Personalization & Customization: Feed Technology Offers the Perfect Blend – Part 2
Featuring Wook Chung, Chief Product Officer, Varo Bank
Listen and follow “The FeedCast” on the following platforms:
In part-two of The FeedCast podcast featuring feed guru, Wook Chung, Chief Product Officer of Varo Money, Wook shares his thoughts and suggests strategies on how financial services companies can optimize their customer engagement and increase their customer satisfaction scores.
“I don’t really need to hear from my bank every day,” Chung says, “but at strategic points of the month, of the year, of my life stage. Consumers don’t go to their banking app to catch up on news headlines. Along with studying their customers’ behavior through their data found in linked accounts, bankcards, and activity, “with the breakthrough of generative AI,” Chung contends, “it is possible for banks to look at my 20 plus years of financial history and recommend something to me”, whereas in the past, recommendations and content creation all relied upon a human being. He goes on to speak about how AI can consume and distill the FAQs and terms and conditions for banks, thereby making it easier for their customers to access and make sense of what can typically be screens and screens, or pages and pages, of complex information.
When asked how digital banks, such as Varo, are set to compete with traditional banks for Gen Z, he points to the development of tools created to win the trust of that digitally native generation.
“I live next to a high school that sits next to a small strip mall. After school, as the huge line of students fills up for their Starbucks or Jamba Juice, everybody is either paying with their apps or with NFC or Apple or Samsung watches. I haven’t seen cash in a very long time. And, therefore, the physical aspects of what a digital brick and mortar bank means will change. I don’t necessarily see that level of comfort needed by them with physical brick and mortar, so it becomes what their level of confidence is that this AI knows who I am and does this institution have the best system and the best interest for me?” With all of that said, he continues, there are regulations that must be followed and systems of money movement that require upgrades. “I think we’re trickling along on that path of innovation,” towards complete digitization, Chung says.
Feed technology is absolutely here to stay. And, with the advancement of computing and AI, we have the potential for higher personalization of everything we do. With the right privacy controls in place, I think that feed technology will only continue to be enhanced and more and more industries will end up adopting it.
As the conversation moved onto feed technology in the healthcare industry, Chung said with a sigh “I think healthcare is even more desperately in need of personalization than financial services.” He pointed to various health-related websites, such as WebMD, and to their limitations. “All they do is ask you various symptoms and tell you seen different things that you could be suffering from.” He imagines a world of feed technology augmented by AI which could potentially alert you to such things as a rise in blood pressure then also point to the high sodium dinner you ate last night as a possible trigger. Having a feed with your health history would allow for ongoing tips and content to build healthy habits and live a healthier life.
The podcast concludes with Chung’s thoughts about what—if any—future technology is poised to upend our scrolling habits. He points to the new Mac Vision Pro and how tool could open the door to even more sophisticated opportunities. “Imagine a little bit into the future; perhaps there is a way, whether it’s the muscles of your face or something that you can read where it indicates that you are either satisfied with the content or you want to save it for later; or it’s irrelevant, please move on. I can easily imagine a scenario where you’re staring at your phone or device and it stops for three seconds, it flips again, because you find something interesting, and it stashes it away for later. So, your eyes now become the filter towards you consuming content that meets your tastes and time.”
In closing, Chung states “Feed technology is absolutely here to stay. And, with the advancement of computing and AI, we have the potential for higher personalization of everything we do. With the right privacy controls in place, I think that feed technology will only continue to be enhanced and more and more industries will end up adopting it.”
To hear the full podcast interview with Wook Chung, click here.
To experience a Relay Feed for yourself, click here.
If you are interested in subscribing to the FeedCast, please fill out the form below.