Blink: How AI-powered neobanks are changing the game for banking  

Neobanking has been on the rise in recent years, offering customers a new way to manage their finances without the need for traditional brick-and-mortar banks.

These digital banks operate entirely online, allowing customers to open accounts, make transactions, and access customer service all through a mobile app or website.

With the advancement of technology, neobanks are increasingly incorporating artificial intelligence (AI) to enhance their services and provide a more personalized banking experience.

We sat down with Zein Malhas, CEO of Blink – the first digital-only neobank in Jordan, to understand how AI-powered neo-banks are transforming the banking industry in the MENA region.

Malhas shared insights on how AI plays a critical role in elevating neo-banking, the top CX trends in the banking industry, and how a communication technology partnership can drive conversational banking journeys and lasting customer relationships.

Watch full interview here:

One of the key benefits of neobanks is their accessibility and ease of use. Customers can manage their finances entirely through a mobile app, with the ability to make transactions, check their account balance, and even apply for loans at any time and from anywhere.

This convenience has made neobanks especially popular among tech-savvy Millennials, and digital native Gen Zs who prefer the seamless experience of digital banking.

Another advantage of neobanks is their focus on customer experience. By operating solely online, these banks can offer:

Additionally, neobanks typically have lower fees and higher interest rates compared to traditional banks, as they have lower overhead costs without the need for physical branches.

This cost-efficiency allows them to pass on the savings to their customers in the form of competitive rates and better rewards.

Blink, which falls under the umbrella of the Capital Bank of Jordan, had a vision to create a groundbreaking digital-only neobank to drive innovation in the market and tackle financial inclusion in the region. It was born out of a simple belief: money is meant to be easy; it’s meant to work for people, and not the other way around.

But to keep up with rising customer demands, Blink also had to keep up with the latest CX trends for banking. Let’s look at some of those trends.

Today, the banking industry faces a disruptive change due to the rise of neo-banking and innovations in AI and chatbots. Research indicates that by 2026, there will be an estimated 350 million neobank users and the global neo-banking market is pegged to touch $2,048.53 billion by 2030, growing at 53.4% (CAGR) from 2022 to 2030.

The reason for this substantial growth is that customers demand seamless and personalized banking experiences. They want to have:

However, with customer experience (CX) being a key differentiator in the competitive neobanking industry, it is important for these financial institutions to stay up-to-date on the latest CX trends to attract and retain customers.

Neobanks are changing the game for the banking industry by revolutionizing the way we manage our finances. They have been gaining popularity in recent years due to their convenience, low fees, and innovative features.

One of the key technologies that have driven neobanks to success is artificial intelligence (AI). AI plays a crucial role in helping neobanks provide personalized services, improve customer experience, and enhance overall efficiency.

Here are some ways in which AI helps neobanks:

AI technology enables neobanks to analyze customer data and behavior in real-time and use the data to provide personalized recommendations and tailored offers to individual customers.

Chatbots can answer frequently asked questions, help with account inquiries, and provide guidance on financial decisions. By using AI-driven chatbots, neobanks can offer 24/7 customer support without the need for human intervention.

Using AI to automate processes saves customers more time and allows them to manage their finances more efficiently.

AI technology can help neobanks streamline risk management processes, monitor regulatory changes, and ensure compliance with industry standards.

AI-powered fraud detection algorithms can analyze transactions in real time and identify suspicious patterns or anomalies

Advanced technologies such as Natural Language Processing (NLP) and Machine Learning (ML) enable AI to extract and analyze useful customer data and behavior patterns to provide seamless , secure and highly engaging end-to-end customer experiences.

As a result, banks can improve customer satisfaction, enhance security measures, and streamline financial operations.

Blink is a leading example of using AI solutions effectively. They shifted from providing corporate banking services to serving the masses and meeting the needs of the young tech-savvy generation.

And they did this by investing in a customer engagement solution to personalize their customer engagement and automate communication flows to deliver targeted conversational messaging at scale.

However, choosing a reliable AI solution that integrates easily with your systems is only half the battle. The other half involves effectively implementing and managing it, which can be challenging.

The key to that is finding the right communication technology partner to help you get started.

Technology partnerships play a crucial role in driving conversational banking, a trend that is changing the way banks interact with their customers.

One of the key roles of technology partners in driving conversational banking is to provide the necessary infrastructure, tools, consultancy, and support for banks to implement these technologies.

This includes designing, implementing, and maintaining the chatbots and AI solutions that power conversational banking, as well as seamlessly integrating them with the banks’ existing systems and applications.

Infobip worked hand in hand with Blink to co-create and customize the tools and solutions they needed to digitize their services and ultimately exceed their customers’ expectations.

The future of banking lies in the intersection of customer preferences and the rise of innovative digital banking. Neobanks are driving digital transformation, increasing financial inclusion, and ultimately transforming the way people manage their finances.

Partnering with the right communication technology provider is key in helping you embrace these trends to stay ahead of the curve and meet the growing needs of your tech-savvy customers.

We offer a range of CX solutions and tools designed to accelerate your banking experiences and improve customer satisfaction.

Our platform allows you to scale as you grow and expand your digital services with multiple banking use cases from:

All while improving engagement, increasing retention, and driving satisfaction throughout the entire customer journey.

Our CX consultants are here to help you reach your full digital potential using our SaaS and CPaaS solutions on popular messaging channels and chat apps – all through a single conversational AI platform.