Artificial Intelligence markets are surging worldwide. By the end of 2021, global markets are expected to reach up to $327.5 billion. According to experts, AI is expected to have a massive impact on global economic activity in the coming years. This technology spans different departments of a business, including online payment processing and inventory planning.
One of the major sectors that AI is set to have a lasting effect on is banking. In this blog post, we take an in-depth look at how AI in mobile baking can transform the customer experience.
Presence of AI in Mobile Banking
About 14.2 million US citizens use digital banking as their primary banking option. This means that mobile banking solutions require user-friendly interfaces for improved customer experience.
While AI has always been present in banking processes, the need for it has increased exponentially based on the user demand for mobile banking apps.
Users, in general, find online payment processing solutions to be more convenient rather than having to go to a physical bank. With such customer preferences, the demand for AI in mobile banking is expected to rise to a great extent.
Creating a Personalized Experience with AI in Mobile Banking
According to a survey conducted in the US, about 90% of the respondents mentioned using mobile banking to check their account balances.
AI provides robust and reliable solutions for mobile banking. With the presence of large data streams and automated processes, AI offers an enhanced customer experience overall. For instance, the use of AI allows businesses to leverage mobile analytics. This gives them insights into user preferences, buying behavior, etc., allowing companies to create a more personalized customer experience through different mobile banking features.
Some of the more prominent features that excel with AI are customer support, personalized planning, automated payment processing solutions, wealth management, and personalized reminders.
What the Future Holds For Mobile Banking
Feature-rich mobile banking apps are on the rise with extensive use of AI. The AI bank of the future will offer intelligent mechanisms that will promote automation, consistency, personalization, and accessibility for users.
Transforming Payment Systems and Mobile Banking With Galalee Software Solutions
Mobile apps are revolutionizing the way the banking sector works. With more emphasis on digital banking through mobile apps, there’s an ever-growing need for robust software solutions. Galalee Software Solutions is here to make mobile app development easier for you.
Reach out to us to build a compelling mobile banking app that enhances the customer’s experience and boosts productivity for your team.
