ATLANTE, June 14, 2022 /PRNewswire/ — The line between an ordinary financial management application and a powerful financial assistant lies in the use of artificial intelligence. According to Mordor Intelligence, global AI in the fintech market is expected to reach $26.67 billion by 2026. MobiDev has looked into some advanced features based on this technology.
Biometric authentication technology is considered one of the most reliable ways to protect data. It can be implemented as facial recognition, iris scanning, fingerprint identification or voice verification. However, each option has its implementation characteristics. For example, creating an iris scan on mobile and desktop is not possible without special hardware, since the resolution of conventional cameras is not sufficient.
Based on Natural Language Processing (NLP) and Natural Language Understanding (NLU) technology, the conversational engine enables smooth communication between a financial application and its users. AI voice assistants use a device’s microphone to receive voice requests. First, they need to recognize a command (a wake word) that helps wake up the device, since virtual assistants usually listen passively. Plus, after the trigger, speech recognition, speech analysis, and language processing get to work and the magic happens.
PREDICTIVE AND PRESCRIPTIVE ANALYSIS MODULES
Personal finance assistant apps can detect user behavior patterns and make predictions about future users’ income and expenses. This happens through statistics and modeling techniques. Predictions are made based on historical account transaction data powered by machine learning algorithms. Predictive analytics will allow users to plan for the future and show them the best way to achieve their financial goals by acting like a true financial advisor.
RECOGNITION OF RECEIPTS
To ensure receipt recognition, the system extracts text from your receipt photo and analyzes it to determine which data matches the categories built into the system. After that, the module scans the existing expense categories and finds suitable ones to add information from a new receipt.
The main challenge is that receipts can be represented in different formats, which complicates the analysis of the information and its subsequent dissemination. This is where you need effective machine learning models.
More detailed information on building an AI-powered financial assistant app can be found at:
MobiDev is an international software engineering company with offices in Poland and Ukraine. The company is dedicated to helping visionaries create their products. MobiDev invests in technological research and has years of experience in creating AI-based solutions, implementing machine learning, augmented reality and IoT.