AI is changing the way we work, interact, and innovate.
The transformative potential of AI in basically every industry is nearly unarguable, as it is increasingly recognized as a flexible tool for process improvement in numerous use cases across various industries.
In the remittance industry, for instance, the World Bank Group identifies AI as a crucial tool for enhancing the compliance of fintech remittance services, lowering their overhead costs, and ultimately driving global financial inclusion.
Beyond the benefits to remittance service providers, the benefits of AI in remittances also extend to the end-users, generally resulting in a better experience as they send money to their loved ones around the world.
So, how does AI in remittance services translate to better user experience?
Well, understanding how AI enhances user experience in remittance services also means knowing how remittance services use AI in customer-focused processes.
So, let’s get into it.
24/7 customer support with AI assistants
AI chatbots are easily the most felt and seen use of AI in major remittance fintech apps.
AI-enabled customer support assistants have made it possible for remittance services to provide 24/7 support year in, year out.
For customers, this means the ability to get much-needed assistance, especially with minor issues, at any time of the day, without restrictions to the traditional banking hours.
That might not sound like much, but those who were using remittance services pre-AI and fintechs might understand the anxiety and restlessness that comes with waiting through a bank holiday to resolve a minor issue with a transaction.
Today, you don’t have to worry about customer support and other issues when sending money to other countries via BOSS Money App and other remittance service providers. Their AI-powered assistance means that you get to benefit from timely, consistent, and accurate responses anytime you file a dispute or query.
In case of complex issues, the AI assistant compiles your support history and forwards it to the appropriate customer support staff, capturing nuances and contexts in an easily understandable format to help the team address your queries quickly and efficiently.
This level of round-the-clock customer support goes a long way to improve customer satisfaction.
Advanced security
The broad financial sector, alongside the telecommunications sector, is one of the major sectors most affected by fraudulent activities. Most fraudulent activities in the global financial market were usually flagged after the fact, resulting in substantial losses.
Thankfully, with AI and advanced machine learning in financial services like remittances and payment processing, service providers are now able to establish more proactive security protocols that automatically detect and prevent fraudulent activities on user accounts in real time.
How is this possible? There are two key use cases to think of here.
1. Enhanced screening and validation
From the get-go, AI models help remittance service providers establish highly advanced security measures for screening and validating credentials, while substantially limiting false positives.
For you, this means that a malicious entity cannot use your credentials to log in to your account or create a new one. Additionally, this helps service providers verify users quickly, reducing wait times.
2. Real-time user account monitoring and protection
One of the key advantages of AI models is that they can process large volumes of datasets in real time, with an even deeper capability to process the elements of individual data points uniquely. Similarly, AI security algorithms in remittance platforms can monitor and learn the transactional behaviors of each user.
Ultimately, AI can screen and validate each transaction request or activity based on defined user behavior from historical data. Upon detecting any anomaly on the account, the AI-powered security algorithm can automatically flag and halt activities on the account until further authentication from the real account owner.
Improved efficiency, speed, and cost-effectiveness
The outcome of all the applications of AI in remittance services, both at the providers’ and customers’ end, including 24/7 customer support and advanced security, result in overall efficiency and cost reduction.
By using applicable AI models to streamline various back-end and customer-facing processes, providers enjoy a substantial reduction in overhead costs while being more efficient. This is one of the reasons why you will find that it is cheaper, faster, and more convenient to send money abroad through fintech remittance services than traditional banks.
Conclusion
Looking back at what remittance services looked like in the decades before widespread use of AI in remittance, it is very clear that AI in remittance has drastically improved user experience across the board.
Remittance platforms are now far more efficient, quick, and accurate in resolving customer queries around the clock. Furthermore, we are seeing significant improvement in fraud detection and prevention, thanks to proactive monitoring and protection offered by AI security models.
Interestingly, this is just the beginning.
As more and more innovations happen around AI, we can expect more improvements in AI-powered remittance automation, exchange rate assessments, and multi-currency transactions.
Despite being at its nascent stage, AI in remittance services already makes for a very big market, with Japan alone boasting a $15 billion AI in remittance market size. It only gets better from here.
