More Personalized and Customer-Centered Financial Services with...

More Personalized and Customer-Centered Financial Services with Artificial Intelligence

By CFO Tech Outlook | Tuesday, April 16, 2019

With keen interest, the financial industry follows technological advances. Early adopters of emerging technologies such as Blockchain were big banks such as JP Morgan. Artificial Intelligence (AI) is a technology that changes the way we live, move, interact with each other, shop seamlessly. The finance industry is beginning to peak at the iceberg's tip.  The development of mobile apps has been a game-changer in financial management. This is becoming a relic of the past to pay a visit to local bank branch, indeed, by 2022, it is expected to drop by 36 percent. Mobile transactions are expected to grow by 121 percent in the same amount of time, eventually making up 88 percent of all banking transactions.

As mobile banking becomes the widespread and omnipresent means of making transactions and accessing accounts, nefarious activities and instances of malpractice and cyberattacks are also rapidly increasing. Mobile apps from Fintech are more vulnerable to cyber-attacks and fraud than any other app across categories and niches. AI can play an important role in preventing such frauds and attacks by enabling more effective monitoring and using more efficient algorithms based on specific customer insights and patterns of behavior. Any fraud control technology's most crucial thing is to get a deep understanding of customer behaviour, interactions, and typical usage patterns. AI combined with machine learning can aid fintech security algorithms with valuable data inputs and insights needed to avoid fraud and intrusion.

With AI, customer service is compelled to be more customer-centered and focused on individual behavior and interaction patterns. When the fintech app can grasp the patterns, preferences, and behaviors of individual customers, the app literally works as a financial advisor to assist the customer make payments faster and with the least difficulty.

Chatbots are becoming increasingly smarter with more scope than ever to provide personalized suggestions and solutions. Intelligent chatbots able to serve customers like personal financial assistant will soon become a trend, and in the near future it can take over the entire industry. Intelligent chatbots able to serve customers like personal financial assistant will shortly become a cultural shift, and in the near future it can take over the entire industry.

In the financial industry, AI is here to remain relevant and grow. Naturally, this technology has to be used by all fintech apps today or tomorrow. Although it can't replace people until now, it can make financial services more personalized and customer-centered than ever.

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