Artificial Intelligence AI In Banking and Finance
AI In Banking & Finance Industry: Applications, Benefits and Future
Top Use Cases Of Artificial Intelligence In Banking and Finance
Artificial Intelligence (AI) is a trendy concept in this digital business world. AI, Machine Learning, Natural Language Processing (NLP), Speech Recognition, and Predictive Analytics have become significant assets for creating innovative and smart digital applications. Autonomous vehicles, self-driving cars, virtual assistants, and smart voice-recognizing applications are all a few innovations in AI technology.
Depending on the industry type, there are diverse business applications of AI. One cannot predict the growth and impact of AI technology in transforming business processes across various industries. In this article, we would like to give you detailed information on the top use cases of AI in the banking and finance sector.
Take a look at a few popular applications of AI in banking industry.
Top Uses Cases Of AI In Banking and Finance Industry
The major role of AI in banking and finance sector is to entirely automate the customer-to-banking interactions. The use of AI in banking is increasing for improving the operational efficiency and customer experiences. Here are a few best applications of AI in banking sector.
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Virtual Customer Assistance
It is one of the top benefits of AI in mobile banking app development. Cost-saving AI chatbot applications are increasingly using across industries, including the banking sector.
AI-based digital chatbot assistants will better understand the voice or text commands of the customers and respond with accurate answers as a support executive does. Hence, AI in banking automates customer care services, increases loyalty, and boosts brand value.
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Fraud Detection
The use of artificial intelligence in banking for fraud detection will take your services to the next-level. Using the power of pattern recognition techniques, AI in banking and finance will derive irregular patterns in customer behavior and detects fraudulent actions seamlessly. Hence, intelligent AI apps in banking prevent unauthorized access to user accounts.
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Automates Insurance and Finance Processes
Process Automation is one of the major benefits of AI in the banking and finance sector. Artificial intelligence applications in banking are gaining popularity in auto-insurance or credit lending operations. Unlike legacy banking systems, AI in finance and banking is processing insurance claims and checks the credit eligibility within seconds all through an automated process.
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AI For Cybersecurity
It is one of the top benefits of using AI for banking. AI plays a major role in security information systems and maintaining privacy across the network. AI has the potential to detect unauthorized access and prevent cyber-attacks with ease. Using powerful encryption techniques, AI prevents information systems from being hacked and ensures high-level security to the data from internal or external breaches.
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Business Analytics & Reporting
It is the best use case of AI in the banking industry. Leveraging the power of predictive analytics and machine learning capabilities, AI banking applications can monitor market trends and generates incredible sales opportunities.
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Customizing Products/Services
It is one of the top benefits of AI in banking and finance sector. AI is being applied in banking apps for delivering personalized banking/financial recommendations to customers. By retrieving patterns from the customer’s behavior and in-app browsing history, AI banking apps for Android and iOS offer personalized product or service recommendations. Such a smart approach will play a greater role in grabbing the user’s attention and increasing the lead conversion rate.
These are a few top benefits of using AI in banking and finance industry. Further, Budget management and data management as per regulatory compliance are other top benefits of Artificial Intelligence in Banking and Finance sector. Hence, embracing AI for banking app development is the best choice to stay competitive in this digital sphere.
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The Future Of AI In Banking and Finance Sector
Driven by its intelligent capabilities and a range of automation abilities, AI adoption in banking and financial services sector is on the rise. According to the market research reports, the global market value of artificial intelligence (AI) in banking industry is expected to reach USD 293 billion by 2030 from USD 90 billion in 2021.
The below figure reflects the market value of AI in banking industry by region:
The above figure reflects that the future of AI in banking industry would be promising. Apart from streamlining business operations, AI-based banking mobile app development will help banks to offer top-notch digital experiences to their customers.
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How Much Does It Cost To Develop AI-based Mobile Banking App?
The cost of Banking App Development using AI technology will range from $70,000 to $100,000. But, banking app development with advanced features, complex app design, and integration of next-generation technologies like AI or Blockchain for high-level security and personalization, the mobile banking app development might exceed the estimated costs.
Here are a few significant things to consider for developing a budget-friendly mobile banking app:
Things To Consider In Mobile Banking Application Development Using AI:
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Simple UI/UX
Top Mobile App Development Companies in USA or India should focus on designing simple User Interfaces to make the application easy to access and use. Simple UI ensures better user engagement and improves user experiences.
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High Security and Privacy
Banking apps need to provide high-level security to the sensitive information of the users. Custom mobile application development companies should develop AI apps with encryption technologies that monitor transactions and other activities of the users 24*7.
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Regulatory Compliance
Integration of AI technology in banking apps will help in making the application a regulatory complaint. AI’s deep learning and NLP techniques will track and identify the new data privacy and regularity rules that apply to their businesses. It will improve the efficiencies of compliance systems and make the data compliant with the rules and regulations.
Conclusion
AI in banking app development is a good strategy to digitize your banking services. As we discussed in this article, AI in banking or AI in FinTech will help banks and financial services companies in automating routine tasks, reduce operational costs, and improve customer services. On top of all, AI banking apps ensure high-level security to the entire online process and increases customer loyalty.
On the other hand, mobile banking apps are the best assets for users to instantly view their balance, recent transactions, online bill payments, instant fund transfer, account opening, service requests, and many more through AI-powered banking apps. Such intelligent features are deriving more attention and demand for mobile banking applications.
If you are looking to hire a leading AI mobile app development company, Hyena is your right app development partner. Hyena is a top mobile app development company in USA and India. We are experts in the design and development of custom software applications for Android, iPhone, and Web OS.
We offer Android app development, iOS app development, and AI/ML app development services and solutions for banking, Fintech, manufacturing, retail, e-Commerce, and many other sectors.
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