Modern banking services you might not know about

Banking services have changed greatly through the years. The industry has barely survived crippling recessions while simultaneously introducing new technologies. With a customer centric approach and a host of new tools and services to implement, modern banking has begun to soar to new heights. But what has spiked this level of growth?

But what are these facilities that have reinvigorated the industry? Are they known to all, or more obscure for now in their limited use?

Consequently, here are the modern banking services you might not know about.

Apps

Most people know already about online banking, and the overwhelming use of smartphones. However, fewer people have discovered the link between the two; specifically, banking and finance apps. In modern times, smartphone users can access all their sensitive information from their phones. So long as they have their username and passwords to hand, they’ll be granted access to their data.

Balance information, direct debit setups, money transfer options, payment histories from months ago and bill payments; it can all be attended to through a banking app. Even if you have heard of such apps, the true extent of their services largely goes unknown. There’s wide-ranging flexibility at the user’s disposal, enabling them to attend to just about any financial admin they desire.

Chatbots

If you like to do your banking in person at your local branch, then it’s rather likely you have not encountered a chatbot yet. Chatbots are website-based AI, programmed to appear on a user’s screen after they’ve visited, or been inactive for a while on, a bank’s website. From here, customers can type in their question where they’ll be redirected to a page of the answers they sought.

While these services might seem to be helpful in a trivial sense, they’re incredibly important. People are increasingly going online for financial help now, discovering things like accessible employee benefits that provide an extra boost many people need. The digital world is slowly becoming the first destination for people looking for guidance and help, so chatbots can stand ready 24 hours a day here.

Additionally, for young people getting to grips with banking for the first time, these chatbots can provide education in the world of banking. They demystify the process of looking after money, dispel feelings of intimidation and debunk myths around money, essentially guiding and instructing users as they get familiar with managing their funds.  

Fraud Algorithms

Of course, AI has more uses than just making chatbot services possible. Fraud detection is now made possible through a variety of AI algorithms. Code and machines can now analyse consumer habits and use that data to determine whether any fraudulent activity is taking place. It pours through a customer’s spending history and uses the information from their patterned behaviour to flag foul play or suspicious activity.

It’s worth noting that, today, people safeguard their money more than ever before. Technology brings awareness, and frauds and scams are constantly being publicized in the media. With millennial pay suffering from the recession over a decade ago and elderly people losing their money to anonymous criminals, these AI algorithms used to detect fraud really provide an extra layer of much-needed security.  

President

Leave a Reply

Please Login to comment
  Subscribe  
Notify of