The world is facing COVID-19 crises at the one end, but it also had some positive effects. It has uplifted the competition among various emerging technologies like AI IoT, Blockchain, and others.
Like all other sectors, the banking sector is also likewise looking for a proficient method to draw in more customers, improve client experience, and offer customized support. It is only possible with the assistance of a versatile banking application. Therefore, financial institutions are seeking improvement benefits now like never before.
The Future of Artificial Intelligence in Mobile Banking
Banks have implemented Artificial Intelligence in all spheres. It helps in the storage, processing, and sharing of data in cloud computing and provides automatic routine services of the bank.
Financial institutions have started using AI for their inner banking requirements for quite some time now. Here is how AI can improve a mobile banking application:
Integration of Virtual Assistants
All banks now provide voice assistants. Banks throughout the world have started using virtual assistants like Siri, Alexa services for e-banking operations, and some banks have their own AI-powered virtual financial assistant
- It helps clients with their finances in many ways.
- They can report on bank account balances,
- perform money transfers,
- pay bills,
- and handle credits.
Now, we can use all banking facilities even while travelling at the click of a button.
Banks collect feedback, as voice technology is also a valuable source of data. As a result, banks can provide their clients with more personalized services.
Customization
AI in mobile banking apps can offer: personalize mobile banking apps and high-quality services based on feedback from clients.
- It Improves customer support. It helps the client with relevant data at his fingertips analyzing data of customers.
- It generates an automatic portfolio and helps provide required help through an AI-driven chatbot.
- It assists clients to plan events in the future or adjust their spending strategies, depending on their needs.
- We can browse automated reminders and transaction history easily.
- They can pay the bill, tax, shop, etc.
Risk Management
AI algorithms help to study the history of the client by analyzing details about the client and his /her past behaviour pattern, fraudulent or any other suspicious activity and risk involved before passing any loan, etc.
Bank services are safer as AI algorithms safeguard banks and clients from scams and frauds.
Enhanced Authentication
Modern identification and verification system help in securing accounts technologies has provided quick and secure biometric authentication patterns like fingerprints, face, or voice recognition technologies, users can get into their apps easier and pay faster.
Impact of VR and AR on Mobile Banking
Distinct elements, like AR (Augmented Reality) or VR (Virtual Reality), are associated with different electronic games. However, they also apply them in mobile banking apps.
Here are some VR examples:
Virtual Trading
Many companies are using Virtual Trading Platforms. It converts data and workflow into maps so that it could be easy to study and help in analyzing data.
Virtual Wealth Management
Now, it is easier to manage stocks by data visualization and can help investors with their finances. It represents all stocks with data, volume, and other features.
Brick and Mortar and Virtual Banking
- It helps in locating banks and nearby ATMs
- It helps in virtual payments.
- Provide offline facilities
Blockchain Technology in Mobile Banking
It’s a disruptive technology in the cyber-security field that uses its decentralized architecture. Bank institutions can build and secure transparent mobile apps. Here are the main benefits of using blockchain solutions :
- Secure Transactions
- Know Your Customer
- Customer Retention models by starting loyalty reward campaigns.
- Operational Efficiency can help speed up processes payments and improve customer experience.
Conclusion
In the time of pandemic and total lockdown, we have to change our behaviour and habits. One of the most effective ways to do so is to develop a secure and cutting-edge mobile application. It is possible with the implementation of the latest technologies in mobile apps that can guarantee enhanced customer experience and high customer retention.
