The European software engineering specialist MobiDev has some advice for companies that are looking to build better financial assistant applications. The company noted that AI technology has had a significant impact on the way that people interact with their financial institutions, with regards both to security and to the provisioning of actual financial services.
On that front, MobiDev cited a recent Mordor Intelligence study that shows that the AI fintech market will climb as high as $26.67 billion by 2026. With that in mind, companies that cannot offer strong AI-powered solutions risk being left behind as financial institutions invest their money in more modern options.
So what goes into a good financial services app? According to MobiDev, biometric authentication is one of the most important components of any modern solution. Biometric tech is more secure than legacy authentication options like passwords, and is therefore becoming the method of choice for organizations that need to protect sensitive financial data.
Conversational voice technology, on the other hand, is being deployed in voice channels to automate the customer experience. Voice assistants can help direct customers and resolve queries without a human agent, which can reduce call times for minor matters and free up employees to deal with more high-priority concerns.
Other AI tools can essentially serve as personal finance assistants, using predictive analytics to help people manage their expenses and work toward long-term financial goals. Such tools can take past income and behavior into account to ensure that those plans are feasible. In doing so, they can also make good financial services more accessible to a larger number of people.
Finally, MobiDev goes on to explain how financial apps can use optical character recognition to help people catalogue receipts. The tech can extract the relevant details from a picture of a receipt, and then sort it into the appropriate spending category.