The need to build tech-powered applications for the banking and financial sector is ever-increasing. By infusing modern technologies like Artificial Intelligence within apps, banks can effectively attract customers to use more products and services. However, innovating while fulfilling all the needs of customers is not easy for the banking sector. In fact, for many modern banking enterprises, developing and deploying applications to accelerate digitization remains a challenging task.
To overcome this challenge, banking organizations can use low-code app development platforms like Power Apps to fast-track their digitization journey. Power App’s intuitive AI-Builder enables banking institutions to include AI capabilities within their applications through minimal coding efforts. In simple terms, banking and financial institutions can harness the power of AI through AI Builder. Developers from the right PowerApps consulting company can build low-code AI banking apps using the Power Apps platform.
Introduction to Power Apps
Power Apps is one of the primary components of Power Platform. Power Apps offers a range of apps, services, templates, and connectors to build rapid low-code enterprise applications. Power Apps can also be used as a data platform by enterprises to store business data and connect several data sources like SQL, Excel, Amazon, or any other server.
Whether it’s app development or integration of data sources, business users can easily perform required actions through Power Apps’ user-friendly drag-and-drop interface, rather than writing codes. This makes Power Apps an easy-to-use low-code platform. It has been estimated that around 771 enterprises across the world use Power Apps to build and launch custom business apps.
Why Power Apps for AI-Banking App Development
As stated before, the availability of AI-Builder in Power Apps is beneficial for banking enterprises to build and deploy AI-based applications. AI Builder is a Power Platform module through which banking professionals can build custom AI models tailored according to their needs and integrate them within the app. Moreover, banking users can choose pre-built AI models such as sentiment analysis, language detection, and text recognition (OCR) to quickly optimize processes. This way, banking firms can use intelligence to streamline processes and collect insights from their application data. Banking institutions can team up with the right Power Apps consulting services provider to build and integrate custom AI models within low-code banking apps.
Examples of AI Models Development Using PowerApps AI Builder
Here are a few examples of models that banking institutions can build using PowerApps AI Builder:
Credit Risk Models
The role of Artificial Intelligence in identifying customer credit risks is acquiring popularity. Poor analysis of the credit risk of a borrower can substantially impact a banking institution by increasing collection expenses and disrupting the cash flows consistency. Therefore, banking enterprises can build a credit risk analysis model using Power App’s AI Builder and integrate it within their apps. This model tracks assesses and determines the credit eligibility of borrowers within seconds.
AI banking applications equipped with credit risk models can provide valuable insights by analyzing the financial history and credit score of a money borrower. Lenders can rely on the insights to make important lending decisions on whether or not to give a loan to a borrower. Microsoft Power Apps consultants from the right services provider can build and integrate credit risk analysis models within banking apps.
Smart Voice/Text Recognition Models
AI-based voice and text recognition models are occupying major space in the domain of banking app development. With AI Builder, banking firms can create intelligent voice or text recognition models that guide customers automatically by apprehending their text or voice queries in the right direction.
By developing and integrating AI-based voice or text models within banking apps, customers can have virtual assistance related to transactions and other banking services. Voice/text recognition models can route complex queries to the correct department for resolving issues on time.
These models can also be helpful for banks to send push notifications to customers regarding account balances, credit bill payments, and personalized advice on investment plans. Hence, banks can increase their customer engagement and allow customers to manage their wealth under control through personalized inputs. Overall, integration of AI-based voice/text models within banking applications saves time, and money, and takes customer fulfillment to the next level.
Data Analysis Models
Banking applications record millions of transaction data every day. Since the capacity of data generated is huge, organizing several data elements and understanding how the data elements relate to one another becomes a tedious task for banking enterprises.
In such a situation, banking firms can construct a data analysis model using AI builder and incorporate it within their app. The data analysis model can analyze banking data, derive valuable patterns based on customer behavior, and predict market trends. With these insights, banking enterprises can customize their financial services and products as per customer needs, improve cross-sell opportunities, and establish strong relationships with customers. Moreover, data collection and analysis can help banking enterprises virtually approve loans, monitor transactions, and eliminate fraudulent activities.
Summing Up
Artificial Intelligence helps the banking sector become more efficient by reducing operational costs and improving customer experience. By using Power Apps, banking and financial institutions can drive innovation and meet market requirements through low-code app development. With the integration of AI models within low-code banking apps, enterprises can gain a competitive edge and remain connected with their customers. AI-powered applications have become an integral part of the banking sector.
Also, Read – How Power Apps Can Help SMBs Drive Digital Transformation
Sara Suarez is a professional writer, having a deep understanding of the latest technology. She has been writing insightful content for the last 5 years and contributed many articles to many websites.
