In our newsletter, we have closely followed the advancements in AI and their potential for revolutionizing financial services. We've previously explored topics such as Natural Language Processing (“NLP”), Large Language Models (“LLMs”), Chatbots, Fraud Detection, and Know Your Customer ("KYC"). In this article, we would like to deep dive into how Votee AI is transforming the landscape of market research, enabling banks and financial institutions to extract valuable insights from users. These insights are crucial for shaping business strategies, delivering personalized financial services, and enhancing overall customer satisfaction.
By leveraging AI in market research, several key advantages can be achieved. Firstly, the quality of data improves significantly, ensuring a more accurate representation of customer preferences and opinions. Secondly, the speed of data collection and analysis accelerates, enabling banks to access crucial insights in a fraction of the time compared to traditional methods. Lastly, AI-driven market research offers cost savings, allowing financial institutions to gather comprehensive customer feedback and extract meaningful insights at a fraction of the expense typically associated with conventional approaches.
By effectively harnessing AI-powered market research, banks and financial institutions can gain a competitive edge by quickly gathering high-quality customer feedback and transforming it into actionable insights. This ability to extract valuable information within a day, while keeping costs in check, positions banks and financial institutions to make well-informed decisions and stay ahead in the dynamic financial services landscape.
Our Managing Partner, Edward Shen, had the opportunity of sitting down with Pak-Sun Ting , the visionary founder and CEO of Votee AI. In their insightful conversation, they discussed Pak's inspiring vision for the company, highlighting how Votee AI harnesses the latest technologies and AI advancements to revolutionize the field of market research. Additionally, they explored the distinctive features of Votee AI's product, which enable the generation of real-time insights and empower businesses to make informed decisions. Finally, Pak also shared the company's strategic approach to expansion and growth.
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Edward: Hello Pak, good to see you. Would you please provide an overview of Votee AI and its services?
Pak: Votee AI is a digital market research company on a mission to modernize traditional, manual, and inefficient market research practices. We utilize advanced technology solutions and AI, including generative AI like GPT, to offer real-time insights to customers at an affordable cost. Our goal is to empower banks, financial institutions, consumer goods companies, governments, start-ups, and individuals with actionable data for informed decision-making.
Edward: What inspired you to start Votee AI?
Pak: With a banking background and considerable experience in utilizing market research throughout my professional journey, I have actively engaged in civic initiatives that involved gathering people's perspectives through traditional means like door-to-door surveys. Witnessing the inherent limitations and complexities of this process, I recognized the pressing need for an improved and streamlined approach to market research. This motivated me to build a platform that could deliver real-time insights into people's opinions and capture a clearer consensus, thereby simplifying and enhancing the entire research experience.
Edward: How does Votee AI collect and analyze market research data?
Pak: Votee AI utilizes two main approaches to gather data. The first method is social listening, where we passively monitor popular social media platforms like Twitter and Facebook to understand the prevailing sentiment. This indirect approach allows us to gain valuable insights. The second method involves our very own Votee AI app, where we conduct surveys with qualified participants. As a token of appreciation for their involvement, respondents receive incentives like cash or coupons. To further enhance our analysis, we employ AI techniques for tasks such as image, voice, as well as sentiment analysis. This comprehensive approach enables us to gather diverse data and extract meaningful information based on the nature of the questions asked.
Edward: How does Votee AI ensure the quality of its users?
Pak: Votee AI places a strong emphasis on user quality and engagement. To encourage active participation, we provide incentives and rewards to users for their valuable responses. In addition, we employ a range of verification methods, such as email and phone number verification, as well as LinkedIn verification, to ensure the authenticity of users and companies. By implementing these measures and compensating users for their input, Votee AI effectively filters out individuals who lack genuine interest in participating, ensuring a reliable and engaged user base.
Edward: How are Votee AI’s findings presented to the clients?
Pak: Votee AI offers clients a powerful tool in the form of real-time dynamic dashboards, empowering them to track customer responses with ease. The visualization of findings is tailored to the specific question types, ensuring effective communication of data. Through visual elements such as bar graphs and word clouds, the information is presented in a visually engaging and comprehensible manner, enabling clients to derive meaningful insights from the data at hand.
Graph 1: Votee full stack insight platform
Graph 2: Bespoke NPS* dashboard
Note: The Net Promoter Score ("NPS") is a customer loyalty metric used by organizations to measure how likely customers are to recommend their brand, product, or service. It is a simple and widely adopted tool in customer relationship management (CRM), calculated by asking customers one question: "On a scale of 0 to 10, how likely are you to recommend us?" The NPS ranges from -100 to 100, with higher scores indicating better customer perception.
Graph 3: Converting Insights to sales
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Graph 4: Interactive dashboard
Edward: What is the process of your AI-powered market research and the technologies involved?
Pak: Votee AI has developed a range of distinctive technologies to augment its market research capabilities. Firstly, it incorporates a humanized approach to questioning, fostering a more engaging and interactive survey experience for participants. Secondly, Votee AI provides multilingual support, catering to users in Hong Kong by offering languages like English and Cantonese, which are commonly spoken in the region. Moreover, it enables flexible campaign pacing, ensuring that results are delivered in a timely manner. Votee AI also harnesses its own GPT technology, facilitating swift question formulation and campaign result summarization. Finally, Votee AI smoothly combines market research and sales by using coupon rewards, which effectively brings together these two aspects to boost business growth.
Edward: Can you explain how Votee AI help the client achieve business growth in the last step of your AI-powered market research?
Pak: Votee AI helps clients achieve business growth by integrating incentives into its AI-powered market research. By offering coupons, discounts and exclusive deals, Votee AI motivates participants to engage with surveys, leading to higher completion rates and a more representative sample size. The redeemed coupons drive customer traffic and conversions, turning research insights into actual sales. Additionally, Votee AI cultivates customer loyalty by providing personalized promotions, encouraging repeat business and fostering long-term customer relationships. In summary, Votee AI's coupon incentives bridge market research with sales, resulting in tangible revenue growth for businesses.
Edward: Among speed, cost, and quality, which do you think is the most important feature in market research?
Pak: Quality is paramount in market research, followed by real-time insights and cost-effectiveness. At Votee AI, we prioritize delivering high-quality data and actionable insights to empower informed decision-making. We understand the importance of timely information while ensuring affordability without compromising on excellence.
Edward: From your perspectives, has digital market research benefited from the covid-19 pandemic?
Pak: Certainly, the pandemic has acted as a catalyst, greatly accelerating the adoption and effectiveness of digital market research methods. The constraints imposed by the pandemic have underscored the significance and benefits of collecting data remotely and in real-time. This realization has brought to light the immense value of leveraging digital approaches in market research, enabling businesses to adapt and thrive in challenging times.
Edward: How does Votee AI stay up to date with advancements in AI and ensure the accuracy of market research reports?
Pak: At Votee AI, we are committed to maintaining a leading edge in AI technology development by incorporating relevant and beneficial advancements into our market research services. We proactively monitor industry trends to ensure we stay ahead of the curve. For instance, the emergence of short video platforms like TikTok highlights the growing significance of video feedback in digital market research. We recognize the importance of voice feedback as well and continuously stay updated on the advancements in speech recognition AI technology to enhance our capabilities in that area. By staying at the forefront of these developments, we ensure our clients receive the most innovative and effective market research solutions available.
Edward: What is Votee AI's unique value proposition compared to its competitors?
Pak: Votee AI stands out from competitors by offering a distinctive blend of services that sets us apart. Our greatest strength lies in our exceptional speed, delivering same-day high quality results to our clients. Alongside our commitment to delivering high-quality market research, we go the extra mile by providing a valuable benefit: the ability to drive sales through our coupon incentives. This combination of speed, quality, and the added advantage of sales enhancement makes us a compelling choice for businesses seeking comprehensive market research solutions.
Edward: Can you share an example of Votee AI's impact, such as with banks?
Pak: Certainly! At Votee AI, we have conducted an array of surveys for banks, capturing every crucial point in a customer's banking journey. For instance, as soon as a customer receives a service at a bank, they promptly receive a survey through our intuitive Votee AI app, enabling them to rate their experience in real-time. This streamlined feedback process is not only more engaging but also more rewarding, in contrast to the conventional method of receiving a phone call from the bank weeks later. By capturing feedback at multiple touchpoints throughout the customer journey, Votee AI effectively enhances the overall customer experience, ensuring continuous improvement and satisfaction.
Edward: How does Votee AI aim to revolutionize the market research industry?
Pak: Votee AI is driven by the ambition to revolutionize the entire market research industry. We understand the demand for improved insights and strive to deliver real-time, authentic user feedback in a more affordable and accessible way. By addressing these critical gaps, Votee AI aims to modernize market research practices and pave the way for a new era of data-driven decision-making. With our innovative approach, we are committed to shaping the future of market research in the years to come.
Edward: Could you provide an overview of Votee AI's quality control processes for its digital market research?
Pak: Votee AI employs several quality control processes for AI market research. We have check and balance mechanisms in place to verify open-ended questions. Additionally, technical checks are conducted to ensure the functionality of our app and dashboard. We also test our GPT system to control hallucination responses, ensuring the accuracy and reliability of the data.
Edward: What are Votee AI's future expansion plans and vision?
Pak: Votee AI places a strong emphasis on collaborating with agencies that are in need of a market research solution that can effortlessly scale to their requirements. We understand the importance of providing a tool and platform that can accommodate the evolving needs of our agency partners. Looking ahead, our focus is on expanding our partnerships, particularly in regions such as Asia, India, and Africa. These regions offer immense growth potential and present opportunities for us to make a meaningful impact. With a well-defined expansion strategy and a robust pipeline of projects, Votee AI is well-positioned to navigate the path to future success and achieve our ambitious growth targets. We are excited about the possibilities that lie ahead as we continue to develop and strengthen our presence in these markets.
Edward: Pak, thank you very much for taking the time to share with our audience your vision, the driving force that led to its inception, the impressive features of your product, and your ambitious plans for future expansion. We wish you big success in your journey with Votee AI.
QIDS Venture Partners is dedicated to supporting and catalysing the developments in FinTech by sharing with our audience FinTech trends and interesting FinTech business ideas. You may forward this article to other investors who are interested in FinTech as well. If you need more information or would like to arrange a meeting with us, please feel free to contact our Managing Partner Edward Shen via LinkedIn or email.
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