We are living at the tipping point of the Artificial Intelligence age. More and more industries are turning to AI technology – using it as an extra boost for their brand’s growth. One such industry is Finance which has always been in a dire need of AI technology, considering the fact that people want to save their financial future but unable to do so because of lack of constant assistance.
Now that the AI technology is growing at a faster pace, giving exceptional results at each step, it’s time to develop an AI-powered finance assistant app that mingles with the daily lives of people and help them make a better financial decision.
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Rise of artificial intelligence with the finance industry
AI means to make machines smarter to solve human problems based on algorithms, the same way other humans may have solved it. Also called as human-like robots. Simply, AI notifies your behaviour pattern and come up with results or solutions accordingly.
If you have ever noticed, AI has already become a part of your life. Remember those desired items you just searched on Amazon and the same are popping up at the sidebar of your computer? That’s AI. Now it is much more than that.
Finance world, on the other hand, is growing parallel with AI. But the issue with finance is users can’t keep up with their commitments. They do think of saving or investing at an early age, but implementation starts at a later age.
Millennial come out of college with the debt on their back to worry about.
“Today, students cover 1.5 trillion under the loan, among which 2/3rd are on women”
David Bach, Personal Finance Expert.
Millennial start their journey with a goal to get rid of debt before they start giving a thought on savings or investment. Till the time they get over their student debt, other debts like home loans or car loans have already piled up to continue the journey. It gives rise to excuses for not saving finance future.
Purpose of an AI-powered finance assistant app
AI has the ability to take the Finance industry to another level by storm. Basically, AI identifies data patterns of humans to gain insights on what they are up to – their addictions or repetitive behaviour. As we can see, users are addictive to poor spending habits. One day they make a list of what they will buy, how much they will invest, and what they resist to buy. Another day, they found themselves buying meaningless stuff just out of addiction. If users install AI in their life – the same way they installed social media – AI will track their patterns, make users come conscious of their bad spending habits and suggest them to replace bad habits with good ones.
Artificial intelligence’s approach for assisting people to adopt healthy finance habits is what’s needed at the most.
Now, you got the purpose of which type of AI-powered app you have to develop for the finance world?
The question is how?
Key features of a smart AI-powered financial assistant app
Artificial Intelligence can drive a wide range of efficiencies in the finance world including portfolio development, financial goal achievement, decreasing debt, increasing wealth, and much more. You have to make an app that discovers common financial habits of users, mistakes they make, and how to get them back on track. All the while taking care that your app must be enjoyable.
Got it?
Let’s get started then.
1. Robo-advisory customized feature
“Do it online” has become a buzzword. People are finding ways to accomplish tasks online. From shopping to investing, they want it all online. No wonder, they are bypassing traditional genuine advice from human beings, relying more and more on online resources. Looking at their quest for online resources, AI must be smart enough to slip in between their online schedule and safeguard them from falling prey to bad financial habits.
A safe financial future requires in-depth planning. Unless AI comes with strong financial knowledge and an approach towards goal accomplishment within a certain period of time, users may not receive the satisfaction as they do from social media.
To make users addictive for the app, your AI-powered finance app must offer customized services as per users’ age, income, family background, and responsibilities. Robo-advisory is the perfect answer for this. Insert a Robo in your app who asks queries like humans to collect the data and offer in-depth planning accordingly. Well-customized planning should exclude any kind of financial pressure from users’ shoulders.
2. Expense tracking and management
Users can’t tell when they overspent unless it’s too late. Their mindless spending habits hinder their financial growth. Tracking users’ expenses is one of the key factors to control their budget. An app must show a clear picture of users’ expenses. I bet some of those expenses are necessary while some are as useless as dust in a bin. Artificial Intelligence should raise alarm bells when users run out of money but they still want to shop from their credit cards. AI should prepare a list of prior expenses first, savings second, and other entertainment expenses, last – in advance.
Artificial Intelligence is smart enough to tell users when they overspend. At the same time, it must take care of the entertainment needs which require money. For e.g. traveling, shopping, watching movies, etc., are some of the human needs one can’t ignore. Maintaining a balance between priority and entertainment is what an AI needs to take care of on behalf of users if it wants to sound like a friend or not an enemy of enjoyment.
3. Quick and accurate investment decision
Two key reasons why users don’t prefer investment options:
- It requires intense research
- They worry about unconditional market
Who has time to find out the best mutual fund or share of the year? Who wants to keep a frequent check on what’s going on in their portfolio and make the necessary changes? And who wants to live in fear of the market fall?
Humans want someone who can take investment decisions on their behalf and make them rich while keeping them free from worries. The risk-taking ability of each user is different. One can afford to lose $1000 but risking $10,000 can give him a heart attack while one has the ability to risk 1 million and still enjoy his morning tea. AI must learn the risk abilities of users and offer them quick + accurate investment suggestions that can increase their wealth based on their investment choices.
4. Goal accomplishment and reward system
Binding users with financial goals alone is not going to work. To make a new habit work, goals must come with rewards as the end-result. For e.g. when users enter their goal to reach $25000 savings in a year, the reward system must come up with levels achieved by users throughout the year. It keeps them on track for a long time. In extras, your Robo-advisor can suggest to them where to invest the money so that they can achieve goals faster and enjoy the delights of rewards.
5. Fraud detection
Humans may be fond of the internet, but when it comes to money, they instantly become suspicious of whoever is asking them to take the money out of their pocket. Even if it is your app. Obviously, building trust is the first step to make them believe that your app is not going to steal their money. Next step is to help them detect unique activities posing a threat to their bank accounts.
6. Loan and insurance facilities
The web world is full of frauds asking for money at every opportunity they get. Inserting a fraud detecting function will increase your app’s odds to be acceptable by users. In fact, users will rely more on your app for privacy matters than anyone else.
Whether it’s an old debt or availing new insurance for a secure future, an AI-powered app should be a one-stop solution for all. It should suggest users how to decrease debt within a certain period of time, keeping in mind the paying ability. It should suggest insurance policies based on the family size and lifestyle of a user. Make sure solutions are customized as per users’ data. Irrelevant suggestions are nothing more than a promotion app made with the purpose of emptying pockets of users – that’s how users think if they find any traits of irrelevant notifications.
7. Customer service
Maybe your app has it all to fulfill financial needs. Still, we haven’t reached the age where robots can replace humans by 100%. At some point, humans do need other humans to take some decisions. Call centers or customer services are always there to tackle such issues. At the corner, your app should have contact details to get in touch with the customer care center on an immediate basis. This increases users’ trust towards your brand as well as the app.
And we are done here.
Parting thoughts
AI is all about recognizing human behavior and lifestyle to give them customized solutions. Power it up with Robo-advisory services and customer-centric approach. Your app is good to go. Keep updating it with the new and safer technology.
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https://www.slideshare.net/AnushkaGhosh5/ppt-presentation-on-artificial-intelligence
https://egyptinnovate.com/en/idea-bank/robo-advisor
https://www.fylehq.com/bottom-line/ideal-features-automated-expense-management-software/
