Characteristics of artificial intelligence assistants
Artificial intelligence assistants will continue to monitor transactions, represent consumer consumption, make extensive use of network effects, and scientifically tailor recommendations. The success of artificial intelligence assistants in pursuing these characteristics will help determine their ultimate market share, social benefits, and regulatory requirements.
A. Continuous help
The artificial intelligence assistant will provide the function of continuously monitoring market development. For example, Google Flights offers "tracking prices" for specific journeys, sending emails when prices drop. In addition, customers can choose whether to enable similar functions for other types of expenditures, and then artificial intelligence will constantly look for suitable products.
B. Commissioned automation
Even if consumers know that there are better market choices, they may change their minds because of the burden of decision-making or the time required to change behavior (such as opening and closing an account). For many transactions, artificial intelligence assistants will enable consumers to delegate final decisions and changes to assistants. This authorization makes them more likely to benefit from the best products on the market.
C. Network effects
In most digital markets, the more people who use the product, the more valuable the product- this dynamic is called network effects. In a weaker network effect, artificial intelligence assistants will benefit from more people using them. More people will provide more data for analysis and improve forecasts.
D. Individualization of science
After consumers voluntarily provide passwords for various online accounts to artificial intelligence assistants, and after serving specific consumers for a long enough time, artificial intelligence assistants can access a large amount of personal data, including past transactions, online search data, and social network data.