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10 ways how AI is impacting mobile banking

AI and Mobile Banking

We are living in a technologically advanced world where technology and mankind co-habit. While the use of technology has become a normalized practice, the power of innovation doesn’t cease to amaze. Every day comes with a new modification and development that changes the things for good. One such technology that has impacted the day-to-life of individuals and organizations is Artificial Intelligence (AI). 

The concept of AI in app development is not new; neither is its integration with various organizations. It has immense benefits to offer, and one sector that has been continuously unleashing the power of AI is the Banking Sector.

With the integration of AI & banking, the business processes speedup; consume less time and efforts. Besides saving resources, Artificial Intelligence has also made banking over mobile and internet platforms, safer, securer, and more reliable.

Unlike other technologies, AI was welcomed by consumers with open arms. Today, a majority of users rely on a virtual personal assistant like Alexa, OK Google, and Siri, to facilitate their day to day tasks. The extent of personalization also doesn’t seem to know any bounds. The use of AI in different industries, including Banking is phenomenal and at times, unbelievable; how technology can be this precise and accurate. 

Artificial Intelligence and Mobile Banking:


The integration of Artificial Intelligence and banking has been the talk of the town for quite some time now. Several advanced banks have already implemented the technology to make their processes more reliable. However, there are several banks in the market who are still in a dilemma whether or not the technology is meant for their businesses processes. 

 Narrative Science and the National Business Research Institute collectively conducted a survey, in which they concluded that 32% of financial institutions are already utilizing the features of AI technology. Most commonly, AI is being utilized in predictive analytics, recommendation engines, and voice recognition. 

Many new features are launched every day, which are in itself creating a benchmark. The iOS mobile app of the Royal Bank of Canada is one fine example of how the bank has added Siri to its mobile banking. As the market showcase a cut-throat competition, this launch compels others to find out the best use of AI in their technologies and come up with more customer-experience enhancing mobile apps that use Artificial Intelligence.

Another important aspect that banking and financial institutions should look for is the need for personalization. The modern-day consumer relies on technology so much that they need everything altered to suit their personal need. The concept is no different for mobile apps. When AI is integrated with mobile apps, banks can cater to this unique requirement, allowing consumers to simplify their daily banking requirements. However, to ensure that the concept of AI in mobile banking is fruitful, banks should continuously lookout for more simplified and user-friendly AI-powered mobile apps.

How is AI impacting the mobile banking industry?


Mobile banking offers easy access and saves time, and this is why more and more customers are frequently downloading the mobile apps of their respective bank. The banks take this as a perfect opportunity to enhance the user experience and offer them a platform where they can conduct financial transactions with a sense of ease, safety, security, and reliability.

AI development and integration with mobile banking has great advantages, including:

Chatbots:
Gone are the days when banks dedicated their employees with one-on-one human interactions, solving customer queries and requests. Thanks to the Chatbots, banks are now offering quick and easy solutions to their customers, and saving money altogether. Chatbots are very easy to use and allow quick access and solutions to the customer’s query. 

The modern-day mobile app development is so advanced that a customer with little or no knowledge about using technology and technical terms can quickly capitalize its features. When compared to the traditional ways of banking, AI mobile banking offers more personalized and swift banking experiences.

Enhanced financial planning:

Financial planning is crucial for any individual or business, and most of us rely on banks for helping us out in planning finances and money plans. Several factors affect the financial plans of any entity, and after complex calculations are made, the bank presents a tailor-made solution to a customer. 
To avoid human error and the difficulty of dealing with these complex calculations, AI is being used more frequently. A machine or mobile apps that use artificial intelligence can offer better, more accurate, and advanced planning solutions.

Fraud detection:

Artificial Intelligence is a machine-learning process, and this allows it to read patterns and behavior in great depths. This ability is better utilized in mobile banking for detecting frauds. Mobile AI offers quick and efficient detection of fraudulent activities and behaviour in real-time. Artificial Intelligence also makes banking more secure.

Personalization:

Artificial Intelligence has the ability to offer an immense amount of data related to the customers to banking institutions. This data can be further utilized in understanding customer behavior and create tailor-made services and solutions.

Once the preferences of a particular individual are sorted out, a bank can offer customized plans, more personalized assistance, and quick solution to their query or demand.

With every interaction, Artificial Intelligence learns more and more about and customer and its preferences and combine the data for more meaningful developments, boosting the extent of personalization.

Quick and efficiency banking transactions:


Gone are the days when carrying out a banking transaction was an effortful task. Today, AI development has made banking transactions fast and efficient. A user can now easily replicate similar transactions n number of times, while using limited resources and efforts. Artificial Intelligence-powered mobile banking applications understand the customer’s request. They channel them to the desired route without wasting any time and thus fasten the entire process.

Efficient Financial advisory:

Customers rely on banks when it comes to financial advisory. As AI depends more on data analysis and prediction, mobile apps that use artificial intelligence offers more accurate and productive solutions. From financial planning to an investment portfolio and insurance, AI-powered mobile apps make choices more reliable. 

Ease of access and saving of resources:

Traditional banking involved significant human interactions. A sight of several human standing in front of a banking window is no surprise. However, with more and more banks adapting to AI in mobile banking, the queues are becoming shorter and shorter with each passing day.

One of the biggest reason of less human interaction in the banking sector is the degree of automation and ease of access provided by mobile apps. Consumers can now access a range of banking features without much efforts and also automate several transactions with a few clicks. 

Mobile AI also allows identifying any wrongful or unusual activity easier. You may have noticed messages from your bank identifying the use of your credit card or debit card and asking you to react in case it wasn't you who used them in the first place.

Enhanced assistance:

Winning a customer is one of the most challenging tasks for the banks in today’s market. The banks need to offer a great extent of support to a customer to win the customer’s trust to add them in their pool. AI enables banks with the power to help their customers. The level of assistance that a customer is offered while using a mobile app powered by AI is phenomenal. Right from help in installing the app to ease of using various features, AI mobile apps are very helpful. Moreover, the banks now send frequent reminders for available balance, upcoming installment of term or recurrent investments as well as for credit cards bill payments, which enhances the user-experiences.

Risk management:

AI has great benefits for banking institutions as it simplifies one of the enormous task faced by banks on day to day basis- Risk Management. When dealing with a new loan or credit requests, a bank has to identify various risks factors, eligibility, and credibility of a customer. While it was done manually, a few years back, today, mobile app data makes it very easy to calculate the risk in a few simple steps. 

Not only the banks can read the current financial behavior of a customer, but it can also predict the growth in their income and profitability from their investments.

One-stop solution:

Mobile banking with AI offers a one-point solution for most of the banking tasks. The customer does not have to visit the banks physically to perform various tasks, forward requests, or find an answer to their queries. 

AI in app development has made it easier for banks to offer productive customer services. Modern banking has become quick, efficient and safer, thanks to AI. It is the best time to invest in the technology and reap the many benefits it has in store to enhance banking experience and user-experiences.

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