Artificial Intelligence is one of the emerging and diverse technology trends that offers wide verticals to explore. It is also seen as the big thing as it has started to create a lot of marketing opportunities for brands. Ecommerce giants like Amazon had incorporated AI to predict consumer behavior. Website builders like Bookmark implement this innovation to define optimal web design. The possibilities with Future of AI are endless!
We are sure Future of AI is likely to bring transformation in both customer behavior and marketing strategies. They’re attempting to influence shoppers to click advertisements, tempt individuals to invest more time on the app or on social media or suggesting new products.
In the blog we will provide insights on the significant role AI in mobile technology, how it supports the operations of Fintech industries and what are its potential benefits
Every product manager or marketer’s aim is to recognize client needs and offer the service or a product that fits those requirements even developing a new one if required. Mobile Technology, particularly smart phones offer greater insights on the customer’s behavior and reveal the real-time scenario that was never accessible before. The two ideas (Mobile and AI) are being associated in reality. Samsung’s Galaxy, Huawei’s Mate range, Apple’s iPhones and Google’s Pixel phones all come with the special software and hardware that are designed to conduct AI based tasks more proactively and efficiently.
AI has already become a huge part of your mobile experience even without you realizing it. Major part of the Future of AI tasks are already undertaken in the smartphone. Some of them are mentioned below:
Camera with Future of AI enhanced features: Most of the high-end mobile phones now come with artificial intelligence. These AI algorithms help in identifying whether you are clicking a person or a panorama and automatically adjust the filter type based on the results.
Day to day operations: More fundamentally, AI is behind Google’s core search engine, every time you search from your phone and is being adapted to work behind the scenes in applications as battery life management and security.
Voice Assistants: Virtual assistance capability is one of the common features seen in today’s smartphones. Some speech recognition tools offer the best level of comprehension even in a noisy environment. Siri in the iPhone is one of the top features with AI.
AI in Gallery: Several smartphones already improve the image quality, for instance, some phones automatically remove the red eye and help in sorting the images and store in the gallery as per the friend’s name. There are some galleries that automatically collate the stories of how your weekend was spent based on the pictures, animations and music.
AI makes it feasible for mobile marketers to design more personalized and targeted and marketing messages like discounts, special offers and other ads by determining customer behavioral patterns and trends. Keeping the increasing demand in mind, we have been providing Behavioral Intelligence tools from appICE that provide marketers with valuable insights on customer preferences and the right time to send out marketing messages.
To predict and understand how a consumer would behave, user data is analyzed, including their previous purchase, preferred items, demographics, social behavior and location. These helps marketers to determine which consumers would make repeat purchases
The above mentioned are just some examples of how artificial intelligence will change the future of mobile marketing.
The financial industry such as micro finance institutes and banking sectors follow recent technological advancement with top interest. Big banks giants such as JP Morgan have always been early adopters of latest and complex technologies like Blockchain.
Create Report with NLP: If your app is all about providing wonderful customer service, such as creating market reviews or reports, Natural Language Technology comes to the rescue. It is provided by various companies such as Automated Insights, Attivio, Cambridge Semantics, Lucidworks, Digital Reasoning, SAS, Narrative Science and many more.
Interactive Voice Control with Speech Recognition Technology: These sort of voice control systems in mobile phones play a vital part. For instance, the Cortana system, Siri lets transforming and decoding human speech into understandable format to the computer.
Chatbots for better customer service: If you are keen on providing seamless consumer experience and provide options for people to interact online 24/7 then use voice managers or chat bots.
Transaction search & visualization
Managers provide access to the bots for user transactional data, and utilizes NLP to determine the context of the request sent by the consumer. These requests can be related to anything such as general account information, balance inquiries, spending habits, and more. The deployed bot then processes the request and shows the outcome. These bots can also be incorporated in the banking sectors to provide more focus on the search task.
Stock Market Changes Prediction
Stock Markets are one of the top investment choices for the investors, also this has created huge demand for the apps that makes this navigation easier. ML and AI had always played its part in defining new applications for the Fintech industry.
Customer risk profiling using AI
Financial institutions, Banks, and Fintech institutions require customer profiles to access their risk score. This requires a huge amount of data to process. Neural Networks are the excellent information processing models that efficiently process the information that our brain does. These processing models will then categorize users into multiple risk categories from low to high.
Capital One Second Look program had been launched by Capital One monitors expense patterns. It assists in detecting after in-depth analysis, if consumers have been charged more than once for the same buying and can notify them in time. The tool also analyzes and monitors the tips that consumers leave and notify the management if they can afford it.
MoneyLion is a personal finance platform which displays tips cards, blogs and articles to their audience based on their previous monetary activities. They have credit behavior, location data, and bank transaction data to provide the set of recommendations and advice
Bank of America incorporates one such a bot named Erica. It acts as a digital financial assistant for their user’s base. This Future of AI powered bot had quickly adopted over one million users in a span of three months. This is helpful in providing user-friendly transaction search, getting hassle-free bank statements and letting users search their historical data. Furthermore it also computes the debt and credit amount which users had to do by themselves earlier.
AI tools assist in getting the most relevant and customized content to every individual user, considering your customization to a whole new level with minimal effort. Customers wish and expect a customized experience and this has been helpful in encouraging customer loyalty and repeat business.
Furthermore, these techniques and processes of AI enable you to compare more efficiently and accurately the actions of past customers and attributes with the existing customer base to assist in identifying the drop off points. Having a thorough understanding of why your customers are churning, will support you to create an action plan to prevent the same from happening in the mere future.
AI platforms have the ability to collect and analyze consumer data from various sources at a ridiculous scale. This ability is one that is far better than even the most experienced and largest marketing team. With this valuable data teams can then easily identify and monitor any behavioral changes in customer real-time. Furthermore, this also helps to ensure that the customers receive only the preferred and most relevant messaging.
In fact, the current period, the period of integration of Artificial Intelligence into the latest technologies, including mobile ones and even our everyday life, can be called a revolutionary era. And the main task of AI is to make computer networks more «smart» by coordinating the work of all devices, tools, connecting sensors and networks, using it (AI) as a way to increase human activity, and not just as a way of replacing people. This was all about Future of AI.