In a recent report from October 2023, McKinsey predicted that revenues in the FinTech sector will grow almost 3x faster than those in the traditional banking sector between 2023 and 2028. What has become increasingly clear is that the winners in FinTech will be the firms that grow their user base the fastest and thereby scale assets under management (AUM). Another area where the fintechs appear to be overtaking their more traditional banking counterparts is the use of AI in marketing.
Estimates suggest that generative AI could contribute up to $4.4 trillion in annual global productivity. More specifically to our targeted analysis, marketing and sales is one of four functional groups that could reap an estimated 75 percent of that value. At present, a full 71% of consumers say they expect personalization with their online content. Let’s examine how a brand like Michaels is working with Persado to achieve a high level of AI-derived personalization, Instacart's new AI offerings, and how brands as diverse as Hot Wheels, CarMax and L’Oréal all utilize AI to win sales and engage targeted consumer audiences.
