AI Banking Chatbots can blend the SuperApps concept with data power to shape the future of digital banking

Traditional banking services are undergoing a remarkable transformation in the rapidly evolving digital landscape. As with digitalization, very little will remain untouched, and though it is unlikely to change what banking does, they will dramatically transform how it does it.

In this article, the evolving mobile banking apps and digital wallets as sort of Super Apps, with the help of conversational AI, unleash the power of data and pave the way towards next-gen banking in the financial industry.

Super apps have emerged as a game-changer in the world of mobile technology especially in Asia, and the most famous among them being WeChat. These multifunctional platforms combine various services and features under one umbrella, allowing users to access multiple services from a single app. Super apps are able to leverage vast amounts of data generated by users' interactions, transactions, and preferences. This treasure trove of data enables banks to gain deep insights into customer behavior, enabling them to personalize services, tailor recommendations, and create targeted marketing campaigns. 

Banks have never been closer to their customers, quite literally residing in their hands, yet engaging customers to open the app regularly entails a distinct dialogue, particularly for digitally native generations who constitute upcoming customer segments. Though the younger generations are more receptive to a super apps offering in Europe, according to a 2023 survey by PYMENTS,  it is important to note the successful super apps don’t just bundle services. They are trying to combine them in a way that is going to offer a more enhanced value to the end user. In Europe, many fintech companies claim to be a "super-app" by adding complementary finance or financial management features to their platforms or apps.

Artificial intelligence plays a pivotal role in harnessing the potential of data within any mobile application. AI-powered algorithms analyze vast datasets, identifying patterns, predicting customer behavior, and offering proactive solutions. Machine learning models continuously learn from user interactions, refining their understanding of customer needs and preferences over time. As a result, banks can provide hyper-personalized experiences, anticipate customer requirements, and offer timely recommendations that enhance customer satisfaction and drive engagement. 

An Accenture analysis of operational efficiency indicates a potential to boost productivity by 22-30%, while a further study quoted in the analysis found that revenue could be increased by 6%. Another study by Juniper investigates 16 separate use cases for GenAI within banking, underlying the solutions that will drive efficiency and create transformation within the highly complex banking space, such as enhancing compliance processes, improving the customer experience and reducing cost.

AI chatbots and virtual banking assistants transform customer interactions, offering conversational assistance, real-time support, and financial guidance. They simplify conventional banking activities such as account openings, loan applications, and fund transfers through intuitive interfaces and sophisticated natural language processing, guaranteeing digital security and ease of use. Accessible through the mobile banking app or digital wallet, these services may also integrate offerings from other industries and evolve towards the popular concept of Super Apps.

As we look into the future, the potential of banking apps' evolution towards the concept of super apps, together with conversational AI and machine learning leveraging data in the banking industry, seems boundless. The convergence of data, technology, and customer-centricity holds the promise of a banking experience that is seamless, personalized, and intuitive. Mobile banking apps will continue to evolve, integrating new technologies such as blockchain, the Internet of Things (IoT), and augmented reality (AR), further enhancing the banking landscape. Moreover, AI-driven insights will enable banks to go beyond transactions and become trusted financial companions, empowering customers to make informed decisions and achieve their financial goals, but also bring in other industry services to an ecosystem format that they can orchestrate. 

In conclusion, the symbiotic relationship between super apps, AI, and data is revolutionizing the banking industry. By harnessing the power of data, banks can deliver highly personalized experiences, streamline operations, enhance security, and drive customer engagement.

The future of banking lies in leveraging the potential of evolving current mobile banking apps and digital wallets towards the concept of super apps and AI to unlock the total value of data, creating a transformative banking experience for customers and setting the stage for the next era of financial innovation.