One of the hottest startups in India today is the AI (artificial intelligence) sector. The efforts of Indian app developers is partly responsible for the successful growth of the industry.
In the past year or three, Artificial Intelligence has become a standard part of tech speak with frequent mentions and constant references. Back in the 90s, the concept of AI was still regarded as science fiction, but today, just two decades later, Artificial Intelligence is a part of our reality.
Most of us have seen The Terminator and iRobot, so undoubtedly some people are concerned about the potential growth of AI, but that’s a topic for another day. Instead, this article will be looking at one-way Indian app developers
are using AI to make our lives easier.
Not only is Artificial intelligence a part of today’s reality, but it also marks the next steps for a lot of our digital interactions for the foreseeable future. The enhanced capabilities of the sensors on our mobile devices make it easier to procure user data, and with that, mobile apps will be better equipped to address user contexts and situations.
As device capabilities and data analytics continue to grow, the strength of Artificial Intelligence will also improve and when that happens, the impact on niches and industries were security and efficiency are the primary focus will be staggering. The biggest beneficiaries of this growth will obviously be the banking and finance apps. In developing countries where mobile apps are not primary importance in their finance and banking sector, it’ll open up a whole lot of opportunities.
As for countries where the use of mobile banking
has reached a record high, AI-based business and finance apps will help to improve user experience and user satisfaction. In a lot of Southeast Asian countries (like India and China), AI-based banking apps will bridge the gap between mobile banking and the users. Already, Indian app developers are using the opportunity to include AI features in several arrays of innovative banking apps to improve customer service. This growing trend is bound to redefine the average user’s banking experience.
The Implications of AI on finance today.
One of the promises – and possibly the biggest – that AI hopes to provide to the financial and banking section are speed, efficiency, and better security for transactions. According to a survey, a good number of banking and financial sector executives have confirmed that they have implemented or are in the process of implement AI in their business.
A lot of organizations have said that they found innovative AI technologies
– such as voice command and recognition, predictive analytics, and algorithms that help with product recommendation – helpful to their current business processes. 32% say that they’ve already adopted some form of AI while 62% say they plan to do so in 2018.
The Difference AI makes to Mobile Banking
The average users pick up his phone 45 times each day. The most prominent medium that businesses use to reach their target audience happens to be a mobile device. Your mobile device now comes with smarter capabilities that allow them better understand user situations and react accordingly. The goal for a growing number of Indian app developers is to implement these intelligence, proactive, and automated abilities into business apps. Banking apps can make use of artificial intelligence to enhance customer reach and improve customer service.
7 Ways AI can Revolutionize Mobile Banking
1. Customer Service
Most service industries make personalization their watchword because mobile devices allow them to serve each customer according to the customers’ needs. This also applies to mobile banking and personalized user experience is available thanks to the vital role artificial intelligence plays.
Here are some of the ways AI pushes for personalization:
- Helping users to navigate the apps and available products using chat box conversation
- Making recommendations based on user constraints and situations
- Notifying users when a new product or service is available using their buying history and behavior on the app
- Recommending financial products using user preference etc.
2. Financial Advisory Services
Customers make use of banking and financial services when they need to make a decision concerning financial planning, insurance, and investments. The AI-based algorithms Indian app developers create have less bias and utilize more data analytics when passing judgment on financial decisions.
3. Financial Planning
Financial planning requires a lot of complicated calculations. These calculations usually need several variables – such as risk factors, individual earnings, liabilities, contingency, monetary inflation, etc. – to be as accurate as possible. For calculations that multifaceted and complex, AI and analytics are much more efficient than a human decision that runs the risk of being exposed to bias and calculative errors.
4. Quicker and More Effective Transactions
Thanks to the efforts of Indian app developers, mobile banking apps that use artificial intelligence can carry out a transaction faster and use fewer resources than was possible. These AI-based apps guide users to their preferred channels without wasting any time or resources. This can, in turn, increase the speed and efficiency of automated and real-time payment processes.
5. Digital Currency
The introduction of digital currencies like Bitcoin
, etc. has caused a merger between the currency itself and the transaction data. In the long run, this should make “physical currencies” obsolete and create a more straightforward transaction process that only requires you to pass a few bytes of digital data.
6. Personalized Notifications
With the aid of AI, personalization the reality for banking and financial apps can be redefined. The analytics and device sensors on your smartphone can pass information about user preference, location, and context to the app. With that, apps can notify users whenever there’s a product or service he/she needs.
When this personalization is in place, users will receive notifications personalized to their need such as an offering of a new product you’ve been keeping your eye on, or a reminder to renew your policy.
7. Blockchain that Offers High-end Security
Last but not least, we have Blockchain technology
, the new open ledger system that put up every transaction information and prohibits changing, tampering, or deleting of this stored data. As more financial companies start making use of Blockchain ledger to save their financial data, you’ll find that financial transactions are more secure than ever. Additionally, security algorithms that use AI will be strengthened thanks to the open access, tamper-proof, multi-layered transaction history.
These are just some of the ways Indian app developers are hoping to use AI to revolutionize the banking and finance sector. And if the trend continues, the way we transact with our mobile banking apps will see a positive change.