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?
are the modern banking services you might not know about.
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.
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.
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.
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.
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.
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
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.