© 2112 COMMUNICATIONS

2112 Communications

Insight

Navigating the Generative AI Landscape: Key Insights for Financial Marketers

June 24, 2024

Kevin Windorf

|

Chief Marketing Officer - North America

Luke Delport, our Director of Digital Development, recently participated in a panel discussion on “AI in Buy-Side Marketing: Improvement or Interference?” Here are some key takeaways from the event.

As the tech world continues to evolve rapidly, generative AI stands out as a transformative force, especially within the realm of financial marketing. This innovative branch of artificial intelligence, though still in its experimental phase, promises significant efficiencies by enabling tasks to be performed faster and at a larger scale. As financial marketers consider integrating generative AI into their strategies, there are several crucial aspects to understand.

The Experimental Phase

Currently, generative AI is being trialed in sandbox environments or limited capacities. This experimental phase allows companies to test and refine AI applications without the risks associated with full-scale deployment. This cautious approach is essential, given the accelerated pace of technological advancements and the complexities involved in AI implementation.

Efficiency and Scale

One of the most compelling benefits of generative AI is its ability to enhance efficiency. By automating tasks such as research and copywriting, AI can significantly reduce the time and resources required, allowing marketers to focus on more strategic initiatives. The scalability of these AI solutions also means that large volumes of work can be handled swiftly, which is particularly beneficial in a fast-paced financial marketing environment.

Championing AI Within Organisations

Given the dynamic nature of AI, it is critical for companies to appoint an AI champion—someone genuinely interested in the technology and committed to staying abreast of the latest developments and regulations. This role should also encompass an educational component, ensuring that the entire organisation understands both the capabilities and limitations of AI.

Practical Applications and Compliance Challenges

Marketing professionals are increasingly embracing AI for its practical uses, such as generating creative content and conducting market research. However, sales teams often face challenges in gaining compliance approval for AI applications. This highlights the need for clear regulatory guidelines and robust compliance frameworks to support the integration of AI in all aspects of business.

Regulatory Concerns

The use of generative AI raises significant regulatory concerns, particularly around data sharing and intellectual property (IP) issues. It is crucial for companies to determine the sources of their data, understand its lineage, and identify any potential biases. Moreover, having a clear purpose for data analysis is essential to ensure compliance and ethical use of AI.

Controlled Environments

While some companies have banned the use of AI tools altogether, others have sanctioned their usage within controlled environments, such as internal platforms like Slack. This controlled approach helps mitigate risks while still allowing organisations to leverage the benefits of AI.

Creative Applications

Generative AI is gaining the most traction in creative applications. From image generation and editing to conceptualising marketing campaigns, AI is proving to be an invaluable tool for creativity. However, this also comes with the risk of ‘hallucinations’, where AI-generated content is mistaken for factual information. Transparency is key; it is vital to make it clear when content has been created using AI.

Moving Forward with Caution

There is a strong desire to advance businesses by using generative AI, but this must be done with caution. Ensuring transparency, compliance, and ethical considerations are paramount as the industry navigates this new landscape. By carefully managing these aspects, financial marketers can harness the power of generative AI while maintaining trust and integrity in their communications.

At 2112, we recognise that generative AI offers exciting possibilities for financial marketers, from enhancing efficiency to unlocking new creative potentials. However, its implementation must be approached thoughtfully, with a keen eye on regulatory compliance and ethical considerations. As the technology continues to evolve, staying informed and adaptable will be key to leveraging AI effectively and responsibly. Choosing the right partner to guide you will lead to enhanced outcomes.

AI in asset management marketing

Read more articles:

Share on: