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People today are so busy to earn money that they don’t usually find the time to manage it. However, the task has been taken well care by the mobile application market. But is present the end, or there’s more to come? Will these finance applications get accompanied by an envisioneer and will serve the people in a better and more advanced way? Let’s find out:
Relation they share
Mobile applications and finance have a relation that exists due to necessity. Though, one can’t deny that the union of these two has created impeccable standards.
With unmatched advancements in mobile applications through AI, VR, and AR, the scope has widened and subsequently served more opportunities for the people in general and the corporate sector.
While on one hand, the mobile application development is setting new benchmarks with every passing day, on the other hand, we have the largest and the most liquid the United States Financial Market. Amalgamation of these two has brought tremendous changes. Few such applications include;
- Concur: If you have a business which requires your employees to travel, the app cuts down your time, efforts, and money on creating expense sheets. All you need to do is simply click a picture of receipts and leave remaining on concur.
- Acorn: Ranked on the second number in iOS store, the application helps you in mastering the finance management. You need to link this application with your bank and credit card accounts. The app rounds up to the nearest dollar upon every purchase made by you and then invests the change.
- Wally: If you do not want a finance app which keeps a check on your bank accounts, Wally can be the application you need. The application allows you to manually scan/click your receipts, add expenses and income. With this, you don’t have to sync your account with the application, and can also keep a track of all your expenses.
Why do you need to stop and look?
The need for considering finance can be well understood with the fact that despite the US economy is most powerful in terms of buying power, and they have numerous applications to work out, they still fail to manage finance well.
These applications indeed have brought a tremendous change in lives of people, but as technology says, ‘There’s always scope for innovation’.
Another reason behind having more is to overcome the hurdles faced by the prevailing finance market applications. If we closely look at these details, we’ll find;
Four kinds of people who primarily fail to manage their finances. This includes:
- Too busy in trying to earn more: Yes, they are too busy in putting their efforts to earn, that they do not have the time to manage the expenses. They find pretty tough to keep the receipts, scan them, or to add the amount in their application.
- Forgot to remember: This category includes two sub-sections. First are the kind of people who forgot to pay due to the difference in dates, while second are the ones who miss entering the details due to a busy schedule. For the latter, let us take an example. You have scheduled a payment at your bank account, the bank deducted it but you didn’t enter the same in your application. Or you missed entering the detail after paying it.
- Dedicated traders: This category involves people who are tenacious about trading, and will log into their trading account numerous times a day and do transactions. It is almost impossible for them to make entries and cross verify same every time. Another reason behind not doing it is the level of frustration that arises after a certain time.
- Shopping lovers: Those who love to shop or spend money on miscellaneous things find these apps like a hurdle. They need something which is more simplified, personalized, and envisioneer. With the last one getting implemented they can be educated about the probable future with this spending speed.
- Travelholic: These people are already so much into their passion of traveling that they don’t really remember the expenses they made and thus fail to keep the easy way of tracking. Though we can’t deny that for them, having a finance app is a must. However, to get them inclined towards these apps, one needs to integrate features that can do the things, without bothering their adventurous travel plans.
How can AI bring a change?
In ‘guy next door’s language, Artificial Intelligence is about enabling machines to perform tasks which require human intelligence. This includes Speech recognition, visual perception, language translation, and decision-making.
In past few years, Artificial Intelligence has made an unmatched contribution to society. Looking at its worldwide acceptance, even the ‘Big Boys’ of Silicon Valley have started investing hugely in them. Recent activities include Google and Apple buying machine learning start-ups across the globe. In fact, AI is predicted to have more influence on businesses because of the increasing need to use predictive technology for different aspects of their operations.
Even Mark Zuckerburg has recently started integrating AI in his popular online social community Facebook.
Let’s find some important changes that AI can bring upon being integrated into finance mobile apps:
- Personal assistant: Artificial intelligence can adorn these applications with a personal assistant for the users. This assistant can help people by reminding them about their pending bill payments and other expenses. With the help of this, the user won’t forget it’s important payments and receipts and can keep a proper track by updating them in the application.
- Automate: Tune your application to serve with a dedicated payment interface. You can automate your certain transactions, according to the dates they are to be done. With this neither the person will have to remember the transaction (this is general) but being integrated into the application, they neither will have to do manual entries. Soon after doing the transaction, it will get updated in application sheet, and hence the output will be produced on the basis of these transactions.
- A digital envisioneer: Artificial Intelligence can make the application a digital envisioneer for the users. Let us suppose you are expecting a kid, and you need to keep things in the budget. Allow your application to create a forecast about the expenses that will follow in coming days, months, and years.
The app will be able to forecast the expected hike in prices of products, school fees, and other expense. With this, it can match your current earning and expenses with expected rise in coming time. Eventually, with this entire calculation, it’ll be able to guide you about the money that you need to save.
- Personalized humech reminders: This helps the application in reminding the user about his current balance from time to time. Apart from this it also makes it more personalized by doing it as per the budget planned. Let’s say that you have planned your week’s expense to around $500. If you exceed this or you are close to it, the application can remind you about same and thus can help you save accordingly.
Integrating Artificial Intelligence in your finance mobile apps or using one of the kind is a step based on envision. To ensure its proper implementation to serve the purpose, you need to have a digital envisioner paving the boulevard for you. You need to understand that AI is a technology of future, and its implantation has to be in a way that it serves the future requirements and not just today.