Guest Post | Nov 21, 2022

Image: Freepik/adrianik.h90

Artificial Intelligence (AI) and Machine Learning (ML) techniques have been taking over the app industry for some time now, with app development companies in Toronto recommending them as default during app building.

Banking is one of the oldest institutions, so taking some of the older processes and having them completed by modern technology is no small feat.

Today, we’re looking at how AI has revolutionized the apps within the banking industry and what tangible benefits its customers are seeing.

24/7 Availability

Firstly, with the rise of the chatbot on sites and apps helping customers with common queries and issues, banking is now seen as a 24/7 process.

Banking apps before AI made banking accessible with customers no longer tied to the ancient opening times of banks. But when customers needed support or help with their transactions, they were still required to wait for a more socially acceptable time before they could speak to someone.

AI chatbots included in banking websites and apps have changed this for good. These chatbots pick up on keywords and learn from the outcomes of customer interactions, providing the end user with a suitable answer or solution to their query outside of working hours.

Obviously, AI is sometimes flawed, and this only sometimes caters to the nuance of some banking queries. Still, it can reduce the number of person-to-person interactions required when dealing with customer queries by pointing them to valuable resources and educational content, which in turn, reduces the cost of the customer service team.

Educational Content For Finances

AI can bring a new perspective to banking for users by assessing a personal or business account’s spending habits and showing trends to that user.

Apps incorporating AI into their code can generate budgeting and financial planning recommendations from assessing this and can then educate on how to improve finances for the account holder.

These kinds of features have given certain online and digitally savvy banks a competitive edge over their rivals. Especially with the rising cost of living worldwide, alerts and financial planning included as default with your banking app are sought after.

Royal Bank of Canada’s NOMI (pronounced know-me) service is an excellent example of educational content using AI.

Automated Processes

Finally, AI has been making waves by automating processes that previously could not be automated.

For example, AI can now complete ID checks during the account opening process using facial recognition and accessing databases. These otherwise manual processes can be completed in seconds with AI rather than minutes by a human teller.

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Using critical problem-solving skills, AI can detect fraudulent activity, cancel transactions, and open current and savings accounts for users. Offering suggestions for users on which offering would be most beneficial to your financial situation.

These developments are just a few of AI’s incredible benefits in the banking industry. With more being worked on as we speak, it’s safe to say that we should watch this space for more banking advances and keep an eye on other industries for more AI development.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/how-ai-has-revolutionized-the-canadian-banking-industry/