October 19, 2015
These days, almost everything is done via the Internet, these days with a special focus on mobile devices and portability. From simple things like gaming, to other serious actions like financial transactions, many of the tasks from our everyday lives can now be done with a mobile device like a tablet or a smartphone.
Knowing this, financial and banking institutions do not want to be left out. Most banking entities are developing mobile services and apps. Alfa Bank, one of Eastern Europe’s largest banks, announced last week the launch of its own mobile banking app, Sense.
This app has been announced at this year’s Finovate, one of the world’s largest event in financial services technology. While it may seem like just another banking app, it has some really innovative features. The biggest one is the intuitive machine learning capabilities built-in on the app.
With this feature, the app will change every half-hour to accommodate the user’s personal preferences – it learns them in order to give priority to the most used features of the app, and they are the ones first presented to the users. This behavior is quite unique in the apps from this niche, which is why Sense deserves this much attention.
Sense’s way of working will, according to Alfa Bank, allow clients to manage everything about their financial accounts in a very easy and customized way, through a more intuitive and uncluttered tool. However, while Sense seems to be solely focused on the user, it is not.
Banks can also benefit from Sense, as the app retrieves the transaction activity and engagement of users, therefore helping both banks and clients and increasing results. According to Alfa Bank, these are the changes arising from using this app: 150% increase in product engagement and banking transaction activity, and a 10% to 15% increase in the retention of audience when compared to standard mobile banking benchmarks.
All this makes Sense a revolutionary and useful app, which may set a new standard for other apps within the financial/banking niche.
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