94032.00 Rupee ₹ Android app Development Company | McKinsey Global Institute Separation United States
- Location: United States, United States, California, United States
The McKinsey Global Institute separates AI into five broad categories: computer vision, natural language, virtual assistants, robotic process automation, and advanced machine learning. The research institute predicts that by 2030, 70% of companies might have adopted at least one type of the AI technologies listed above. The banking industry has generous experience leveraging data insights, but for the most part, banks have yet to build scalable AI strategies focused on creating value for their customers.
Most banks, however, are just in the early stages of adopting AI technologies. According to a survey conducted by Narrative Science and the National Business Research Institute, 32% of financial services executives confirmed that they are already using AI technologies such as predictive analytics, recommendation engines, and voice recognition. Further signaling banks’ commitment to AI adoption, The Royal Bank of Canada recently added the Siri functionality to its iOS mobile app. Traditional retail banking providers are now finding themselves exploring AI technologies with more urgency to enhance the customer experience and remain relevant in today’s market.
The functionality of AI in mobile apps is becoming increasingly proactive, more personalized, and further refined overall. Just last month, Apple introduced Siri Shortcuts alongside the release of iOS 12. Siri now monitors user activity and suggests shortcuts based on normal in-app behaviours. Users can also customize this AI feature with unique voice commands and search queries to accomplish routine tasks. Banking institutions can enhance their mobile app with AI to send helpful reminders at times when customers have specified they need them the most. Simplifying user actions with voice technology will quickly become an indispensable part of user experience. Again, banks will have to offer simple, yet rich AI experiences to stay relevant with mobile customers.
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