It is seen that if financial institutions want to be meaningfully present in the current world which is so rapidly developing and changing in the blink of an eye, then the requirement is that a continuous need exists for innovation and development. Everyone wants something seamless with no interaction and, most importantly, everything to be online. This holds particularly true for banks as they possess relatively little sensitive data; thus, customers look forward to efficient, seamless, and secure operations and service at any given point in time.
However, despite this, many banks still employ more conventional forms of monitoring that are more or less reactive and lag far behind the giant leaps that have been made in other modern financial applications. This is what Aakash Aluwala realized as a creative mind and a visionary leader in financial technology. He learned that the future is Artificial Intelligence (AI) and Machine Learning (ML).
Application monitoring with AI and ML is a revolutionary way of performing the task. He has been at the vanguard of applying these potent technologies to reign in application performance and availing financial services. Aakash was instrumental in defining the function of integrating AI and ML algorithms into application monitoring solutions. This goes beyond identifying problems during operation, which many designs integrate. The above visionaries also include predictive maintenance based on Aakash’s vast vision. Due to its ability to handle large data inputs in real-time, scenarios that may lead to issues are identified beforehand.
Suppose a bank operating an app for mobile banking discovered that significantly more people visited it at certain times of the day than at others. The typical kind of monitoring is unsuitable in this case as it may indicate the problem only when performance declines, resulting in unnecessary customer delays. This would be forecasted in his solution based on AI, where resource requirements would be increased to maintain the system’s proper functioning and bring service continuity.
He has also developed a systematic plan for how he intends to utilize artificial intelligence to track users’ activities with the purpose of diagnosing potential problems that may affect the customer. For instance, a user interface of an online banking application that is poorly developed can take customers through several menus to execute a single operation. In turn, Aakash’s AI solution would address analyzing user behavior patterns. AI would identify this as a bulky process. Such an analysis can be used to redesign the interface layout for easier navigation depending on customer expectations.
Aakash’s proactive approach utilizing AI and ML offers a multitude of benefits for financial institutions: Aakash’s proactive approach utilizing AI and ML offers a multitude of benefits for financial institutions:
- High Degree of Uptime: Predictive maintenance helps identify and prevent potential issues that could disrupt services. This proactive approach saves time and ensures continuous access to financial services without interruptions.
- Enhanced Security: By using AI algorithms, it is possible to detect unusual and suspicious transactions based on the patterns of the transactions. This makes it possible for banks to prevent fraud and other online scams from happening in the first place and, in so doing, protect their customers’ information and ward off cyber threats effectively.
- Improved Customer Experience: When applied to the monitoring of applications, periods of inactivity and a lower flow of people through the user journey are eliminated, directly translating to improving the customer experience. Quicker to process, easier operational interface and fewer mistakes lead to customer satisfaction and result in customer loyalty.
- Increased Operational Efficiency: In this way, such processes as identifying and fixing issues can be automated, thus creating more space for IT to work on more significant and pressing tasks. Also, it reduces the extent to which organizations engage in reactive troubleshooting, hence improving operations and reducing costs.
The vision that he has set for his company and the applications is quite vast, and they are not just limited to enhancing the method of application monitoring. He anticipates a world that is full of AI and ML utilization in each component of the monetary area. In fraud detection, risk management, and advising, AI has much potential to change banking and other financial services. That way, banks can ensure a safe, effective, and, most importantly, customer-oriented financial environment by adopting these technologies.
Based on Aakash Aluwala’s findings and recommendations, the financial institutions practicing the application of AI and ML in the future will be able to adopt a set path as follows: Thus, this strategy guarantees not only high-quality and secure financial services but also creates conditions for achieving the ultimate goals of a smooth customer journey.
