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  • Business Psychology with AI

    Published Date : February 21, 2019

    AI is closely linked to human psychology. Taking into consideration rapid strides being made by AI in diverse applications, the linkage is becoming even more intricate. From ‘context awareness’ mechanisms bringing about an ability to think and create like humans to ‘natural language processing’ which gives AI a platform and method to communicate, every step seems to be one taken in the direction of making it wholly analogous to human functioning and thinking.

    Interestingly, tech organisations are even employing psychologists to understand how to make machines more natural to interact with and how to use technology to create better customer experiences, whether it is in the physical or digital world.

    Fintalk - Bank of Baroda

    Looking at underlying human psychology for consumer behaviour, organisations are employing business psychology to create more effective AI-based applications for content and data-driven marketing strategies like personalised campaigns. According to the Accenture Interactive Personalization Pulse report, 45% of potential customers have abandoned a website because the amount of information or number of choices was overwhelming. Similarly, as per BCG report, personalisation matters for 26%respondents to start a banking relationship.

    Various organisations are specifically looking at analysing human psychology traits to develop AI-based products. For example, London-based DataSine blends psychology with machine learning to create highly individualised marketing campaigns. Its content personalisation platform Pomegranate applies machine learning to behavioural data that companies already collect to build customer profiles, and provides a content editing platform to guide marketers in tailoring a range of content elements, including words and images. Banking customers like BNP Paribas and Tinkoff Bank have been using this platform to achieve uplifts of up to 80% in engagement and 71% in sales.

    Apart from contextual marketing, ‘psych-AI’ can play important role in other fields as well. For instance, predictive hiring and talent management platform Plum is leveraging AI and Industrial-Organizational Psychology for human capital management (HCM). Its neural network is based on a database of 24 trillion data points for quantifying the potential of human capital and charting the future of the workforce. Its ‘Talent Rediscovery’ feature allows applicants to be considered at any time for positions they are well suited for, regardless of when or for which position they previously applied for.

    Though most of the organizations may feel that they need to be technologically ‘savvy’ to survive in the market, we believe it is the ‘human factor’ that provides the edge, endurance and resilience.

    Credits : Akhil Handa,Manish Kulkarni

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