Why Power Apps is Optimal for AI-Powered Banking App Development
The need to build tech-powered applications for the banking and financial sector is everincreasing. 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 Apps 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 lowcode 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.
