The introduction of artificial intelligence in the banking sector makes banks efficient, helpful and more understanding. The growing impact of AI in this sector reduces operational costs, improves customer support and process automation. AI-based applications help banks by reducing costs thereby increasing productivity. Also, intelligent algorithms are able to spot inconsistency and fraudulent information in a matter of seconds. According to reports, nearly 80 percent of banks are aware of the potential benefits that AI presents to their sector.

In the long shadow of the 2007-08 global financial crisis, concurrent advances in three technologies – smartphones, 4G cellular networks and cloud computing – sparked an explosion of innovation in financial services. Their convergence enabled mobile banking: the sector's most significant development in generations. Just over a decade later, the industry is again "on the cusp of another inflexion point". He predicts that progress in tech including 5G, blockchain, artificial intelligence and quantum computing will trigger "another spurt" of innovation. "People talk about data being the new oil," Pattni says.

A New York publisher analyzed how he has an encounter with a humanoid AI robot acting as a staff member for more specific assistance. According to him, the robot bears the name'Pepper'. Pepper is a robot that recognizes faces and emotions. She can respond through voice or by displaying messages on a tablet embedded in her torso. Resembling a friendly futuristic doll, Pepper is not only a unique dialogue member, but a concrete pointer into the future of financial technology.

Mobile banking is directly impacted by AI and ML customer service and security and fraud detection innovations -- and it's seeing other benefits as well. AI in mobile banking is fundamentally reshaping the customer experience. The core premise of mobile banking includes providing banking services around the clock, as well as enabling customer support staff to concentrate on more complex tasks. For instance, a chatbot, such as Bank of America's Erica, an AI-based virtual assistant, can help customers check balances, remind them about bills and answer bank-related questions. To further sweeten the deal, Erica doesn't take a lunch break and never needs a day off.