AI has been a game-changer for all industries, and fintech is no different. By implementing AI in fintech app development, you can provide advanced features, increase security, and keep users engaged.
AI can do so many things that seemed unfathomable a few years ago. In this blog, we’ll look into the benefits you can get by implementing AI in your fintech app.
Fraud Prevention
The techniques used by fraudsters to hack into people’s devices are constantly evolving. Fintech apps have to up their game with counteractive measures to ensure safety.
AI can help you prevent fraud by detecting anomalies that indicate suspicious activities by analyzing large volumes of data. For instance, the fintech app can send alerts in the event of multiple failed login attempts or logins from multiple locations.
AI-powered fraud management systems can block suspicious transactions before they cause any damage.
Chatbot Integration
Providing constant human assistance is simply impossible for a large-scale fintech app. With AI, you can get very close. By integrating it with chatbots, you can provide personalized and human-like responses to your users. They have the power to gauge user emotions and adjust their tone accordingly.
You won’t need a large support team, as common user queries, such as account balance, transaction history, loan eligibility, etc., can be handled by the chatbot. If the chatbot cannot resolve a query, it can escalate it to human agents.
Voice Assistants
By using Natural Language Processing (NLP) and speech recognition, voice assistants can understand and respond to voice commands. This allows users to instantly access your services without having to tap or type on their devices. You also make your app inclusive of people who are visually or physically impaired.
You can take your user experience and satisfaction to a whole new level with voice assistants.
Risk Assessment
Investing is a risky endeavor. AI, with the use of data-driven and predictive models, can perform risk assessment more accurately. It can analyze historical and real-time data, extract relevant insights, and generate realistic scenarios.
You can assess the risk profiles of customers, products, markets, and portfolios, and provide optimal recommendations and solutions.
The biggest use of AI would be in credit risk assessment. AI can scrutinize users and create credit-scoring standards, helping lenders make informed decisions.
Personalized Financial Advice
Fintech apps can provide personalized financial advice based on user behavior, goals, and risk appetite. Using NLP and ML, they can understand user needs and provide them with precise suggestions.
AI has the power to analyze large and complex data sets and generate reports. This data will help users make informed decisions regarding their investments and savings.
Reduce Operational Costs
Fintech apps can automate various tasks and processes with AI that would otherwise require human intervention. For example, tasks such as data entry, verification, reconciliation, and reporting can be executed much faster with AI.
AI can improve app performance by dynamically optimizing the use of resources, such as cloud computing, bandwidth, and storage. As AI can track user patterns, it can adjust demand and supply by predicting traffic spikes.
AI Stock Trading
If you’re a trading firm, then this feature is going to be nothing short of magical for you. AI can help you create Robo-advisors that analyze market conditions and provide effective trading strategies.
AI can forecast market movements accurately, helping users navigate through risks. Its capabilities extend to automated trading solutions, such as robo-advisors, portfolio managers, and trading bots.
Fintech App Development Services
Integrating AI in fintech app development requires the expertise of a mobile app development company with technologies prowess and experience in finance combined. That’s exactly what WDI is.
Established in 1999, WDI is the leading fintech app development company. They can implement features like NLP, chatbots, robo-advisors, etc. in your app or create a robust AI fintech app from scratch.
Contact WDI today to learn how they can enhance your project.
