(Newswire.net — August 19, 2021) — Mobile banking is getting more active and quicker. However, this would not have occurred without artificial intelligence-based developments and mobile banking app development:
- It is with their help that changes are offered at such an unbelievable speed;
- If 10 years ago someone would have said that you can withdraw cash from an ATM without a card, then people would just turn their thumbs at their topes.
The growth of biometric authentication
If today in some banks it is possible to cash out money, having only a phone with you, then in a few years, perhaps, it will be enough to put your finger on an ATM. This year we should expect the heyday of biometrics in the financial sector. In many banks, you can already submit your biometric data. Most often, a face image and a voice are required, which can then be used for remote identification in order to use banking services without visiting the bank.
Identity verification in the early stages
Fraud is a serious problem in the banking sector, and modern technologies are aimed at eradicating it in the modern world. Dan Barta, principal banking fraud consultant at SAS: «Early Identity Verification Minimizes Fraud. Those banks that use data collected from a consortium of financial institutions around the world will have a significant competitive advantage. The data collected through crowdsourcing will enable financial institutions to track digital identities and transactions across multiple organizations and regions at once. This gives them a better understanding of the device that is trying to log in to the system and the person behind it. Artificial intelligence-based developments will help financial institutions make more effective decisions in real-time, preventing fraudsters, but at the same time will be completely invisible to a simple client».
Leveraging Data to Benefit the Customer
Being able to work with data is cool, but you require understanding why it is being originated. Plus the main thing is the comfort of the top consumer. David M. Wallace, Global Financial Services Marketing Manager at SAS: «The most important mobile banking technology is not so much the applications themselves as the artificial intelligence and machine learning algorithms that are hidden behind them. In a recent study by BAI Banking Outlook, only 34% of banks said they always use data to create new ways to make their services easier to use. Perhaps this is why in the same report 52% of millennials said they are easily willing to trade banks for the best mobile apps. The study also showed a decrease in the NPS consumer loyalty index for cross-selling: it fell by 14%. But in this case, the indicator, on the contrary, should increase. To do this, the bank needs to constantly analyze data on transactions and the use of its products». Read more on https://fireart.studio/mobile-app-design-services/
Concentrated Apps and New Payment Methods
Why keep 5 apps on your phone when everything is available in one? In 2021, we will definitely see a concentration of different mobile banking services in one place. Mark Ranta, head of digital banking at ACI Worldwide: «Looking at today’s technology, you can see a variety of AI-powered planning services, new forms of lending, and new payment methods that are different from what we are used to. All this is already on the market! Also, I think we will see even more convergence or partnerships that combine the functionality of multiple applications in one».
Dominating Voice Banking
After a while, consumers won’t need a keyboard: all commands will be available for voice operation. Banking is also not lagging behind the trend, which means that in 2019 we will see a real breakthrough in this area. Ed Price, director of compliance at Devbridge Group: «Many experts are convinced that within two years, voice work will dominate the technology world. By 2020, 50% of all Internet searches will be generated by voice. Those companies that cannot work with him will hopelessly lag behind their colleagues. Those who remain will have to do a lot more than just optimize their audio search: they need to create a complete voice user interface».