Looking at the global banking and forecasts that are our close future, we are rightly compared and we are going to consider the offer and especially experiences with domestic banking service providers.

Are our virtual assistants (if our bank has them) capable of voice communication? Whether withdrawal at ATMs could be done without a card, but only with the application? How much does our market cry for a P2P payment? Do you have the first thought that we are way behind? We are wrong – it is not that bad.

There are banks on the domestic market that invest a lot of resources in the implementation of innovations and distribution of financial services, because their goal is to monitor the habits and needs of their users. Through a unique platform, they combine communication, fostering good relationships with their clients at any time and therefore create the experience and treatment that you have in the above mentioned world. Users create needs, and the bank, in cooperation with IT innovators, runs this race.

Some banks offer purely cosmetic solutions, while others seriously facilitate communication and present inevitable support in all spheres of life. Does your bank offer what you need and personalize the offer, or you are just a part of a larger group with similar needs? We have asked a representative of IT company about innovations that make a difference on the market.

“Even 92% of the world’s population has and uses a smartphone everyday, and 80% uses mobile applications very intensively. Some of them are in the field of finance and banking, among others. A today’s client wants to have a bank in his “pocket”, to make payments, and even more complex transactions, wherever he is at that moment, in a quick and economical way. Accordingly, banks must offer services that enable clients to be independent and flexible in order to meet their basic need for freedom. This is especially true for “Millennials” who value the freedom itself, but also the ability to customize applications to their individual habits. In NF Innova Company, a member of the New Frontier Group, which is closely specialized in banking innovations, such indicators are constantly on the radar for product improvement. Although it is a leader in e- banking, NF Innova improves every day the existing models of e- banking in many banks on the domestic and foreign markets”, adds Larisa Zdravkovic from Saga New Frontier Group.

In addition to time saving, the services offered by banks within their online solutions are usually performed at lower commissions. Thanks to the growing acceptance of e-business by the clients, a space has been opened for the banks to improve further their service. This is especially reffered to the increasing use of artificial intelligence which, besides serving clients, enables banks to monitor the habits and needs of their users so that they can adapt and personalize access to each of them. Applications can learn by interacting with the user about their financial habits, so that banks can react proactively in order to meet their expectations and needs.

The integration of existing banking mobile applications with artificial intelligence creates a brand new environment in which banking is open and flexible. Introducing voice commands where a user with a simple voice command gives a virtual assistant the authority to make payments of bills, transfer money, perform exchange transactions, and even apply for a loan, changes from the root the way of functioning of banks and the clients themselves. Technological limit for further development practically does not exist. It depends on how much banks will be willing to be open when it comes to data sharing and to connect with other industries in order to offer a wider range of services that customers will be able to access through their mobile devices.

“The Raiffeisen Bank Virtual Assistant, REA, whose implemetation we have worked, is the best example of the successful application of artificial intelligence in banking system. Having achieved over half a million conversations in the first six months from implementation, REA shows the readiness of the Serbian market, ie the end users, to completely apply global technological trends. Saga NFG is one of the leading technology companies in the domain of implementation of artificial intelligence, and especially chatbots, in almost all domestic banking systems, and with further globalization of the placement of artificial intelligence based solutions we will significantly influence the further export growth of IT services”, concludes Mrs Zdravkovic.