The last quarter of 2016 and the first quarter of 2017 have been a phase dedicated to Artificial Intelligence (AI). All major internet giants are launching voice assistants for the users. Sample this – The Google from Google, Cortana from Microsoft, Siri from Apple and most recently Alexa from Amazon. By the end of 2017 many, more big brands will come with their own assistants or bots which will not only do task as per the directions but will learn from the user, data and behavior.
AI and Bots are the future and the paving stones for a virtual robotic world. Wouldn’t it be great if someone reminds you of some important information you are missing or is even capable of doing something on behalf of you? Applications for Artificial Intelligence in Fintech industry are likely to boom in next couple of years where the entire Fintech industry and Banking system would be adding these kinds of applications to their solution. Some examples of automated tasks can be the ones below.
- Sending reminders to pay your bills, kids’ allowance or sending money to your home
- Tracking your credit card, wallet, banking usage and notifying when a certain limit is reached
- Automatically reviewing loyalty and promotional schemes as per your transactional data and reminding you to avail benefits
Apart from the intelligence tool, ‘Bots’ which is an abbreviation for ‘Robots’ can be used to provide support where you can ask bots to do certain tasks for you. Like when you call a support number to block/unblock credit card it can be done via IVR or Messenger. You can ask to get a call when a certain amount of transaction is done against your account. One can also use bots for upselling a service i.e. when you book a flight, bots can suggest an international credit card which provides benefits for international travelers.
The core of such technology is in deep prescriptive analytics of data gathered, and machine learning technology which captures details from your behavior and adaptive interaction. The dedicated R&D team of Panamax is working to achieve this automation in their wallet solution. Very soon we will be adding such intelligence services in our wallet solution where Panamax core solution can learn the behavior from mobile-wallet, message history, call records, or browsing data and can suggest best available benefits according to your need. You can also communicate with the voice and chat assistant within the application and do a transaction just like Siri.