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The banking and finance industry is always open to new mobile technologies. Mobile banking applications will reduce visits to physical banks by approximately 30%.
In addition, banking and finance apps help users get instant banking services with greater security. Users can send or receive money, check loan offers, track transaction history, and view account information and statements at their convenience. This has increased the use of mobile banking applications worldwide.
Due to the current COVID-19 pandemic, the changing preferences of customers to use banking services have encouraged the development of banking apps in recent years. In addition, the use of popular mobile technologies to develop mobile banking applications is popular worldwide.
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What is the need for Mobile Banking?
Today's consumers have simply shifted to mobile banking. Users can now readily take use of mobile banking services due to safety, security, and ease of access, as well as the numerous benefits and broad use.
Use of AI in Mobile Banking and App Banking
1) Chatbots:
By using chatbots in mobile banking apps, we can save the bank more money compared to human resources. Easy-to-use chatbots can be easily used by non-tech-savvy and less technical-savvy customers.
It is perfect for people looking for a fast and highly personalized interaction compared to email. by mail or other means.
2) Personalized customer service:
ML is an AI application that is most usable because it allows a bank or similar institution that owns the application to process massive amounts of information and produce insightful results.
By using artificial intelligence in mobile banking app development process, companies can learn and gain insights into user behavior to understand their preferences.
Artificial systems could be well trained to configure better sets of information to learn with interactions, using that research for further interactions.
3) Better financial planning:
For better financial and monetary plans of the customers, the financial institutions perform extremely complex calculations completely based on various factors including their earnings, related risks, contingencies, monetary inflation, etc.
So, to perform such complex calculations along with analytics, it is better to rely on smart machines and analytics where the chance of error is really less as compared to human calculations.
4) Automatic transactions
Integrating artificial intelligence into mobile banking apps gives customers the assurance that their bills will never go unpaid. The mobile apps support automatic payments, which allows users to schedule payments for all of their regular expenses. Funds are automatically transferred to the seller on set dates, eliminating consumers' worries about timely bill payment.
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5) Transactional Data Enrichment (TDE)
TDE is an essential component of financial management for banks and clients alike.It uses machine learning and artificial intelligence to interpret incomprehensible sequences of letters representing trades and traders and turns them into understandable text that shows the names, addresses and cities of each trader. It indicates the location of the individual entrepreneur, not the headquarters of the central company. This transformation of hard-to-understand data into easy-to-read information helps both banks and customers understand where and with whom cardholders have transacted. Because customers know exactly what they purchased and where, it reduces customer inquiries and chargebacks. Most importantly, TDE allows bank officials to budget, assess spending habits, credit scores, predict future earning and spending issues for cardholders, and make better recommendations for their financial well-being.
6) Risk management
Bankers face many challenges when it comes to extending credit. A bank may face problems if it grants loans to insolvent consumers. Default occurs when the borrower loses regular income. To avoid such defaults, banks use artificial intelligence systems that can better evaluate consumer credit histories. Financial transactions can be tracked and analyzed with mobile banking apps. This helps banks anticipate risks associated with issuing loans, such as customer insolvency or the possibility of fraud. In addition, it allows banks to distribute loans to potential customers without much complication.
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7) Self-driving banks
Standing in endless queues outside or inside the bank is very useless, especially for some withdrawals, deposits or transfers. And this has become one of the most important reasons for the growth of mobile banking applications. Additionally, using AI in mobile banking apps can also automate transactions.
We can easily monitor transactions and their progress, and the user can be quickly notified of any unusual activity on their account.
Losing any card now eliminates the need to spend a lot of time with customer service or even physically stand in line. You can do everything with one click, and the card can also be blocked immediately.
Conclusion:
Artificial intelligence in mobile app development (AI) offers so many advancements and services mentioned above, it is definitely worth the wait to see these great benefits of mobile banking apps across the banking industry.
Author: I’m Anita Basa, a fascinating Technical Content writer currently working at “Hyena Information Technologies”, one of the best mobile app development companies in Jordan. Interested to know about technology updates. Mobile App Development, IoT, Artificial Intelligence, Machine Learning, IOS, and Technology-related content Get connected with me on Linkedin.