EDITOR ’ S QUESTION
MEITAL RAVIV , CHIEF FINANCIAL SERVICES STRATEGY PARTNER AT AMDOCS FINANCIAL SERVICES
It comes as no surprise , but Artificial Intelligence ( AI ) has had a massive impact on banking and financial services . However , we still have great lengths to go in terms of how much this technology can truly impact the industry from a mobile banking standpoint . While GenAI has already been deployed to revolutionise a number of banking capabilities , one aspect in particular that we can expect banks to lean further into is in building a superior mobile experience through personalisation – especially for multigenerational households , Gen Z and other upcoming generations .
Today ’ s customer expects an individualised banking experience tailored to their unique needs , and GenAI has the potential to serve as the vehicle for personalised recommendations , real-time financial guidance and banking tools that enable more comprehensive financial management capabilities for a variety of customer demographics , such as families and younger generations as they enter the world of banking – all from their smartphones .
GenAI offers the opportunity to drive customer satisfaction and retention across generations , household types , and different customer needs . For example , a small business owner has very different banking priorities than a student , but both want tailored experiences they can access easily from any device – and this is an area that not all banks are succeeding . Banks can use GenAI to break down data silos and create greater insights into each customer , giving them better resources and insights into their financial wellbeing in a more streamlined fashion . GenAI can enable better product development , leveraging more sources of data to build great banking products , such as competitive data , market data , consumer attitudes , etc . Banks that can leverage GenAI to take this to the next level are not only better at differentiating themselves in the market , but also at serving as a partner to their clients . Whether it be using GenAI for chatbots , financial consultation or gamification for early banking education for children , there are multiple levels of innovation for banks to unlock across this emerging technology – and it ’ s something customers want . A recent Amdocs survey found that 66 % of respondents reported interest in building better money habits with tools that gamify personal finances through GenAI .
Beyond adopting AI for more personalisation , this technology can support banks ’ security efforts . Mobile banking means more online financial activity , and therefore more online risks . AI and Machine Learning can help banks more quickly identify fraud activity , reduce risks and strengthen the security of online banking .
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