A new report from AvidXchange developed with insights from Levvel Research, shows while B2B companies are increasingly knowledgeable about the use of “disruptive technologies to transform the financial processes,” they are relatively ignorant to how machine learning, artificial intelligence (AI), blockchain and big data transform how they operate.
B2B’s Most Comfortable with AI: Report
The report was revealed at the annual REVx industry conference, and it showed that of the trends analyzed, AI was most familiar to those included in the study, with 43% of users aware of its applications in fintech. Of those included, 83% cited “AI as a strategic priority.” Similarly, 84% expect the technology to give them a “competitive advance” while 75% expect it will facilitate new business ventures.
“B2B fintech has evolved from on-premise accounting systems that help customers manage financial data to dynamic, cloud-based solutions that are impacting almost every area of the business,” said Dan Drees, chief growth officer at AvidXchange. “Despite this progress, there are still a significant number of companies who haven’t embraced fintech. Understanding why and helping businesses adopt it will be the primary challenge for the financial services industry as we move forward.”
Conversely, blockchain was rated as one of the more confounding fintechs, with only approximately 25% of respondents aware of its functionality, according to information from AvidXchange. Comfort levels for big data and machine learning finished firmly between AI and blockchain, at 33% and 34% respectively.
“Collectively, the lack of familiarity with disruptive technologies indicates a significant area of opportunity for businesses to close this knowledge gap by learning more about fintech innovations and how they will alter the way companies operate in the immediate future,” reads the analysis.
Nationwide Makes Investment Into AI-driven Behavior Analytics Tech
Nationwide Building Society is throwing money behind Scaled Insights, which uses behavioral AI to analyze speech and make communication easier. The system uses more than 130 speech-pattern variables to generate a personality profile and, toward that end, to create a unique fingerprint allowing organizations to better tailor services, according to information from Nationwide.
“For example, using traditional demographics, if you had two 70-year-old married men, with grown up children, who were millionaires, you would treat them exactly the same,” according to the investment announcement. “However, one could be Prince Charles, Prince of Wales and the other Ozzy Osbourne, the Prince of Darkness; both very different personalities and likely to want a very different approach from a company.”
Scaled Insights is based in Canada, but is uprooting and heading to Leeds after the new investment. This investment is the latest in a series from Nationwide after it created a Venturing Fund.
“Digital innovation is changing financial services and other industries at a rapid pace, but consumers still demand tailored service rather than a one size fits all mentality,” said Tony Prestedge, deputy chief executive at Nationwide in a statement. “ … This technology could help us understand and better serve our members, which will allow us to talk to them in language that is appropriate to them all while maintaining the human service that our members expect from us for more complex discussions.”
Stuart Sherman, CEO at Scaled Insights, added this technology will improve communication between individuals as they become more reliant on computer systems for connections. “As we apply our AI to new challenges we are proud to have a partner that is as concerned about the ethical use of our technology as we are; focused on improving peoples’ health and finances, while ensuring that the global trend towards larger organisational sizes doesn’t result in these larger organisations overlooking the humans they were created to serve,” said Sherman in the announcement.
