Many people consider artificial intelligence (AI) to be a very complicated topic. However, grasping the fundamentals of how AI works and what it wants to do is very straightforward. At its most basic level, AI development is concerned with computers and systems being able to do activities that would normally need human intellect. Google Mail is an example of this since it allows you to compose emails faster by anticipating what you will say next. Let’s have a look at the use of AI-powered mobile money solutions.
AI-Powered Mobile Money Solution
The financial business, with a special focus on payments, is the industry that has invested the most in AI development thus far. Within the next ten years, AI technology is expected to witness exponential development in the financial business, and traces of this are already evident. AI, when combined with machine learning, is one of the most important components of financial technology. It has a variety of applications in the finance sector.
Personal banking, mobile payments managed by AI-powered solutions backed by powerful machine learning algorithms, big data analytics, statistical modelling, face recognition, and chatbots are just a few of the many technologies that the Mobile Financial Services Industry is presently adopting. Other significant areas where AI is being investigated include:
Using artificial intelligence to create new income streams through new products and smart services:
● AI-powered risk management
● AI-powered reporting/analytics
● AI-powered internal processing automation
● AI-powered customer acquisition
● AI-powered customer support
Significance Of AI-Powered Mobile Money Solution
● Experience With Transactions
As previously said, AI can handle the heavy lifting in the transaction process. Let’s face it, and we don’t always remember to pay our bills when we’re shaving. And, with today’s short attention spans, we could forget until the next shave if we wait till afterwards. AI and speech can provide a hands-free, quick experience that matches the pace at which we think. If you forget that you previously paid the bill and tried again, AI will inform you that “you have already paid your power bill for this month.”
● Another Illustration
AI can determine whether a payment made at a merchant establishment is an expected purchase and, if so, whether the payment should be auto authorized or should present additional authorization challenges based on historical trends, location, merchant type, and other factors.
● Onboarding Of New Customers
Customer onboarding is time-consuming and methodical. This procedure, however, may be simplified by utilizing a digital assistant that is available 24 hours a day, seven days a week, in a self-service onboarding paradigm. One that allows clients to board at any time of the day without having to wait for paperwork to be approved. They only need to answer a few questions and submit certain papers, and the AI assistant will walk them through the rest of the procedure. This can go a long way toward lowering the chances of losing a customer.
Chatbots by providers, which come close to mimicking genuine human contact, such as the chatbot for mobile money services, are instances of AI-enabled communication channels that utilize messaging and artificial intelligence to offer customer engagement and enhance customers’ experience.
● Risk Management
Customers and solution providers will always choose a secure AI-powered mobile money solution. Artificial intelligence may be used to detect fraud via hybrid algorithms developed in-house or through third-party enabled services. For example, if a user utilizes a dubious mobile money service, previous analytical data might be used to offer more confirmation.
● Customer Retention & Service
Financial support may be added to an AI-powered mobile money solution to help you manage your money and answer common questions about your recent transactions. These artificial intelligence helpers can keep track of costs and learn about consumer spending habits. This means that AI will ultimately be able to forecast customer behaviour and provide helpful recommendations. Such suggestions can assist a user in breaking harmful spending patterns and making an informed choice about how to manage their money better.
● Process Automation
An AI engine may be built to boost the efficiency of essential operational processes by entirely automating them, for example, Customer Onboarding, Report Generation, and so forth. As a result, the service provider will be more efficient in the long run.
● The Internet of Things (IoT)
Suppose you picture a world where AI and IoT are combined. In that case, the future is a science fiction fan’s dream, with (a) automated automobiles paying tolls, (b) onboard diagnostics automatically ordering when components are due for repair, (c) insurance tied to kilometres travelled rather than time, and so on.
Saving The time and Quick Grab and Go Applications with AI with the help of speech recognition, pre-ordering via text, and making quick payments through bots, users can buy anything from the store using the Mobile App, which will help users save time by grabbing items from the store on the go without having to stand in line, and so on.
AI can assist in enhancing fraud detection services and reducing false declines. AI has a fraud detection system that is utilized by payment services to protect the payment process in a secure encrypted method. The system is capable of continuously improving itself by learning to cope with various Machine rules each time a fraudulent payment is discovered.
To sum up, artificial intelligence is here to stay, and it’s going to revolutionize the way financial services are delivered throughout the world. Though FinTech businesses are more receptive to AI, incumbents have begun to deploy AI solutions as well. AI will have a bigger influence on the Mobile Money/Payments sector since it will extend access to mobile money services for the unbanked, ultimately resulting in social and economic aid for society and the global economy.
So, if you are looking for an AI-based tool for automating accounting to ease your inventory management, O-Counting is an ideal tool. To know more about AI-based products for your business, contact ONPASSIVE.