Top Mobile App Development Technologies That Will Reshape Mobile Banking In The COVID-19 Crisis
Nowadays, the world is facing a COVID-19 crisis. It causes a recession in almost every sphere, though promotes tougher competition for every customer and, as a result, encourages the adoption of emerging technologies like IoT, AI, Blockchain, and others.
The banking sector is no exception. It’s especially true in the time of lockdown when customers can’t physically attend the banking facilities. Banks are searching for an efficient way to attract more clients, improve their customer experience, and provide personalized service. It is possible with the help of a mobile banking app. Therefore, financial institutions are seeking mobile application development services now more than ever.
In this article, you’ll discover how emerging technologies reshape the mobile banking industry during the COVID-19 crisis.
The Future of Artificial Intelligence in Mobile Banking
Artificial Intelligence (AI) has already been implemented in the banking sphere. It helps to accelerate data processing, improves data storage and sharing in cloud computing, and automates routine operations within banking systems. All that has a significant impact on the entire industry and helps banking institutions to stay competitive in the market. According to recent Accenture research, AI will generate $1.2 trillion in the financial industry by 2035.
While financial institutions have been using AI for their inner banking needs for some time now, they have only recently started to broadly implement the technology in their customer service apps. Here is how AI can improve a mobile banking application:
Integration of Virtual Assistants
Voice assistants are becoming a new norm in banking. OCBC Bank in Singapore, The Royal Bank of Canada provide their users with Siri for e-banking operations, HDFC relies on Amazon’s Alexa services, and Bank of America’s has presented its own AI-powered virtual financial assistant with more than 12.2 million users reached in 2020.
The AI personal assistants help clients with their finances in many ways. They can report on bank account balances, perform money transfers, pay bills, and handle credits. There is no need for customers to manually insert data or concentrate on reading app messages. Now, every operation can be done on the go with voice commands.
Besides that, voice technology is a source of valuable data insights for banking institutions. They can learn more about their customers’ behavior and needs. As a result, banks can provide their clients with better and more personalized services.
AI helps to personalize mobile banking apps for each client. AI studies customers’ behavior and based on the results provides app users with personal, high-quality service. AI in mobile banking apps can offer:
- Improved customer support. By gathering and analyzing customers’ data, AI algorithms put the most relevant and necessary data at users’ fingertips. They don’t need to search through an app or a website’s FAQ for answers, all the data can be retrieved within several clicks.
- Personalized advising. AI technology can generate a personal portfolio for each client and based on this data it can provide professional advice on how to manage their accounts better. Also, AI-driven chatbots can help their users to plan events in the future or adjust their spending strategies, depending on their needs. For example, chatbots could advise on how to start saving up for a car or a house.
- Automated transactions and reminders. Mobile banking app users can configure their apps at their own discretion. For example, they can automate bill and tax payments according to certain dates or set up budget-based reminders to not exceed the spendings.
AI algorithms help banks to better analyze their customers. They can study clients’ financial history, credit stories, their approximate income and provide banks with detailed insights on any potential risks involved in the loans.
Moreover, AI technology effectively identifies fraudulent behavior patterns. By detecting and analyzing suspicious activities in real-time, AI algorithms can protect banks and users from scams and frauds, making banking services safer.
Numerical codes are slowly becoming a thing of the past. Modern technologies provide quick and secure biometric authentication patterns. For example, by using fingerprints, face or voice recognition technologies, users can get into their apps easier and pay faster.
Lloyds Banking Group plc, Australia and New Zealand Banking Group, and Citi Bank in Thailand, Australia, Hong Kong, and other cou