Businesses

The role of technology in modern savings accounts: AI, automation, and beyond

People’s lives today are deeply intertwined with technology, and the banking sector is no stranger to this phenomenon. The space of savings accounts has been significantly influenced by the rapid technological advancements. The once tedious and time-consuming process of opening and managing a savings bank account has been revolutionised by breakthroughs such as automation, digitalisation and artificial intelligence or AI. To get a thorough understanding of the growing technological measures that has revolutionised the banking sector, continue reading. 

·       Customer service powered by AI 

A significant innovation of contemporary savings accounts is the introduction of AI-powered customer service. Financial institutions use AI-driven chatbots and virtual assistants to offer instant support and help to customers, making it simpler for them to open a savings account online as well as manage their finances. Such smart instruments can understand customer queries, provide customised solutions, and predict customer requirements, thus enhancing the banking experience.

·       Biometric verification 

Security is an important priority for financial institutions and customers alike when it is about savings bank accounts. Biometric authentication uses unique biological traits like iris scans, facial recognition, fingerprints, etc., adding a security layer to online banking. This technology ensures only the savings bank account holder can get access and manage their savings bank account, lowering the risk of unverified access and fraud. 

·       Automation in account management 

Automation has significantly increased the efficiency of operating savings bank accounts. Due to the advanced banking software technology, activities such as cash transfers, bill payments, and information updates are now completed with a single click. This not only saves time but also reduces the likelihood of making manual mistakes. Furthermore, automation enables financial institutions to provide features such as auto-investment and auto-sweep, which automatically shift surplus funds stored in a savings bank account to fixed deposits or other investment options, resulting in improved financial management. 

·       Integration with digital platforms 

Digital payment platforms such as BHIM, UPI and other mobile wallets have changed the manner in which transactions are performed. Modern savings bank accounts are now integrated with such platforms, permitting customers to make quick payments, receive funds and even pay utility bills with ease. This not just endows unparalleled convenience but even promotes cashless and all-inclusive transactions.

·       Mobile banking apps 

The widespread availability of speedy internet and smartphones has made it possible for customers to open savings accounts and efficiently manage their finances. Mobile banking apps provide a range of features like account balance checking, transferring funds, tracking expenditures, etc., all at the fingertips. Moreover, such apps often come with in-built budgeting tools, which promotes better management of finances. 

Final thought

Technology has redefined the manner savings bank accounts operate. The integration of automation, AI, biometric verification, digital payment platforms, etc., has made banking more secure, convenient, and accessible than ever before. As the world moves ahead, people can expect more technological advancements that will continue revolutionising the manner savings accounts can be managed, setting the stage for a more efficient and smarter financial future.

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