Tiffany Perkins Munn, Managing Director, and Head of Marketing Data and Analytics at JPMorgan Chase and Co., speaks with Jonathan Shiery, Partner at Guidehouse, in a video interview about leveraging data for marketing and customer outreach, analyzing customer journeys to see what impacts business outcomes, her views on ChatGPT, privacy concerns and risks associated with it, and adopting measures for responsible usage.
Munn begins on the note of understanding the customer and assesses various factors along the journey that determine business outcomes. She comments that the industry has now learned to break activities down into their components and make use of data to better understand customer touchpoints.
With data, it is also now possible to assess the life stage of customers for certain products, or other offers that have requirements but are not expressly requested, says Munn. Consequently, professionals can analyze various steps a consumer may take as a part of a campaign, and assess the business outcomes related to those stages.
Tiffany Perkins Munn | Managing Director, and Head of Marketing Data and Analytics at JPMorgan Chase and Co.
As a part of the analysis, understanding why customers may have dropped off in certain stages and deciding how to re-engage with these customers, is critical for a successful outcome. Munn stresses dissecting the lifespan of a campaign to understand which part of the customer’s journey impacts business outcomes.
Delving further, she affirms that when talking about business outcomes, the financial services industry is particularly careful and concerned with financial-related outcomes. However, other important elements such as engagement with customers, their perception of the brand, and their experiences along the journey also contribute to that financial outcome. She mentions that the industry needs to pivot focus from financial outcomes and recognize the interim requisite steps leading to that.
When asked about her views on ChatGPT, Munn states that humans are ever-evolving with new ideas, which can never happen in the case of ChatGPT. She maintains that ChatGPT is all about synthesizing what is already known about a topic and relying heavily on it jeopardizes one's ability to think creatively and outside the box.
According to Munn, this is concerning as it can ultimately lead to content creators and writers just becoming editors as they simply get information from ChatGPT and edit it to add their voice.
Highlighting risks, Munn states that using ChatGPT to gather information can be potentially inaccurate since there is no verification system. Furthermore, when using information from blogs and other online sources, ChatGPT does not ask for permission, which may create privacy and security concerns.
In addition, she asserts that she understands the utility of ChatGPT in providing summaries of topics, but there is an impetus to use it to replace one's original thought. This leads to major privacy issues, as users could be representing a group of people's thoughts accumulated by ChatGPT as their own. She opines that people must address these issues to maintain a sense of individuality, creativity, and innovation.
In conclusion, Munn expresses that by instilling the right level of legal, compliance, risk, and controls, tools like ChatGPT can be invaluable and highly useful. However, without these precautions, they may be prone to misuse.
CDO Magazine appreciates Tiffany Perkins Munn for sharing invaluable insights with our global community.