AI in Finance
Artificial intelligence (AI) has emerged as a transformative force in the Banking, Financial Services, and Insurance (BFSI) sector, revolutionizing operations from risk assessment and credit scoring to bolstered security through voice and image recognition. However, its impact extends beyond operational domains. AI-driven tools offer real-time insights into customer sentiments, enabling personalized and targeted marketing campaigns. Whether it is content curation, lead generation, or customer engagement, AI is no longer a novelty but a crucial asset that empowers BFSI marketers in the digital age.
Quora’s AI Evolution
Quora has served the internet community as a knowledge-sharing platform for over a decade. User content has seen a lot of growth in this time and with Quora’s new AI product Poe (Platform for Open Exploration), we are able to further our mission to share and grow the world’s knowledge. Poe has now become a nifty tool for advertisers on Quora to create and improve high-quality content while focusing their bandwidth on their marketing efforts. If you want to optimize your article, develop ad creatives, need help with coding, or if you’re simply looking for creative inspiration, explore the 10 must-try marketing bots on Poe.
Future Finance: Insights for BFSI Marketers
Quora, in partnership with afaqs, organized ‘Future Finance: Navigating marketing in the AI era’, an event where BFSI marketers gathered and exchanged ideas and insights about marketing in the AI landscape.
The conference began with an insightful keynote address from Gurmit Singh, General Manager, APAC & MEA at Quora where he talked about the transformational potential of AI in marketing, emphasizing the importance of AI’s responsible use and its role in personalized recommendations and content. This was followed by an enlightening session by Nitin Patil, Business Head – India at Quora on how to leverage Quora Ads and Poe to find marketing success.
The mainstay of the event was a lively discussion among industry leaders in the BFSI sector, moderated by Venkata Susmita Biswas, Executive Editor at afaqs. The panel consisted of Anand Krishnan, Chief Marketing Officer at ICICI Direct, Prasad Pimple, Executive Vice President and Head of Digital Business at Kotak Life, Alok Arya, Chief Marketing Officer at Equentis Wealth and Amit Bhandare, Head of Marketing and Corporate Communication at Yes Securities.
Highlights from the Panel Discussion
The experts shared their insights on using AI to target the right audience, personalize content, and drive up ROI. Here are some interesting highlights from the discussion.
Insights from Industry Experts: AI’s transformative impact on modern organizations
50% work made simpler with AI: Prasad Pimple, EVP and Head of Digital Business at Kotak Life discusses the evolving role of AI in the digital marketing landscape. He shares that while AI has been a part of full-funnel marketing for a while, what’s new is the surge in computing power driven by models like ChatGPT. Today, roughly 50% of marketing involves AI, whether for predictive analysis, personalized product recommendations, as well as crucial operations like fraud detection.
Significance of robust first-party data: “Today, equity advisory is 100% AI” says Alok Arya, CMO at Equentis Wealth. He further emphasizes the importance of robust first-party data and the significance of asking the right questions to customers, storing crucial data properly, and letting the machines play.
Reduce costs and increase efficiency with AI tools: According to Anand Krishnan, CMO at ICICI Direct, the real intervention of AI begins after the customer opens an account and the database about customers’ transactions gets created and it facilitates the formation of a lookalike audience leading to significant cost reductions. Additionally, Krishnan highlights the significant role of AI in improving rankings in search results, understanding customer sentiments, and responding swiftly.
AI is a boon for smaller organizations: Amit Bhandare, Head of Marketing and Corporate Communications at Yes Securities opined that smaller organizations that are functioning under a budgetary constraint can reduce the cost of production by using AI tools like Midjourney that can interact with customers in vernacular languages. Further, he highlights how marrying CDPs (Customer Data Platforms) with AI will really empower marketers and organizations to leverage and give customers an exceptionally personalized experience.
Insights from Industry Experts: Technology adoption and learning from your juniors
Keeping an open mind is paramount: In a landscape that is changing rapidly, keeping an open mind is paramount. Prasad Pimple, EVP and Head of Digital Business at Kotak Life underscores the necessity for marketers to embrace technology as part of their skill set. He advises staying open to learning new technologies and approaches, emphasizing that the tech landscape evolves rapidly, making adaptability a key trait for success.
Reverse mentoring and giving new systems a fair shot: Alok Arya, CMO at Equentis Wealth, emphasizes the importance of reverse mentoring, where younger individuals can provide valuable insights to more experienced team members and inspire innovations. Further, he cautions against pushing platforms beyond their capabilities too quickly and advises patience in letting systems settle. Overall, he stresses the need for an informed and adaptable approach in this changing marketing landscape.
Learning has to be two-way: In marketing, change is constant, and the ability to adapt and learn is vital. Anand Krishnan, CMO at ICICI Direct says such a scenario calls for two-way learning, emphasizing the value of both organizational efforts and self-learning in keeping up with the rapid changes in technology and marketing, and suggests that this learning culture should be integrated into an organization’s strategy to ensure it remains competitive.
Dealing with change calls for action: True learning occurs when one actively uses new tools and software, rather than just obtaining theoretical knowledge through certifications and reading which is why Amit Bhandare, Head Marketing of Marketing and Corporate Communications at Yes Securities, encourages his team to embrace new tools and technologies, even if they encounter failures along the way. He says this ensures that the team stays updated with the latest developments in the dynamic field of marketing.
Insights from Industry Experts: Leveraging Quora for Success
Stressing the importance of being present on Quora where customers seek authentic reviews, Prasad Pimple, EVP and Head of Digital Business at Kotak Life says, “In the case of Quora, real experiences are shared, setting the platform apart. Now, if a customer is present on Quora, I ensure our brand has a presence as well. Our primary approach is to respond to questions. For instance, if there’s a query posted on Quora about life insurance, we provide answers. We believe that, as a brand, we hold authority on the topic, and customers find value in our responses.”
Emphasizing on Quora’s SEO prowess, Anand Krishnan, CMO at ICICI Direct, states,“Quora is now integral to our SEO strategy due to its high-intent user base. It helps convert potential customers into actual customers by providing authoritative information. Additionally, it guides our content strategies and increases page traffic, especially for our financial content.”
Highlighting the transformative potential of Quora’s high-intent user base, Alok Arya, CMO at Equentis Wealth, emphasizes, “One thing that sets Quora apart is that it has a huge, high-intent user base. Businesses can come across users who are at the bottom of the funnel already. And another one is that Quora is a credible and authentic source of information.”
Highlighting Quora’s role and Poe’s utility in simplifying marketing operations, Amit Bhandare, Head of Marketing and Corporate Communications at Yes Securities mentions, “We’re currently utilizing some tools such as Midjourney but there are other tools from Poe that are worth exploring. Email HTMLization, for example, can be resource-intensive in terms of both time and cost. Hence, exploring options to streamline this feature might be beneficial. Additionally, there’s a feature related to voice and text, and the possibility of consolidating the use of such features is worth considering.”
Finance conversations on Quora
Finance is a major topic on Quora, with millions of followers engaging in a wide range of conversations from personal finance to intra-day trading and more. Advertisers have the opportunity to tap into the vast and highly engaged finance community on Quora with the help of Quora Ads’ advanced tools. Read the Quora Finance Guide presented at the event for a deeper understanding of the Quora Ads platform, get insights about our audience, and uncover strategies to effectively utilize the platform and Poe for optimal marketing success.
Embracing the AI-Driven Future with Quora
At the Future Finance conference, industry experts shed light on the profound impact of AI on marketing, underscoring the significance of adaptability and continuous learning for marketers to thrive in a rapidly evolving landscape. Quora’s integration of AI tools empowers marketers to streamline content creation, enhance user experiences, and tap into high-intent audiences.
As Quora continues to enhance its offerings, businesses can leverage the platform to establish authority, connect with a relevant audience, and navigate the dynamic realm of digital marketing effortlessly. Join other finance advertisers like HDFC Life, HSBC Mutual Fund, and ICICI Prudential Mutual Fund who have successfully established themselves as thought leaders in the finance category on Quora, and many others who reap the benefits of a high-value audience and the advanced advertising and AI solutions offered by Quora.