How AI can Deliver Personalized Banking Experience?

Digital banking has grown significantly in recent times and heavily reduced person-to-person interactions. Non-humans are replacing humans in banking sectors, in providing all level services. According to Goldman Sachs Group Inc., by 2025, machine learning and artificial intelligence will provide $34 billion to $43 billion annually as cost savings and revenue opportunities. Daniel Pinto, chief executive of the corporate and investment bank at JPMorgan, said in a December memo that “The bank invested in big data applications and robotics. The bank is set to provide an update on those investments in the coming weeks.” Also, recently, JP Morgan Chase rolled in a global head of machine learning from Microsoft.

Be it structured or unstructured data, data is impacting businesses processes heavily. New technologies like cloud computing, machine learning, artificial intelligence, big data and business intelligence are emerging and these have created ideal conditions for using Artificial intelligence in Banking. Subsequently, there is a significant increase in the number of machine learning development company and artificial intelligence development company in India.

But, there are few challenges that banks are facing in regards to building AI solutions like the unavailability of trained data scientists.

On the other hand, businesses are striving to deliver personalized customer experience since it is necessary for building loyalty among users. According to researches, around two-third of the users expect rewards and recognition for their loyalty. It has been seen that if a user is loyal, there would be 70% more chance that they purchase more services from the bank and recommend the bank to their family and friends. And mostly, loyal customers don’t switch the service provider.

• · Enhance digital experience among users
  Artificial intelligence can clearly help banks by understanding the customers’ behaviour and providing them supreme digital experience. This can help in building customer loyalty.This can help in building customer loyalty. Through the existing digital systems, sometimes users may not be able to redeem their loyalty currency points, which puts pressure on bank’s balance sheet. For solving this problem, Artificial intelligence could be used, which suggests customers when to spend their points. AI can also help to provide timely rewards based on the user location. For example, if a user is booking a flight through their bank card, then loyalty system could provide an offer for lounge facility during the halt at the airport.
  So, AI can help enhance customer experience and engagement by making it is easier for the customers to claim their loyalty points. Engaged customers are more likely to purchase again and generate additional revenue for the organization. Artificially intelligent chatbots could also be programed to handle high level calls. And human resources could be used for better purposes like giving financial advice to customers and collecting additional data from users to provide them better products and services in the future.
  · Enhanced personal interaction
  Usually customers prefer to access services via digital medium. But sometimes, they want to have face to face interaction with their respective banks. As per some surveys, 21 percent people prefer to contact banks via phones, 29 percent through website, 24 percent via app and more than a quarter (26) percent likes to visit bank.
  Thus, Artificial intelligence can be used in banking sector to help them serve their customers efficiently by providing them better access to the related information. Moreover, this year, U.S. Bank announced the implementation of artificial intelligence solutions. By implementing AI, the bank could analyze how it answers queries of the customers regarding products, service or loyalty program.
  Rather than consulting experts in order to get guidance, Machine learning is used to ensure pre-defined answers for simpler queries. Advisors can easily get the proper info of all the micro details of Bank’s offerings. So they could easily answer customers’ query and within no time. This will also help build loyalty among clients.
  In this competitive era, the financial organisations need to understand their customers. Once the customers are understood, they can be provided with relevant offers or loyalty points in order to keep them engaged and ultimately retaining them. So, by making use of effective AI, banks could encourage their clients by providing relevant offers on products and services. Also, using AI, banks could understand their customers’ needs better and make them devoted to a brand.
  Planning to use AI for your business?
  If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

The Success of Every Mobile App Depends on These Factors

Before, businesses used to build their online presence using a website. Consequently, website design companies started to take command in this area. With advancement in technology, especially in mobile area, mobile friendly websites were largely preferred over simple websites.And this is the reason web design companies shifted the gear to mobile friendly websites that are easily accessed through phones.

Then, with more technological advancements, the demand for smartphones among people started to rise. Engaging customers with just a mobile friendly website was no longer effective for organizations. So, all the website design companies shifted their focus to become mobile app development companies.

Mobile app development companies in Bangalore, India started to grow quite rapidly following the trends. Consequently, each and every mobile app development company in every corner of the world shifted their focus to more improved mobile app development services. Though, ideas behind the development of mobile app (android / iphone) and website are same, people generally prefer downloading an app, rather than checking anything on a website. And sometimes, apps can be downloaded from the company’s websites as well.

Many managerial level people of various companies believe that the success of a mobile app depend on the selection of good mobile application development company. While few others think that if the features and functions are properly stated in a mobile app (android / iphone), then it leads to mobile app success. So, any app development company that understands the requirement well can be chosen for developing a dedicated app.

Though millions of apps are available in the market, but hardly 10 percent are really successful and are considered as important apps among audience. In order to make your app successful, some features should essentially be taken into consideration while guiding your requirement to developers.

Here Are the Top Things to Consider that Make Your App Successful

1. Simple and short registration form

People prefer to use mobile apps because it gives them the convenience of accessing everything at their fingertips. Sometimes it becomes very difficult for a first time user to make use of apps because of the lengthy registration form. Trust me, this is really demoralizing.

Only the essential information should be asked while registering like name, email address, contact number and address. They should be provided with a choice to fill the secondary information. Many companies are losing customers because of long registration forms.

2. Avoid slow loading time

People really don’t have patience. If an app takes more time to load, it can never be a success. Ideally, any dedicated enterprise app should not take more than 5 seconds to load because people don’t accept it and thus delete the app. So, make sure your app doesn’t take time to load.

3. Smaller size apps are better

Apps should be small in size and shouldn’t consume much space. A heavy app that takes time to download and also consumes more storage space makes people quit downloading.

4. Easy to use

Mobile apps should be easy to use. People would certainly avoid using the apps that are difficult to understand and use. Apps should be natural enough so that customers don’t require any help to use the app. In order to make your app simpler, you can reduce the features that it has. Concentrate on the features that are really necessary for the app.

5. Increase app’s compatibility to different devices

Since the operating system of the mobile devices get updated for every few months, the app should be feasible enough to work on different devices or operating systems. People don’t buy a new device for every few months. Larger the audience of your app, more the chances your app can be successful.

6. Free to download and install

Do you think people spend money on your app when they have so many alternative choices available in the market? Definitely, No, they won’t pay before downloading the app. But once you have convinced the consumer with your app and your services, then chances are there that they will pay to avail your services. That is when you can start charging for your app. Focus on to have a user base first and then start earning from them.

7. Involve analytics

Now-a-days, the use of Big Data and Analytics is rapidly increasing. So, your app must provide analytics. The app should provide daily statistics about the products and services. Analytics provides the daily report on the number of daily orders of all the products or on app usage. So, if you follow these tips, then your app can surely become successful.

Planning to develop an App for your business?

If ready to go forAI technology, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

How your health can be improved by using Fitness Mobile Apps?

How your health can be improved by using Fitness Mobile Apps?

Don’t you think that in today’s era, a lot of serious health issues have been inflicted because of the desk-bound lifestyle of people? The technology is getting advanced day by day creating a huge impact on everyone’s life. Rather than going out and meeting someone, people usually prefer doing a face-time.

Moreover, the techies are getting more absorbed with the new technological advancements. And thereby, totally neglecting their health. This has made today’s generation more sluggish and under active causing serious health threats. This lifestyle is giving rise to many disorders and abnormalities in everyone’s health.

According to data from the National Health and Nutrition Examination Survey (NHANES), more than 1 in 3 adults were considered to have obesity and about 1 in 13 adults were considered to have extreme obesity. Obesity is one of the major consequence of this lifestyle. Other than this, so many disorders like cardio vascular disorders, Osteoporosis, depression, anxiety, low blood sugar level, abnormalities in blood pressure and various types of tumours is getting increased.

So, what are your opinions? Are you thinking instead of making our lives smooth, the technological advancements have really made lives harder? Well, certainly, no. No doubt, there are some negative impacts on our health but it has provide a lot of alternatives to overcome the negative ones.

Several desk-based exercise equipment have been developed like Powerball Auto start Fusion Pro, Bodyism exercise band that helps you exercise at your desk right in your office. This reduces the problem of constant inactivity and restricted blood flow.

Also, now-a-days, so many fitness apps have been developed by best Mobile app development companies Bangalore, which not only helps in enhancing body fitness but also lets you provide your body reports like blood sugar level, blood pressure etc.

The fitness apps created by top mobile application Development Company India, is certainly something to know. Some of the popular iPhone and android fitness apps are the FitNotes, Google fit, Jefit and many more. Let us check few advantage of fitness apps in detail in the market.

1. Fitness apps takes you to right direction

Fitness apps are more like an authenticated and proven source that takes you to the right direction if you really want to be healthy. If required, they help you in making various modification in your lifestyle, eating habits, sleeping habits. The fitness apps developed mainly by the best application development company Bangalore, India gives you prod in the right direction. They provide you the motivation and keep you focused regarding your fitness

2. Healthy competition is created by Fitness Apps

Unless, you are not competitive, you are not motivated. These app provides competition between you and other competitors in the virtual world. Few apps are there that lets you sign up and compete against the other users of the app. It provides different activities that you need to perform and then breaks them up in fragments so as to provide the winner. Once you have competition, you become more focussed towards your fitness and thus, these apps keep you motivated towards your health.

3. The apps lets you analyse your body Condition

Yes, this is quite true. Fitness tracking apps lets you analyse your body conditions and keep track of your activities. For example, your Blood sugar level, age, weight, Basal Metabolic Rate etc. It gathers all the information about your activities and then provides a routine to achieve maximum positive result from your schedule. All you need to do is follow that schedule strictly in order to keep your body conditions appropriate.

4. The fitness apps keeps a track record

The Fitness apps keep a track of your health conditions including height, weight, calories gained, and calories burnt, BMR etc. in detail. You can keep a record of your progress and workout as per that. These apps will let you know how much effort is required from your end in order to keep yourself fit and healthy.

5. These apps offers the advantage of being flexible.

So, getting ready and going out for gym after a whole hectic day of work seems impossible. Moreover, gyms have a particular time as well. But, no need to worry because these fitness apps specifies the exercise as per your physique and schedule. You are just required to take out some time from your routine and follow them accordingly.

Thus, the fitness apps are ruling the health and fitness industry giving way to a healthy lifestyle.

Planning to Develop a Fitness App?

If yes, Smacware can help you integrate your business with the latest AI Technologies. which is the best mobile app development company that has helped many global companies increase their business revenue. Apart from app development smacware also expertise in video production, Photography, corporate branding, events & exhibition, digital marketing, and web development services.

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