capabilities with built-in financial intelligence and domain knowledge. Thanks to these capabilities, our Cognitive Banking Applications are used by some of the world’s largest financial institutions to serve millions of customers – delivering personalized guidance, conversational self-service, and automated self-running programs that help customers reach their financial goals.
What is the future of AI in the financial world?
I believe the future of financial services is invisible, automated, and personal: consumers don’t want to “manage” their finances, they want their financial institutions and their money to work for them. At the same time, not everybody is ready for this future-state, so the challenge is to come up with AI solutions that can be implemented in the bank environment today and make an immediate impact on the customer experience – helping customers get better service from their financial institutions, helping customers improve the day-to-day management of their finances, and helping them achieve their financial goals. To do that, we have to overcome issues related to data, security, regulations, organizational silos, and many other practical considerations. We also need to gradually build trust with consumers that these solutions are here to serve them rather than just provide another way for the bank to sell more products. Most financial institutions understand that they need to move in this direction, and we are working with a growing number of financial institutions that are taking these steps to deliver AI-powered solutions today.
Chatbots are now more and more used in customer services but in my experience, they are not flawless yet, and still give me the feeling that I am dealing with a machine. Which makes me feel not important. Did I experience bad chatbots or the technology is not there yet?
You are absolutely right. The problem is that it’s really easy to create a bot, and really hard to create good bot, so we end up with many thousands of bad bots and hardly any good ones yet. Like all AI solutions, we believe that a good bot must be purpose-built for a specific domain, and we are working with financial institutions to make sure the bots they deploy provide the kind of experience that you and other consumers expect. At the same time, I don’t think it’s a good idea for a bot to pretend to be human. We see the bot as an augmenting channel of service rather than a replacement for humans. A machine can do many things better than humans – it can process a lot of data very quickly, it’s always there, and it can always be customer-friendly and compliant – so we should let the machine do what it’s best at and always leave the option of referring the conversation to a human when the bot is unable to satisfy the customer.
AI technologies are evolving fast and it seems like the financial industry with benefit from it quite quickly with robo-advisors, chatbots, etc. In your opinion, which other industry(ies) will as quickly profit from the progress of AI?
AI is already becoming integrated into many aspects of our lives, and will continue to do so. Some of these applications are going to be very visible – like self-driving cars, and some will be more in the background, at least initially – such as in medical research. I think every single industry is going to be impacted and disrupted. There will be winners and losers in each sector, and the winners will probably be those that are taking steps today to gradually work AI into their business, gain the experience, and start delivering benefits to their customers.
For over 25 years, Eran Livneh has been a driving force behind the go-to-market strategies of industry-transforming enterprise software companies. Throughout his career, Eran has been instrumental in harnessing innovative analytics and AI technologies into market-leadership positions with companies such as ClickSoftware, Demantra (acquired by Oracle), Earnix, and Nipendo. Eran holds a BSc in Management and Economics from Tel Aviv University and an MBA from UCLA Anderson School of Management.
Eran Livneh will be a panelist in the session Personalizing Products and Marketing – AI and Chatbots at BAI Beacon Atlanta 2017 on October 4th at the Georgia World Congress Center. Take a look at the Agenda and find which other panels and keynotes are of your interest!