The cost-effectiveness of AI has been a concern for both investors and consumers ever since AI-led technology hit the market. The concern is not outlandish because the deals seemed too good to be true. AI-driven technology claimed to perform market analysis that would ensure successful speculative investments, following logic based on a combination of fundamental and technical analysis. That is a tall claim that even experienced financial advisors would hesitate to make.
Now, if AI can live up to its potential at a cost that is not even comparable to the fees charged by financial advisors, why would anyone not put their money on them? There are a variety of tools that specialise in different aspects of marketing, and finding a good combination of these can really pay off. In this article, let us discuss certain cost-effective AI tools that can make a difference to the financial market players and why such tools matter.
Cost-effective AI examples
These AI tools have different functionalities that can be harnessed to be successful in the financial market.
- Replika: Replika and its ilk are master conversationalists and do not let the interlocutor feel the absence of a human companion. Therefore, these AI-led tools can be put to use as virtual assistants that can assist clients with fundamental issues they face with a financial product. That would mean that the customer has immediate assistance and has a feeling that something is being done to address the issue from your end. Thus, the power of AI to successfully process data fed to it and answer in a human-like manner can be deployed for a dirt-cheap price.
- Lumen5: For entrepreneurs dreaming of a startup, AI-led tools like this one are a godsend. These tools are so sophisticated that they can create videos based on your text commands. Videos are better at post engagement than text when it comes to convincing your customer. However, to have someone professional create video content for you regularly would probably cost a bomb. You might need to hire one of these people later on when you earn enough revenue to afford one. To get to that stage, these tools are real saviours.
- Amplitude: Whether you are a seasoned businessman or an entrepreneur dreaming of making it big, note this one down. To make it big in the financial market, it is important to know your customers and their mindset. However, you cannot read their mind. Amplitude does the second best thing that can be done in such a case – run sophisticated behavioural research on a pool of customers. With intelligence on behavioural motifs, you can understand the thinking patterns of users to some extent and work on their retention. One cannot even begin to speak of the meagre financial cost that this invaluable service would bring you.
- Descript: This AI tool is for you if you are thinking of starting a podcast to boost your sales or engage listeners for product promotion. This tool helps you transcribe the audio of your podcast while improving its audio quality. Podcasts are a great way to reach consumers without much fuss, and for the visually impaired, they are a great platform to feel empowered.
Cost-effective AI: why it matters
Once we have an idea of the areas in which the AI tools are stressing, the first thing that comes to mind is how these applications work as a cohesive unit. Let’s find out.
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- They deal with big data: Earlier, the means of research were quite limited to basic factors like the spending pattern of individuals, due to which the results were often a far cry from reality. With the advent of cost-effective AI tools that can not only capture but analyse data, a lot of information can be gathered about individuals. AI can now handle unstructured data like conversations, email exchanges, text and video evidence gathered from social media or even dating apps to learn more about a particular consumer. This is exactly where enterprises must be sensitively dealing with data, but that is a topic for another time.
- Infrastructure: If cost-effective AI tools can pack a punch above their weight, it could turn out to be a possible disruptor for the market. It would drive the overall improvement and upgradation of technology to build better AI tools that can be monetised accordingly. Thus, a wave of advancement will run through the entire industry, and financial institutions like banks and NBFCs stand a lot to gain. The uncertainty they face regarding the saleability of their products would reduce considerably as they can now design the products according to an estimated sales output.
Therefore, in the finance sector, the online marketplace can be fundamentally transformed with the help of cost-effective AI tools. These versatile tools, besides helping budding entrepreneurs in their journey, also positively affect the market.
