Artificial Intelligence (AI) is being used significantly in banking and mobile banking. Companies are able to create powerful systems with AI implementation to serve their customers more effectively. Keep reading to find out more!
Artificial Intelligence
Artificial intelligence is a group of related technologies such as machine learning, language processing and expert systems. These technologies together can understand and behave similarly to the human brain. In simple terms, AI is the incorporation of human intelligence into machines.
Artificial Intelligence in Mobile Banking
Customers wish to use their banking 24/7, this demand is effortlessly satisfied via mobile banking. However, while mobile banking allows for things such as transactions to be done around the clock, what about things such as customer support? This is where AI comes to the rescue. With its predictive capabilities, AI can enhance mobile banking for a better user experience.
Transforming the Customer Experience
The implementation of AI into mobile banking improves the customer experience significantly; especially when it comes to personalisation. Below we will discuss some of the ways AI can help with personalising mobile banking for a better experience.
Personal Planning:
AI is able to provide customers with plans for their futures, for example if a customer was purchasing an expensive item, the app can budget for them for future expenses.
Security Customer Support:
Customers now expect practically immediate assistance, whether it is for a product they bought or for services such as banking. In mobile banking, using AI’s capabilities of gathering data, using analytics and machine learning provides users with quick assistance. For example, chatbots allow for information to be provided fast, and questions to be answered in real-time.
Advising:
Personalised communications enabled by AI can provide customers with robo-advisors who can give personalised data driven advice without the need of human interaction.
Personalised Reminders:
Reminders can be set up to remind users of their spending, upcoming bills and other expenses. Users can also set up a weekly or monthly spending limit and be notified when they are about to use up their budget.
So why do all these features matter?
The ability to give customers the sense of complete control over their banking, significantly increases their customer satisfaction. This in turn affects their customer loyalty. Not only that, but implementing AI into mobile banking also saves you money, by automating tasks that usually take hours of human effort.
Remaining Relevant in Today’s Mobile Banking App Market
As more and more banking companies implement technology into their mobile banking apps to improve their customer experience, the more imperative it is to start implementing AI now. The ability to understand user’s behaviours, gives financial institutes a competitive advantage; delivering better experiences with reduced costs, risks and increased revenue.
Start revolutionising your mobile banking app today! Contact us and we at xEnabler can help you every step of the way.