Affecting Mobile Banking

Global financial and banking institutions are adapting to rapidly growing A.I technology trends, and many are implementing A.I into their mobile smartphone applications. Their Generation-X and Millennial customers were introduced to computer technology at an early age and grew up with tablets, smartphones, and wearable computing devices.

With the advent of Alexa, Siri, and Google Now, Millennials expect their banks to offer a high-tech user experience, which is exactly why savvy financial institutions are looking to partner with innovative mobile app developers. 

Through the use of (ML) machine learning and platforms powered with A.I., the natural language and speech recognizing systems convert the spoken word into data. This is then analyzed to understand context, meaning and even perceive emotional states. Be sure to read this in order to learn more about how this information allows the system to respond in an appropriate manner and even learn from user behaviour to offer a better experience in the future.

The mobile app developed by the right company will ensure that customers are pleased because they are not put on hold, they get answers quickly, and wait times are decreased.

How is A.I. currently being used in the banking industry?

Many banking apps use tools such as cloud computing and digital dashboards to help their customers access and manage their accounts as well as store pertinent information. Worldwide there has been an increase in the use of computer technology to help with customer service needs using digital assistants and chatbots. It’s also being used internally to process routine transactions quickly. 

Here are a few areas where A.I. is being used in the financial sector:

  • RPA (robotic process automation) is used to boost efficiency in back-end operations
  • Mobile banking with voice activation to encourage interaction
  • Multiple languages available in many mobile apps
  • Camera and microphone interface for face and/or voice recognition
  • Learning customer habits to help detect fraud 
  • Processing customer loan applications with quick turnaround

What kind of growth can be expected in the future?

We can expect to see dramatic improvements to the mobile banking app landscape as developers continue to advance the technology. You’ll see better voice, face, and fingerprint recognition that will reduce the potential for fraud. The A.I. interface can merge account financial data and routine actions to learn the habits of the customer. It will then be able to hold conversations like humans but with a deeper understanding of the customers needs to be based on previous behaviors. 

Money transfers between accounts, balance inquiries and even scheduling a meeting with a bank representative will be completed by voice command, touch screen or text. Some banks have this technology already and it will only improve over time. User demand changes and A.I. apps with learning capabilities will adapt and grow with it. With the iOS and Android platforms updated regularly, a competent app development company will be vital to keep the software current as technologies continue to move forward. 

The financial world is going to see drastic improvements to any banking mobile app that is powered by an A.I. interface. When banks partner with the right mobile app developer, innovative and cutting-edge technology will be easily implemented to ensure absolute customer satisfaction, the ultimate goal of all businesses.

Image Credits: Affecting Mobile Banking from Kanghophoto /Shutterstock