Future of AI in Mobile Apps
AI in money transfer apps will grow. Technology is getting smarter and the benefits are more visible now – better security, better customer service, cost savings.
The future of AI in mini apps looks good. With AI, transferring money, detecting fraud and customer service becomes easier and faster. As AI evolves we will see more of how we manage our finances through mobile apps.
What is Artificial Intelligence (AI)?
AI or artificial intelligence is really going to disrupt the business world in the next 10 years. It’s a combination of different tech that can do things we need people to do such as talking to customers, operating machines, hiring staff, creating new things and services and future generations. Planning for
But AI isn’t just something we’ll see in the future it’s here now. You know when you talk to Siri? It is an AI. Or when you play an online game and get beat by the computer? Again, this is AI. Businesses are using AI to learn what you do so they can make more money. Think about a store before you know what you want to buy. AI lets computers watch how you shop, predict what you want next and buy it for you.
Ever talked to a robot about opening a savings account? Or receive a call from your bank to verify a credit card payment? This is AI in action. It’s everywhere and all kinds of businesses are thinking of using it, especially banks and other financial institutions.
AI has made things easier, done boring jobs for us, improved customer service and made more money. Business Insider even thinks that by 2023, AI could save banks $447 billion.
Most banks (80%) know that AI can be a big help. But since COVID-19 happened, it’s become even more crucial. The pandemic has shaken the financial world and pushed businesses to go digital.
Mani Nagasundram, a senior at HCL Technologies, said in an article recently that COVID-19 has forced banks to respond to customers fast and all the time. AI can help by doing some work, making things safer and pushing businesses towards new tech and ideas.
Forbes says 70% of financial institutions use machine learning (a type of AI) to predict when cash flow events will happen, change credit scores and detect fraud.
Read on to learn 15 ways finance is using AI, how financial companies are using AI, the ethical questions around it and what to expect from this growing industry.
AI in mobile money transfer apps
AI or artificial intelligence is starting to disrupt many industries. One of them is banking. Although it’s still new, we’re already seeing more and more AI being used in banks and other financial institutions.
One in three bankers and people in finance have already started using AI in their systems and apps. They’re using predictive analytics and voice recognition to see how customers search, understand what they like and delight them.
Instead of creating new mobile banking apps, nearly half of banks are adding AI features to their existing apps. For example, Royal Bank of Canada has added a Siri-like feature to its existing app for iPhones. The bank thinks adding AI to apps can make online banking easier and they can help customers anytime.
Adding voice recognition assistants like Siri to banking apps can be really useful. These assistants can remember when you need to pay off debt, keep track of when bills are due and view transaction history. Voice recognition can simplify tasks for users while keeping things secure.
So, banks everywhere are looking at how they can use AI in their apps. They want to improve customer experience and keep up with the competition in a digital world. As we move forward, we’ll see more and more AI in banking and better and easier solutions.
AI in Mobile Money Transfer Apps
AI or artificial intelligence is changing the way we move money. It’s now a key part of mobile money transfer app and makes them better and easier to use. These apps use AI:
Cybercrime and Fraud
Security is key when you’re moving money. AI can help keep things safe by detecting unusual activity. It can learn patterns that may indicate someone is trying to steal money, add extra layers of security.
Chatbots in banking apps
More and more banking apps are using chatbots. These are virtual assistants who can answer questions, provide information and they even guide customers through transactions. They are always available which is much more convenient than traditional banking.
Loans and borrowing
AI can look at a user’s financial history and current situation to see if they can repay loans. This makes loan decision making faster and more accurate.
Market trends
AI can look at a lot of data to understand and predict what will happen in the market. This can help customers make better decisions on their investments and reduce the risk of losing money.
Data collection and analysis
AI is good at collecting and visualizing lots of data. It can track how a user spends money, how much they earn and more to give personalized financial advice or recommend banking products.
Customer experience
AI can really improve the customer experience. It can speed up transactions, make personalized recommendations based on user activity and offer 24/7 customer service through chatbots.
Risk management
By looking at market trends and a user’s financial situation, AI can predict potential risks. This helps users to avoid problems in their financial planning.
Banks follow the rules
Banks have to follow many rules and regulations. AI can make sure they do this by looking at transactions and looking for anything that breaks those rules.
What will happen in the future
Predictive analytics uses data to predict what will happen in the future. In banking it can predict future spending habits or market trends. These predictions can help customers manage their money better and make better decisions.
AI automates banking
AI can automate many banking processes like transferring money, checking balances and applying for loans. Banking will be faster, more efficient and less error prone.
AI is used in many ways in mobile money transfer apps. It keeps things safe, improves customer service and makes accurate forecasts. As AI gets better and better it will be even more important in banking.
Statistics on AI in Mobile Money Transfer Apps
Artificial Intelligence (AI) is being used in mobile money transfer apps, but as of early 2023, the percentage of consumers using AI in digital payments is low.
AI or artificial intelligence is being used more and more in apps for moving money. But as of early 2023, not many are using AI in digital payments yet.
Mobile payments are growing fast. In 2021, people did $1.7 billion worth of transactions which is 27% more than the previous year. In China, more than 50% of transactions at point of sale were from mobile wallets.
Chatbots powered by AI is becoming more common in finance. In 2022, 37% of the US population talked to a bank’s chatbot. This will grow.
Voice search which also uses AI is getting popular. 50% of mobile users in the US use it daily.
When it comes to apps for moving money, 69% of smartphone users would rather use an app than a website to send money to someone else.
Machine learning which is a type of AI is being used to predict when fraudulent transactions will happen in mobile money transfers. Read more about this here.
By 2023, banks can save $447 billion by 2023 using AI applications.
Although 1.7 billion people around the world still don’t have access to safe, reliable and convenient financial services, 31 emerging markets have seen growth in digital financial services. This is partly because of AI.
These stats show AI is becoming more relevant in mobile money transfer apps. Although not many are using it yet, the benefits – better security, improved customer service and big savings for banks – we will see more of it.
FAQs
What does AI do in mobile payments?
AI makes mobile payments safer by detecting fraud and chatbots and voice commands for customers.
How does AI affect the financial industry?
AI speeds up data analysis for better decisions, predicts market trends, automates trading, provides personalized advice and uses chatbots for customer service.
What does AI do in finance?
AI detects fraud, manages risk, helps customers, gives financial advice and automates tasks.
How does AI impact finance?
AI secures, improves service, automates, saves and supports better decisions.
