With customers moving towards online banking services, banks leverage AI for improving their apps. Organizations are leveraging automation of manual processes across various industries. The banking industry is greatly affected due to the cloud, different open-source tools, cloud computing and adopting artificial intelligence (AI). Although AI is not a newbie in the banking industry, yet there is a lot more to be discovered. Currently, AI is contributing by developing robust software applications using algorithms adding value to the return on investment (ROI). banking and financial service institutions are developing quality apps to support their customers to meet the increasing needs for better financial management. Even though banks leverage AI for better insights, they are still coming up with solutions to make a difference in the banking sector.
Banks are Further Leveraging AI in Software Testing
According to a survey conducted by the National Business Research Institute and Narrative Science, only 32% of financial institutes are leveraging AI technologies including predictive analysis, voice recognition, etc. AI aids in providing a more personalized experience to the customers. Thus, a banking app testing company contributes a great deal to the banking and financial services industry (BSFI). Following are different ways in which AI can make a difference in the coming years in the banking industry:
AI can Improve User Experience by Personalization
Customers prefer secure and personalized banking applications. In the past, most of the bank account holders are not so sure about using banking apps for managing their finances online. But now, financial institutions and banks are focusing on improving mobile and web-apps for personalization.
AI and Automated Transactions
This is a great initiative that can help banks in improving their services. AI can be used to automate bill payments. On a certain date, the app will automatically pay the due bills without involving any human intervention. However, it should have the option to change the date and other parameters, if and when required.
Set Personalized Reminders to Users
AI can be adopted to leverage reminders to the user over their current account balance for better account management. Automated reminders can also be sent for upcoming and pending bill payments.
Automated Updates on Services and Offers
Artificial intelligence can be used in providing updates regarding various services and offers which will promote customer engagement.
AI has already contributed to banking apps by developing chatbots. It can further be utilized to plan future events. AI-enabled banking apps can provide customized solutions for users according to their budget and requirements.
Since banking applications are one of the most complex applications, they need more robust software testing. So, when talking about artificial intelligence, it has done wonders in various business areas. But when it comes to banking and financial services industry, it can be a little complicated. Financial institutions require aligning their data analytics and AI algorithms to improve mobile app performance and quality. Banking app testing companies are working on utilizing AI algorithms to improve banking services and provide users with an improved experience.