The financial industry has embraced technology and the potential it has to offer for years, with opportunities created by technological advances leading to a mobile revolution that continues to sweep the industry.
With digital interfaces becoming the new normal for financial services (investing or wealth management) that once required face-to-face meetings with experts or a trip to the bank, mobile apps now mean that financial advice is always available to users, anywhere, anytime.
While most mobile banking apps represent banks or other large enterprises, others are run by smaller startups in the interest of allowing users to work on their budgets – regardless of size. In addition, mobile apps now offer detailed financial analytics, giving users a complete picture and allowing them to make better financial and investment decisions independently. But are there any compromises in relying on digital apps to do our financial thinking for us?
The Unique Benefits of Mobile Apps
What do Fintech apps offer that in-person services can’t? The most apparent benefit to studying financial analytics through mobile apps is accessibility. Having that information constantly on hand allows users to make all their financial decisions armed with reliable information.
Thanks to such robust analytics, the fintech app users can make better investment decisions, control spending, and check habits that harm their financial growth and stability. Financial mobile apps make traveling to the bank a thing of the past, and consumers are happy to speed up the transition.
Research shows that 1 in 4 people under the age of 37 chooses to do their banking with digital-only companies. While the US has not adopted the digital trend as quickly as Europe, Asia, or LATAM, user acquisition of mobile apps is rising. The uptick in consumers in the US market is driven partly by the improved speed and customer service applications offered.
Turning to Apps for Better Customer Service with the Power of AI
Fintech apps, such as MoneyFarm, allow users to consult with a convenient and reliable source of financial knowledge, giving users the information they need to build their investment portfolios independently. The key to ensuring that users can easily navigate applications alone lies in artificial intelligence (AI).
Moneyfarm screen from the PlayStore
Self-service is the basis of a positive customer experience in fintech and is the main benefit that draws users to mobile apps in the first place. Klar is a digital banking service that promotes alternatives to traditional banking in Mexico, going on the promise of no bank lines, no bureaucracy, and without the fees of the traditional bank. To maintain a solid user base and ensure that user acquisition continues to grow, adopting AI solutions to manage customer queries, resolve crises, and ensure an overall smooth experience is essential to the evolution of mobile apps in the fintech industry.
Having answers at your fingertips 24/7 makes this service attractive to users and gives financial service providers the ability to grow their user base to further and more rural regions.
What Lies Ahead
How can financial institutions continue the momentum of digital adoption? If one of the main reasons users turn to online apps is customer service, logic dictates that online banking services should be investing their ongoing resources into improving customer experience. In addition, giving users the independence to read their data alone by combining marketing automation solutions with personalization can usher in a new era of growth for the fintech industry.