bankingciooutlook

Tips to improve customer experience by AI-powered mobile banking apps

By Banking CIO Outlook | Tuesday, December 04, 2018

Banking sectors today are embracing artificial intelligence (AI) to stay alive in the growing competition. Creating successful artificial intelligence strategy paves the growth for the banking institutions. Banking sectors’ increasingly turning to AI and machine learning is making the picture clearer of what it takes to be successful with real-world AI.

Following are some of the ways how AI enhances customer experience through mobile banking applications:

Analytics and AI-driven Banking: Banking sector should advance itself with the adaption of the artificial intelligence (AI), machine learning, and predictive analysis which allow customers to have features as bill payment reminders, recommendations on savings, expenditure analysis, credit management and plans of investment through mobile applications (apps). The apps also make customers engaged with the banks constantly and regularly. Banks nowadays provide virtual assistance to the customers with the help of AI which saves their time and money by allowing customers to solve issues at home or workplaces.

Simplification: People sometimes find it difficult to access their accounts and billing related issues through online banking. Every day bankers get hundreds of calls from people who are not able to solve their banking problems. Banks should provide customers with the simplest user interfaces, and transparent transactions processes always attract customers to enhance mobile banking more.

Security: People now prefer online banking more. With so many people going online for managing their accounts, banks are rising with the massive amount of data every day. Hackers, fraudsters are lured to the banking sector industry because of its surging of sensitive personal information of the customers. Customers are heavily relying on the banks and banks should make their personal information intact. Banks should take the help of AI or machine learning as AI is able to detect breaches and resolve it quickly.

Mobile-banking is changing the way of interactions of banks with their customers. As customers trust the banks with their money and information banks should take help of AI technology to make the trust unhurt. If the banking industry comes up with the proper AI team and plans, the industry will flourish by immense growth.

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