From Siri in the phone to Netflix recommendations on Smart TV, the Artificial Intelligence technology is revolutionizing our lives. It has become the hottest technology of the present time. Every small to medium businesses- from food chains to personal fitness centers are employing this technology to reap higher benefits. And finance industry is not at all lagging behind. Finance companies are also hiring the top mobile app developers to invest in this technology and enjoy its perks. Before we begin to delve the benefits of Artificial Intelligence in Finance and Banking sector, let’s have a quick recap of what is it all about.
Artificial Intelligence (AI) is a fusion of three state-of-the-art technologies, namely Machine Learning, Natural Language Processing (NLP), and Cognitive Computing. The main idea behind this technology is to mimic the human intelligence and provide better communication between the humans & machines.
In the war of gaining a competitive edge in the marketplace, it is quite tough to rely completely on humans. The humans have a limit to the speed with which they do any task. They can’t act with the speed of light to deliver an impressive experience to multiple users at the same time. However, human intelligence machine can do this. And this is the prime reason they are gaining such a huge traction in the market.
Following are some of the benefits finance and banking industry is enjoying with the help of AI:
The banking sector is adopting the AI technology to enhance its support system and offer better value to users. The AI-based customer service Chatbots are imitating the human interactions and providing them desirable information/result in no time. This feature is helping users with relevant information and in tasks like recovering passwords. This way, it is cutting down the workload of financial specialists, empowering them to focus on more crucial tasks.
“Artificial Intelligence allows us to offer an experience that doesn’t require our customers to go through several pages on our website; they can easily get the information through simple conversations. This is a great time-saving convenience for busy users who are already using Messenger.” - Steve Ellis, Head of Wells Fargo’s Innovation Group
Fraud detection is one of the key areas excelled by Finance world with the implementation of Artificial Intelligence. The AI equipped apps easily identify the fraudulent activities and alert the customers. It also helps payment providers and retailers in examining and securing financial activities in connection with their firms.
The Artificial Intelligence plays a significant role in assisting the users to choose the right plan for them. Using the data from the past activities of the users and offers from banks such as credit card plans, investment policies, funds, etc., the AI-enabled mobile applications are offering the most optimal recommendations to the users.
This feature is the core factor behind the revenue growth in the major banks and so, is highly in demand by many other entrepreneurs. If you are also in the finance business, reach to the top mobile application development companies today!
The users love automation and the opportunity of running timeline crucial tasks. Because of the same, the AI-based applications are ruling the industry. At Appinventiv, our adept mobile app developers have built various projects based on automated functionalities.
Various finance companies are implementing the AI based personalized reminders into their mobile apps. Just like an alarm clock, these reminders remain active for a certain period of time to enable users to perform a particular task on time. This feature is helping the users in renewing their policies and other such financial transactions before the time passes.
Artificial Intelligence is heavily influencing the market, especially the finance industry. The industry’s leading giants have already begun to enjoy its benefits, setting a new stage of the competition. If you are a finance or banking corporation, it’s high time to hire the best mobile app developers and get your own AI-integrated app. Otherwise, you might find difficult to remain on the apex of the market.
Shivam Srivastav is Marketing Communications Manager at Appinventiv, one of the fastest growing mobile app development companies with 230+ ‘top-notch’ apps in app stores. He is passionate, adept and works in collaboration with the top mobility experts to cater the mobile app development requirements of clients across the globe. He strives to discover new possibilities and always come up with cost-effective strategies. Besides working on the taking the brand to a considerable height, he loves to share his knowledge with others.