Consumers prefer genAI-created content: Bank marketers, take note

The finding: Sixty percent of consumers favor content from generative AI (genAI) creators over traditional creators, according to a Censuswide survey commissioned by marketing firm Billion Dollar Boy.

The November 2023 survey polled 4,000 US and UK consumers, 1,000 content creators, and 1,000 senior marketing decision-makers.

What it actually means: Marketing professionals are even more optimistic about genAI than consumers. 

• Replacement fears are also mild: 82% of marketers believe genAI will lighten the workload for content creators.
• And 86% believe it will boost the quantity of content they produce.
• Three-quarters of marketing professionals also believe consumers want to see more of the technology incorporated into content creation—15 percentage points higher than consumers’ response.

How it works: GenAI still needs a human in the driver’s seat—but it can help their work get their brand’s name and products in front of customers more effectively.

• Marketers who use genAI can augment their creativity and efficiency to deliver more relevant and engaging content to customers, per The Financial Brand.
• GenAI sifts through extensive customer data, like transactions and interactions, to deduce individual preferences and behaviors.
• That can help marketers produce highly customized content, including personalized product suggestions and financial guidance, on a large scale.

What banks should do next: Adopting genAI for bank marketing initiatives needs to be part of a companywide initiative for best results. 

McKinsey lays out how banks can do it: 

• Banking leaders need a clear genAI roadmap that emphasizes senior leadership alignment, talent development, and use-case prioritization based on value and feasibility. They must also have a solid understanding of genAI’s capabilities and limitations to make the roadmap realistic.
• Banks should start with pilot projects to test the feasibility and effectiveness of genAI applications in real-world scenarios before scaling up.
• They should also consider internal building options and third-party solutions carefully. Then, they must align their talent and recruitment strategies with their AI strategy to secure the necessary talent for implementation.

Key takeaway: JPMorgan and Capital One are winning the genAI race so far by conducting research and securing top AI talent, but that doesn’t mean it’s too late for smaller financial institutions (FIs) to get involved. 

Just 6% of small FIs have companywide roadmaps for AI implementation, per The Fintech Times, so those who start now could still be ahead of many competitors.