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Your Financial Institution and AI

By on October 23rd, 2023 in Marketing

Artificial intelligence has infiltrated just about every profession at this point. Some industries are using it more heavily than others. But how can financial institutions use and benefit from AI while avoiding risks associated with using AI? This can be a challenge in an industry that is very regulated and has massive amounts of sensitive data. But there is ways AI can be used throughout a financial institution.

Using AI to Help Write Content

This is one of the most basic ways AI can be used. But one thing we know to be true is that writing engaging content can be difficult. We are starting to see more email marketing platforms integrate AI into their systems. This can be used to help write better content directly within a platform. We don’t recommend asking AI to write an entire email for you. Rather you can develop some content and ask AI to expand the content. For example, we can create these 4 bullet points about a Christmas Club account.

  • You can also save for a vacation, special event and more!
  • Savings are mailed or transferred.
  • No minimum balance required.
  • Make deposits throughout the year.

And ask AI to turn these 4 bullet points into a skim able article. This is the output:

Unlocking Financial Freedom: Your Ultimate Savings Solution
Are you dreaming of that long-awaited vacation, planning for a special event, or simply looking for a way to boost your financial security? Look no further! We have the perfect solution for you.

Flexible Saving Options
With our savings program, you have the flexibility to save for whatever your heart desires. Whether it’s a tropical getaway, a milestone celebration, or just a rainy-day fund, we’ve got you covered.

Convenient Payment Methods
Say goodbye to the hassle of manual saving. Our program offers two convenient ways to save. You can choose to have your savings mailed directly to you, or simply transfer them to your preferred account. It’s all about what works best for you.

No Minimum Balance
We believe that saving should be accessible to everyone. That’s why we have eliminated the burden of a minimum balance requirement. Start saving with as much or as little as you want, and watch your savings grow over time.

Year-Round Deposits
Life is unpredictable, and so are your financial goals. With our program, you can make deposits throughout the year. Whether you come into unexpected windfalls or just want to set aside a little extra, you’re in control of your savings journey.

In conclusion, achieving your financial dreams is easier than ever with our flexible savings program. No matter what you’re saving for, we’ve got the solutions you need. Say hello to financial freedom and start saving today!

The output may not be perfect for your financial institution, but it is a great starting point. And can easily be edited to fit your brand voice and include specific details about your Christmas Club Account.

This same method can also be used to create engaging content on your website, advertising campaigns, and 1-1 emails. We all know that content has been king for a long time. But most have struggled to consistently write engaging content. AI could be the assistant you need!

Generate Topic Ideas

Similarly, you could have AI generate a list of ideas or topics for you to write about. For example, we can ask AI to generate a list of issues when applying for an auto loan.

This is the output:

When applying for an auto loan, there are several potential issues or challenges that borrowers may encounter. It’s important to be aware of these issues in order to navigate the loan application process successfully. Here’s a list of common issues when applying for an auto loan:

  1. Credit Score: A low credit score can make it difficult to qualify for an auto loan or result in higher interest rates.
  2. Income and Employment: Lenders often require proof of stable income and employment. Irregular income or gaps in employment can be red flags.
  3. Debt-to-Income Ratio (DTI): High existing debt compared to income can affect your eligibility for a loan. Lenders typically prefer a low DTI.
  4. Down Payment: Insufficient funds for a down payment can limit your loan options and may require additional collateral.
  5. Loan Amount vs. Vehicle Value: Borrowing more than the car’s value (upside-down loan) can lead to financial problems if the car depreciates quickly.
  6. Interest Rates: Higher interest rates can significantly increase the cost of the loan. Creditworthiness plays a role in the rate offered.
  7. Loan Term: Longer loan terms can result in lower monthly payments but higher overall interest costs. Shorter terms may have higher monthly payments.
  8. Loan Preapproval: Not getting preapproved before shopping for a car can lead to disappointment if you find a vehicle that’s out of your budget.
  9. Hidden Fees: Be aware of any hidden fees or charges, such as loan origination fees or early repayment penalties.
  10. Co-Signer Issues: If you need a co-signer, finding one with good credit who’s willing to co-sign can be a challenge.
  11. Loan Documentation: Incomplete or incorrect documentation can delay the loan approval process.
  12. Loan Shopping: Applying for multiple loans in a short time frame can negatively impact your credit score.
  13. Loan Fraud: Be cautious of fraudulent lenders or offers that seem too good to be true.
  14. Insurance Requirements: Some lenders may have specific insurance requirements, and high insurance premiums can affect your overall budget.
  15. Vehicle Eligibility: Certain lenders may have restrictions on the type, age, or mileage of the vehicle you can purchase with their loan.
  16. Payment Flexibility: Ensure that the loan terms align with your financial situation, including your ability to make payments on time.
  17. Loan Default: Failing to make loan payments can lead to repossession of the vehicle and damage to your credit.
  18. Credit Report Errors: Inaccuracies in your credit report can affect your loan application. Check your credit report for errors before applying.
  19. Refinancing Difficulties: It may be challenging to refinance your auto loan at a lower interest rate if your credit score has not improved.
  20. Regulatory Changes: Keep an eye on changes in lending regulations, as they can impact loan availability and terms.

To avoid these issues, it’s essential to research lenders, check your credit report, improve your credit score if necessary, budget for a down payment, and carefully review loan terms and documentation before committing to an auto loan. Consulting with a financial advisor or credit counselor can also be helpful in navigating the loan application process.

Now you can take this list of topics, expand on them to add details relevant to your financial institution and create a blog post, whitepaper, checklist, email, or even a create a landing page.

Improving and Editing Content

AI can be used to improve or edit content that you have written. Let’s say you write a blog post that is maybe too long. You can ask AI to make the content more concise. The Hemingway Editor is great for this. Or maybe you wrote the blog post in a tone that might not connect with your audience. You can ask AI to re-write the content in a more professional tone, or a more relaxed tone.

AI and SEO

There are several tools to help with SEO. SEMrush can review a website and indicate if there are critical issues that may be negatively impacting SEO. This can bring to attention internal link issues, duplicate title and meta descriptions, duplicate content, pages missing title tags, DNS issues, and robots.txt file issues. It can also monitor keyword positions.

AI and Online Ads

Google ads has a feature that analyzes your account and then provides a list of recommendations to improve your campaign’s performance. It can bring to light issues with your budget, keyword suggestions to add to your campaigns or if you have too many keywords it will recommend which to remove. It can also provide a list of negative keywords that you don’t want to show up for.

Risks Associated with AI

What we must remember is, for AI to answer our questions, it is pulling from information already on the internet. So, it can answer questions incorrectly. We should always fact check the responses we use for accuracy. Especially things associated with rates and compliance. Also, the responses AI is providing are not going to be original or unique. This is the reason you should not rely on AI to write entire articles. If you want your content to stand out from other financial institutions, you need to create custom content that is helpful to your audience. AI can help get you started or improve your content.

Sensitive data should not be used with AI. Remember, AI is an online resource for many. And pasting sensitive data into AI could expose information that poses risks to your account holders.

The biggest take away here is that AI can be very helpful but use it with caution. You should always review, and fact check any answer AI is providing you.