With Gen AI coming into the picture, banks are leveraging AI to not only streamline their back-end processes but also provide hyper-personalized experiences and enhance customer engagement. According to McKinsey Global Institute, gen AI could add $2.6 trillion to $4.4 trillion annually in value with banking predicted to have one of the largest opportunities.

In this article, we’ll explore how banking apps are leveraging AI to transform the banking industry and revolutionize CX in 2024.

The Rise of Banking Apps

According to a study by the Federal Reserve, 53% of smartphone users have used mobile banking in the past 12 months, and this number is expected to continue to rise. As more customers turn to banking apps for their financial needs, banks are under pressure to provide a seamless and personalized CX to stay competitive.

How AI is Revolutionizing CX in Banking Apps

Personalized Recommendations and Insights

One of the key ways that AI is transforming CX in banking apps is through personalized recommendations and insights. By analyzing a customer’s financial data, AI algorithms can provide personalized recommendations for financial products and services that best suit their needs. This not only helps customers make more informed decisions but also increases the likelihood of cross-selling and upselling for banks.

AI can also provide valuable insights into a customer’s spending habits, allowing banks to offer personalized budgeting and financial planning tools. This not only improves the CX but also helps customers better manage their finances.

With Gen AI’s capability to summarize and contextualize documents from ample unstructured data, those working within customer contact functions can get a more comprehensive view saving their time and effort and thus improving their efficiency.

Chatbots for 24/7 Customer Support

Another way that AI is enhancing CX in banking apps is through the use of chatbots for customer support. Chatbots are AI-powered virtual assistants that can communicate with customers in natural language, providing quick and efficient support. They can handle a wide range of inquiries, from basic account information to more complex issues, without the need for human intervention.

By using chatbots, banks can provide 24/7 customer support, improving the overall CX for customers. This also reduces the workload for human customer service representatives, allowing them to focus on more complex inquiries.

Fraud Detection and Prevention

AI is also playing a crucial role in fraud detection and prevention in banking apps. By analyzing a customer’s spending patterns and transaction history, AI algorithms can identify suspicious activity and flag it for further investigation. This not only helps banks prevent fraud but also provides customers with peace of mind knowing that their accounts are being monitored for any unusual activity.

Predictive Analytics for Better Decision-Making

AI-powered predictive analytics is another way that banking apps are leveraging AI to enhance CX. By analyzing a customer’s financial data, AI algorithms can predict future spending patterns and provide insights for better decision-making. This can help customers plan for major purchases, budget more effectively, and make informed investment decisions.

The Future of AI in Banking Apps

Voice-Activated Banking

As AI technology continues to advance, we can expect to see more voice-activated banking features in the future. Customers will be able to use their voice to check their account balance, make transfers, and even apply for loans. This will provide a more convenient and hands-free way for customers to manage their finances.

Hyper-Personalization

With the help of AI, banking apps will be able to provide hyper-personalized experiences for customers. This means that every aspect of the CX, from product recommendations to customer support, will be tailored to the individual customer’s needs and preferences. This will not only improve the CX but also increase customer loyalty and retention.

Advanced Fraud Detection and Prevention

As AI technology continues to evolve, we can expect to see more advanced fraud detection and prevention measures in banking apps. AI algorithms will be able to analyze a customer’s behavior in real-time and identify potential fraud before it happens. This will provide customers with even more security and peace of mind when using banking apps.

Conclusion

AI is revolutionizing CX in banking apps, providing customers with a more personalized, convenient, and secure banking experience. With increasing competition and changing consumer expectations, banks must embrace AI to stay competitive and meet the evolving needs of their customers. With the advancements in AI technology, we can expect to see even more innovative features and improvements in the CX of banking apps in the future.

The Pet Tech Boom You Can’t Ignore: How Smart Devices Are Revolutionizing Pet Care

By : Sampada

Published on Jan 22, 2025

Pet Tech Pet Technology

What’s your first thought when you see a puppy strutting around in a tiny sweater or hear about luxury pet spas? Maybe, “That’s adorable!” or “Why don’t I have that life?” And let’s be honest—some pets have social media accounts with better engagement than most of us. Beyond the cuteness, these trends signal a deeper shift. The global pet care market is booming, with India’s pet Industry alone hitting $3.20 billion. It’s the age of pet tech, Today, pets are family—sharing our homes, routines, and emotional lives.

It’s not just technology for convenience’s sake, these innovations address real pain points. By solving pet-owner concerns, pet tech transforms pet care into a proactive, data-driven, and deeply connected experience.

Innovations Driving the Pet Tech Revolution

Here’s how technology is reshaping the industry:

AI-Powered Insights
AI doesn’t just automate, it learns. Devices now recognize pet behavioral patterns of the pets to make personalized recommendations, whether it’s switching a pet’s diet or alerting owners to early signs of illness.
Wearable Tech
These aren’t just GPS trackers; they’re fitness and health monitors for pets. From tracking activity levels to monitoring heart rates, wearable technology for pets is becoming an essential tool for modern pet parents. For instance, a dog recovering from surgery can wear a tracker to alert you if they’re too active, preventing injury.
Smart Devices
Automating routine tasks like feeding, watering, and waste management frees up time while ensuring your pet’s basic needs are met. Think smart pet feeders that portion meals based on your pet’s diet plan or self-cleaning litter boxes that operate automatically after every use.
Telemedicine Platforms
Virtual vet consultations are game-changers, especially in urban areas where time and traffic are challenges. Imagine spotting unusual behavior in your cat and connecting with a veterinarian online instantly through video for advice.
Interactive Gadgets
Smart pet toys and cameras aren’t just fun—they address pet anxiety, loneliness, and boredom. Treat-dispensing cameras let you check in on your dog and reward them with a snack while you’re away.

Startups: The Powerhouses of Pet Tech Innovation

Pet tech’s meteoric rise is fueled by ingenious startups redefining what’s possible:

Pet Wireless: Tailio, their health monitoring platform, combines non-wearable sensing devices, cloud-based analytics, and a mobile app. It empowers pet owners with insights and helps vets deliver superior care.
Dinbeat: This startup specializes in wearable tech for pets, offering devices that remotely monitor vital signs. Alerts via a mobile app ensure timely intervention.
Obe: By harnessing real-time consumption data, Obe’s digital wellness platform allows pet owners to make informed health and nutrition decisions. Early diagnosis capabilities are a game-changer.
Scollar: Their full-stack platform integrates a modular smart collar, mobile app, and cloud data service. Scollar offers comprehensive solutions for managing pet and livestock health.
Mella Pet Care: Known for its AI-assisted, non-rectal thermometer, Mella provides fast and non-invasive temperature readings. Its seamless integration with apps and patient management systems enhances diagnostics.

A Booming Market: Trends and Insights

Globally, the pet tech industry is riding a wave of growth, driven by innovation and shifting consumer behaviors: Market reports predict continued expansion, highlighting the rise in demand for smart pet care solutions and personalized offerings.

Conclusion: A Revolution in the Making

Pet care technology is transforming, blending tradition with technology to create a seamless and smarter experience. As brick-and-mortar pet stores evolve with online conveniences like home delivery and smart pet toys become everyday essentials, the possibilities of pet tech are redefining what it means to care for our furry companions. Advanced analytics now tailor diets, grooming, and preventive care, ensuring our pets get the attention they deserve.

Yet, amidst all the innovation, the essence of pet care remains rooted in love, connection, and trust. While gadgets can simplify tasks, they can never replace the joy of a wagging tail, the warmth of a purr, or the bond that comes from shared moments. As we embrace this technological revolution in pet care, we must also prioritize ethical innovation—where privacy, security, and empathy lead the way.

At Mantra Labs, we are committed to building solutions that empower pet parents without compromising the human-animal bond.

The pet tech revolution isn’t just about innovation—it’s about elevating how we care for our pets, ensuring they live happier, healthier, and more connected lives. Whether you’re a pet parent, an industry leader, or simply curious about the future, one thing is clear: our pets aren’t just part of our lives; they’re part of our hearts. And with technology, we can give them the care they truly deserve.

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