How Is Artificial Intelligence Transforming Mobile Banking?

How Is Artificial Intelligence Transforming Mobile Banking?

Artificial Intelligence is no more an alien word for any of us. Its use in day to day conversations and prevalent references depicts the same. Consider time two decades back, Artificial Intelligence was referred to something that could interpret and imitate human perceptions.

Considering today, Artificial Intelligence has created an explosion of advancements in every sector one can think of. Adapting to human nature and behavior, AI has completely turned every stone and has evolved into an extremely successful and detailed technology that every sector is adapting to eliminate human intervention.

One sector that has seen major implementation of this technology is certainly mobile apps. All thanks to the improved skill set of the mobile device sensors that easily obtain user data. This, in turn, helps mobile apps to react to different user circumstances.

With advanced data analytics and increasing capabilities of AI enabled apps and machines, two of the major concern areas that arise are security and efficiency. With AI and banking hands in hand, opens a whole new stream of opportunities. Mobile apps for banking and finance is one of the biggest examples where AI has bloomed.

How Is Artificial Intelligence Transforming Mobile Banking

Countries where mobile banking is not much popular, the implementation of AI enabled mobile apps to achieve a plethora of things. However, places where they have been already prevalent, enhancing user experience, is a major concern.

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With AI and mobile banking, mobile apps are going to experience a whole new trend.

Artificial Intelligence, what does it mean?

In layman terms, Artificial Intelligence is the ability of any device to perform actions without human participation. Major examples where we can see intelligent machine led events are chatbots, algorithms, machine learning, and many more.

Impact of Artificial Intelligence in Banking and Finance till date:

Major targets of any banking and finance mobile app are to provide the user a safe, competent, secure and fast platform. As per recent studies, it is seen that finance sectors have already seen adapting to AI. AI technologies such as analytics, algorithms, voice commands and other advanced technologies have already been incorporated in mobile banking.

Artificial Intelligence: What Difference Does It Make in Mobile Banking?

Artificial Intelligence What Difference Does It Make in Mobile Banking

All of us use mobiles innumerable times every day. While mobile being so handy and capable of doing everything, every business now a day strive to reach customers through mobiles. Since, mobile comes with amazing learning capabilities and easily adapts to user’s behaviors, applications relating business should also be extremely unconventional and upbeat to respond to user’s needs.

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With AI incorporated in mobile banking apps, there is an immense increase in customer satisfaction. Let’s see how well has AI dwelled and transformed customer experience in mobile banking apps:

1. Customer Service and Satisfaction

The major aim of every service sector is to provide their users a personalized environment as per respective preferences and mind it mobile banking apps are no behind.

Customer Service and Satisfaction
Img Src: Wells Fargo Stories

Seeing the much-needed aspect, Artificial intelligence has helped mobile banking a lot. It majorly aims at providing a complete personalized experience to every user so that they do not face any problem.

Examples, where AI has proved giving a personalized touch to mobile banking, is suggesting financial products to users as per their preferences, conditions and financial constraints. Providing them a brief about their previous investments and guiding them through the app with the help of chatbots conversations.

2. Financial Planning

Financial planning includes tremendous calculations which are too complex to be handled by humans. This is exactly where the need of AI arises.

Financial calculations include risk factors, liabilities, earning, spent and a lot many other factors that need consideration. For these, definitive advanced calculations being performed by non-erroneous machines and unbiased machines is the best option.

3. Advisory Services Relating Finances

Every customer needs assistance while doing investments, insurances, planning their finances. While taking help from human beings has always been an option but they are at times biased.

With AI as your assistance, you can easily sigh back and relax. AI decisions are based on data analysis and are never biased.

4. Fast & Effective Transactions

Artificial Intelligence in mobile banking makes sure that user does not wander from one place to another while making any financial transactions.

All thanks to the simplified paths that lead users to the correct place as well as personalized chatbots that are always ready to help users while making any real-time transactions.

Not only these saves time but also consumes minimal resources hence elevating the overall user experience.

5. Personalized Notifications

Artificial Intelligence is transforming mobile banking and can make a visible change to the personalized user experience.

With the help of data analysis and sensors, AI easily notifies users about latest products and services available based on their location, preferences as well as needs.

From being reminded to pay for the annual premium of their health insurance to briefing them about latest saving plans, Artificial Intelligence helps users is every possible way.

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6. Self-driving Banks

Who likes to stand for hours in lines just to deposit or withdraw money from banks? I personally find it most frustrating. While inception of mobile banking resolves this issue, adding Artificial Intelligence takes it a step ahead.

Artificial Intelligence enabled mobile apps easily learns from patterns of transaction and if there is some suspicious transaction being made can easily inform about the suspicious activity. It also aids in making these monetary related transactions automatic.

7. Reduced Workload on Financial Customer Support Executives

Artificial Intelligence Transforming Mobile Banking

There is no denying that financial sectors need a lot of precision as well as users being helped and advised by support executives. With this need, customer executive must be highly qualified to cater to users’ needs.

With Artificial Intelligence, chatbots came into existence. These are the perfect solution for replacing support executive that provides fast and accurate assistance to users.

From applying for a new account to getting a credit card blocked, chatbots can easily perform all these actions.

8. Digital Currency

Bitcoin, the very first digital currency has paved a new era for the financial sector. While today we are using physical currency, there may come a time when it may become obsolete.

When this happens, all we will have in hand is digital currencies, and owing to them all the transactional data will merge into the currencies itself. With the help of AI, digital transactions will become even more easy and efficient thereby providing accurate and optimized results.

9. Blockchain Provides Full-proof Security

Blockchain Provides Full-proof Security:

Blockchain technology, as we all know is an open ledger system that keeps a track of each transaction. Data on Blockchain platform cannot be tampered, edited, or deleted by anyone.

With the Blockchain technology, financial sectors will be more secure as all the financial transaction will be tracked upon and no illegitimate activates will be done. AI, in addition, will strengthen this data all the way more secure and tamper proof.

With all the points discussed in the article, it is pretty evident how Artificial Intelligence is transforming mobile banking.

There is no doubt the AI not only makes future transactions safer and secure they also give users a personalized and safe environment to transact digitally through these mobile banking apps.

Pragya Dani is a technical blogger at Systweak. She loves exploring hidden and lesser known features of gadgets and all things tech. Pragya also likes trying out different cuisines and Italian tops her list

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