Artificial intelligence is transforming mobile banking by providing 24/7 customer support through chatbots that handle basic inquiries and transactions, allowing human associates to focus on more complex issues. The use of AI enables personalized banking experiences through data accumulation, improving the training of systems while enhancing user interactions. Additionally, AI tools can automate transactions, monitor customer patterns for fraud detection, and streamline processes like card blocking, significantly improving customer convenience.

1. How Artificial
Intelligence in Mobile
Banking is Reshaping The
Customer Experience
QSS Technosoft

2. Banks don’t operate round the clock. But financial transactions all
over the world happen every moment. So an ideal bank is one that
stays active 24×7 and this is the concept that led to the
burgeoning of mobile banking. Then comes the actual trouble. The
transactions happen- but what about customer support? Though
24×7 customer support is offered by some banks, the customer
support industry itself is evolving now with the adoption of
chatbots.

3. Businesses big and small have continuously adopted Artificial
Intelligence in some form on a large scale. The banking industry is
one that is slow to join the race. Some feel that the datasets
available in the banking sector are siloed while some feel that AI
might be a risky bet in financial institutions. There is then the issue
of regulatory compliance and lots more making the finance sector
itself a little complicated. This is what makes it a little difficult to
offer personalized banking experience.

4. Reduce the workload of the customer support executives
We have seen banks make use of AI in a crude form for ages
without even calling it that. There have been automation
processes and a lot of other applications of AI integrated into
banks and mobile banking. But now we see an explosive growth in
this domain. When we talk about the application of AI in mobile
banking the main scenario is to allow the customer care associates
to concentrate on complicated transactions and interactions with
customers and leave all basic operations to the AI system.

5. If there is a chatbot sitting on the customer facing side, then the
chatbot can help the customer by answering simple questions. It
can help with all direct operations like opening or closing a bank
account, transfer of funds blocking or unblocking a card, applying
for services and more.
When the customer chats with the customer care associate over
the phone he would have to simultaneously log in from a PC to
carry out any transaction that needs assistance. But a chatbot here
would be more practical.

6. The chatbot can provide relevant links so the customer could
directly head on to the respective page and finish the process. And
the AI system or the chatbot would be available all day to assist
the customers and they can be connected to instantly.

7. Data accumulation for personalized banking experience
Better training of the AI systems can be achieved with better data
sets which can again be enriched with the data collected by the AI
system itself. It can collect all relevant customer data so that each
interaction would be treated a learning process.
This way, when the customer interacts the next time with the
chatbot then the system would have evolved to understand the
issue and answer better making the whole banking experience
more personalized.

8. The chatbot would be able to access all your financial transaction
information and understand the pattern of expenditure. This way
the chatbot can suggest suitable products and services that can
fetch you rewards for your transactions.
If there is a loan that you are applying or one that you have
recently applied then the chatbot can provide assistance in
budgeting as well. It can send you notifications about your balance
periodically so that you can keep a check on your expenses.

9. Self-driving banks
AI can help not just in the customer service but also in money
management processes. People hate going to the banks and
standing in long queues simply to make a deposit or withdrawal
from their own account and that was why mobile banking was
introduced.
AI can take this one step ahead by helping the customer automate
certain transactions. Customer transaction patterns can be
observed so that the customer can instantly be notified of any
suspicious transactions. This would help identify frauds easily and
also take immediate steps to resolve the condition.

10. After losing a card the customer would no more have to make a
call, go through a long authentication process, keep waiting to
connect to a customer service rep to simply block the card. With a
single ping, the AI system can block the card on request from the
customer. It can thus enhance the mobile banking experience.

11. thank you.
we look forward to working with you.