How Artificial Intelligence in Mobile Banking is Reshaping The Customer Experience

Banks don’t operate round the clock. But financial transactions all over the world happen every moment. So an ideal bank is one that stays active 24×7 and this is the concept that led to the burgeoning of mobile banking. Then comes the actual trouble. The transactions happen- but what about customer support? Though 24×7 customer support is offered by some banks, the customer support industry itself is evolving now with the adoption of chatbots.

Businesses big and small have continuously adopted Artificial Intelligence in some form on a large scale. The banking industry is one that is slow to join the race. Some feel that the datasets available in the banking sector are siloed while some feel that AI might be a risky bet in financial institutions. There is then the issue of regulatory compliance and lots more making the finance sector itself a little complicated. This is what makes it a little difficult to offer personalized banking experience.

Reduce the workload of the customer support executives

We have seen banks make use of AI in a crude form for ages without even calling it that. There have been automation processes and a lot of other applications of AI integrated into banks and mobile banking. But now we see an explosive growth in this domain. When we talk about the application of AI in mobile banking the main scenario is to allow the customer care associates to concentrate on complicated transactions and interactions with customers and leave all basic operations to the AI system.

If there is a chatbot sitting on the customer facing side, then the chatbot can help the customer by answering simple questions. It can help with all direct operations like opening or closing a bank account, transfer of funds blocking or unblocking a card, applying for services and more.

When the customer chats with the customer care associate over the phone he would have to simultaneously log in from a PC to carry out any transaction that needs assistance. But a chatbot here would be more practical.

The chatbot can provide relevant links so the customer could directly head on to the respective page and finish the process. And the AI system or the chatbot would be available all day to assist the customers and they can be connected to instantly.

Data accumulation for personalized banking experience

Better training of the AI systems can be achieved with better data sets which can again be enriched with the data collected by the AI system itself. It can collect all relevant customer data so that each interaction would be treated a learning process.

This way, when the customer interacts the next time with the chatbot then the system would have evolved to understand the issue and answer better making the whole banking experience more personalized.

The chatbot would be able to access all your financial transaction information and understand the pattern of expenditure. This way the chatbot can suggest suitable products and services that can fetch you rewards for your transactions.

If there is a loan that you are applying or one that you have recently applied then the chatbot can provide assistance in budgeting as well. It can send you notifications about your balance periodically so that you can keep a check on your expenses.

Self-driving banks

AI can help not just in the customer service but also in money management processes. People hate going to the banks and standing in long queues simply to make a deposit or withdrawal from their own account and that was why mobile banking was introduced.

AI can take this one step ahead by helping the customer automate certain transactions. Customer transaction patterns can be observed so that the customer can instantly be notified of any suspicious transactions. This would help identify frauds easily and also take immediate steps to resolve the condition.

After losing a card the customer would no more have to make a call, go through a long authentication process, keep waiting to connect to a customer service rep to simply block the card. With a single ping, the AI system can block the card on request from the customer. It can thus enhance the mobile banking experience.

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