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AI in Mobile Development

How hard is it to develop an AI app? – In the realm of AI, it is a constant journey and not a destination. Indeed, AI developers and experts are on a mission of solving the most complex problem – human behaviour. They are on a path to study patterns and produce results that a human being would most likely exhibit.

In the making of all of this fabulous innovation, what kind of challenges does an AI developer face? What are the hindrances in their role? Does AI Development manager approach in a responsible manner? To answer many such question lets dive deep into some of the stories of AI development.

‘AI – Opportunities’ in mobile app development

AI is kind of magic wand to its innovators, true to its nature of being complex it hosts a bunch of opportunities’ for developers to explore the world….

Voice Enablement Helps in understanding customer better and delivering the best

How often have you called up customer care to complain when the internet is not working or DTH not working? The first thing they ask you is – what kind of problem are you facing? While at times the problem is simple, many times the executives try to know the exact steps to reach a particular problem. While manually saying click this, click that could help, voice recognition or voice enablement allows developers in identifying the exact process that was followed.

As the user says OK Google on his phone, followed by instruction check new emails or the weather or the best deal for iPhone, it helps developers in understanding the behaviour of the customers. The kind of apps they use most, what are the instructions provided, what kind of instructions not working. The voice input also helps in understanding customers expectations from an app. I remember when my nephew instructed Google Home “You are useless,” the answer came in was I am sorry to disappoint you, and I would let my engineers know about it.”

Simplifying Complex needs

The most exciting opportunity for an AI app developer is about streamlining complex processes and workflows. Well, indeed otherwise how would the language translation work out? Or how could a chatbot help in resolving human beings technical problems? Or could you fathom of any human being going through thousands of lines of log to look for something suspicious? Or how about commanding Voice assistant to locate the best restaurant near you serving Mediterranean food?

All these are the needs to structure and present data in the simplified form. Thanks to AI app developer.

‘AI – Challenges’ in Mobile App Development

Well, the aim is to simplify lives but what are the challenges faced by developers?

No Standards tools and languages

While Google has launched some of the projects like Teachable Machine and Google AI tools to let users experience how AI works, it is still a challenge for developers to start off. In fact, Quora is flooded with queries like what are the languages or software used to develop an AI app. Many firms use Python due to the benefits it offers but has its limitations like weak in mobile programming and enterprises desktop shops. Similar is the case for other software languages like – Prolog, JAVA, C++ and LISP programming languages for artificial intelligence research

Lots of data create confusion

However, it’s the data that helps in creating the best AI app; the irony is that its also in a massive amount at times challenging to segregate and structure. With big data buzz and data tracking now a trend, developers at times face a hurdle in putting the data sets in a meaningful way.

The new availability and advancement of AI and ML are causing a revolutionary shift in the way that developers, businesses, and users think about intelligent interactions within mobile applications.

 

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Open Finance: Reality or Hype?

3 minutes read

Open Banking has reshaped the fintech industry. Customers want a seamless experience with more convenient and flexible access to services. Technological innovation and digital transformation have led to the emergence of neobanks which offer a banking experience similar to delivery apps. Now the customers can avail of services like opening an account in minutes. In the last few years, another new concept- Open Finance has joined the queue. What exactly is open finance? Is it just hype or reality? And how open finance might improve customer experience (CX). These are some of the questions that we’re going to talk about in this blog. 

Open Banking

In open banking, banks and other financial institutions allow third-party financial service providers to access the bank’s customers’ data via APIs (application programming interfaces). This helps banks to create more personalized offerings and meet the changing needs of their customers.

What is Open Finance?

Open Banking and Open Finance are similar. However, Open Finance is slightly more advanced in the process. Simply put, it is the next step in open banking. 

Open Finance is a more customer-centric approach. It gives users a safe and dependable way to share their data with the financial tools and apps they prefer to use.

How is Open Finance different from Open Banking?

How is Open Finance different from Open Banking?

Source: Accenture

Open Banking has certain limitations when it comes to sharing of financial data. Here, only that data can be shared which is related to financial operations made within the bank’s app or in a branch office. Open finance goes beyond this limitation.

In Open Finance, non-banking financial data including mortgages, savings, pensions, insurance, and consumer credit – basically your entire financial footprint – could be opened up to trusted third-party APIs if you agree.

Open finance will help open new gateways for financial institutions to improve CX. Let’s dig deeper to understand how this concept will change CX in the Fintech world for the next-Gen customers. 

  1. 360-degree Customer Insights: Data acts as a tool to study deeply about your customers. Organizations can analyze the customer data and extract some valuable insights to design the complete customer journey. Open Finance opens a more secure pathway for financial institutions and gives a more complete picture of their customer’s finances. 
  2. Partnerships & Collaborations: With open finance, comes an opportunity for the financial institutions to network and collaborate with various providers. This means they could deliver a wider variety of services based on consumer data, uncovering new business models and innovations.
  3. Transparency for the Lenders: Lenders can evaluate and measure the creditworthiness of potential borrowers, audit documents, and offer customized solutions by securely collecting customer data. Machine learning algorithms may help to extract valuable insights from raw data.

Open Finance offers freedom and flexibility to consumers giving more options and control over the data they share and how they engage with their finances. With just 8 seconds of attention span, the new age consumers want better experiences to get hooked to one brand. Open finance creates unparalleled access to a broader range of products and services. With data sharing, banking organizations can keep track on the changing customer expectations who want frictionless interactions and hyper-personalized experiences across all touchpoints of the customer journey.

The Road Ahead

Statista predicts that there will be 63.8 million open banking users globally by 2024, increasing at an average annual rate of about 50% between 2020 and 2024. This means there will be more demand for innovative products and services in the industry. Banking organizations would need to analyze the rising customer expectations more closely than ever. And for this, data would act as a key to designing the experience of tomorrow. 

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