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 thesefacilities that have reinvigorated the industry? Are they known to all, or moreobscure for now in their limited use?
Consequently, hereare 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.
Balanceinformation, direct debit setups, money transfer options, payment historiesfrom months ago and bill payments; it can all be attended to through a bankingapp. Even if you have heard of such apps, the true extent of their serviceslargely 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 doyour banking in person at your local branch, then it’s rather likely you havenot encountered a chatbot yet. Chatbots are website-based AI, programmed toappear on a user’s screen after they’ve visited, or been inactive for a whileon, a bank’s website. From here, customers can type in their question wherethey’ll be redirected to a page of the answers they sought.
While theseservices might seem to be helpful in a trivial sense, they’re incrediblyimportant. People are increasingly going online for financial help now, discoveringthings like accessible employee benefitsthat provide an extra boost many people need. The digital world is slowlybecoming the first destination for people looking for guidance and help, sochatbots can stand ready 24 hours a day here.
Additionally, foryoung people getting to grips with banking for the first time, these chatbotscan provide education in the world of banking. They demystify the process oflooking after money, dispel feelings of intimidation and debunk myths aroundmoney, essentially guiding and instructing users as they get familiar withmanaging their funds.
Fraud Algorithms
Of course, AI hasmore uses than just making chatbot services possible. Fraud detection is nowmade possible through a variety of AI algorithms. Code and machines can nowanalyse consumer habits and use that data to determine whether any fraudulentactivity is taking place. It pours through a customer’s spending history anduses the information from their patterned behaviour to flag foul play orsuspicious 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.
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