Fintech. AI in banking
About 10 years ago, post the financial crisis, you had a lot of people, essentially newly minted computer science graduates that were looking for jobs or were essentially redundant and not required.
At the same time, we’ve seen the dawn of cloud computing. This included a mix of people highly skilled when it came to banking, people very technically skilled and a low barrier of option for technology. This created what we’ve come to know as the fintech revolution.
The birth of personalized banking
China is faster and ahead of everyone when it comes to fintech. Tim Scarfe from Microsoft talks about how the Chinese are ahead of the fintech game.
Let’s turn back the reel to 7 years back.
Seven years ago, mobile phone applications were the new horizon, and we’ve all have over at least 50 different applications installed on our phones, however after a while, these applications bored us over time which directly resulted in us spending more heinous scroll time with it came to social media apps.
It’s a simple formula. Redundant apps that bore you on your phone is directly proportional to a higher usage with your social media and messaging applications.
Capitalizing on this trend and shift in how we use mobile apps, Paykey served as that need for customers and looked to fill that void when it came to personalized banking services through the use of new technologies.
Paykey is essentially a Mobile Banking Keyboard, customized for each customers’ unique branding, flows, and services.
Banking technology integrated into your keyboard inside an application. What does this mean?
Banking in a digital AI age
Well, let’s try and introduce a scenario.
You and Jack are good friends. Jack pays for your coffee on the regular, you want to pay Jack back for the coffee. You do what any normal person that been touched with great technology would do.
You’d pull your phone out, a little introductory message to Jack, something on the lines of, “Hi” or “Good morning, Jack”. You then proceed to ask him how much coffee was and that you would like to pay him back. Once you’ve said this, Paykeys’ banking icon would pop up on the keyboard and you are able to make that payment instantly.
It’s not just China though. Many banks are hiring AI officers that will help oversee AI-powered banking. Do these banking platforms live up to the hype though?
AI helps banks solve problems faster
Banks are looking at a better way to reduce costs and build better banking experiences for the customers. From meeting margins to better-personalized experiences all roads lead to AI when it came down to solving these problems.
We see banks, old and new embracing AI technologies, according to a recent survey by the National Business Research Institute, over 32 percent of financial institutions use AI through voice recognition and predictive analysis.
Data is gold
With the amount of data available to study when it comes to understanding people better, it was almost inevitable and a match waiting to happen people talked of banks and AI working together. This couple with the fact that we’ve got an app for almost everything, the dynamics have changed tenfold, this huge shift has enabled the banking sector to utilize the power of AI, integrating it closely with their business.
Meeting our bankers’ demands gets a lot harder, the more people you’ve got banking with you, the more employees you need when it comes to meeting your customers’ demands.
More bankers = more employees.
You’ve got to always be there for your customers. Banks are looking at gathering data from user devices through AI-based relay information using ML to direct more people to the source.
Technology that transforms
With AI integrated into our banking, we can improve banking experiences drastically. From better offers, richer insights, and a better understanding of user behavior and requirements.
Banks have essentially armed themselves with technology that helps them understand you, a banker, better.
We’ve got wealth management services that utilize the power of AI when it comes to advancements or capturing the necessary data. It’s as personal as it gets with artificial intelligence integrated banking. With sound guidance, a customer can make an informed decision when it comes to almost anything, from car loans to even personal loans.
Online fraud is possibly a bank’s biggest fear, it’s a huge concern. It’s close to impossible to manage internet security manually, and that too with outdated / legacy systems.
As of today, most banks have already deployed machine learning and deep learning combined with precise predictive analysis, allowing them to examine and study all real-time transactions. Machine learning is seen as that Mecca when it comes to safe and secure banking.
Handing out loans is a primary function when it comes to banking.
Lending is essentially a data-driven task. It’s a perfect little place for machine learning to showcase all it’s potential.
With effective artificial intelligence integrated, banks can easily look at a customer’s credit history. With all that data to study, banks can make better decisions on who to lend money to.
AI study’s all the data in mere seconds, only then is a coherent decision made. According to most experts, banks today look at creditworthiness as one of the primary everyday applications of AI.
Choose your interface
Whether you’re in banking, e-commerce or finance, with interface you’re looking at seamless integration with existing enterprise systems allowing your business to enable rapid time to market for CRMs, IVRs, and other systems.
Whether you’re a startup or a business that’s arrived, what’s always held true is that every business wants to streamline its process; improving the productivity of its sales and marketing team, maybe interface is the answer.
Click here to see how even your interface can be better.
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