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The mobile banking sector has seen continued growth in the past decade, with 57 million mobile banking users in the United States alone. With almost all business operations shifting from brick and mortar to virtual due to the ongoing pandemic, the demand for virtual banking soars more than ever now. The future of banking lies in automation and voice recognition. Chatbots are helping banks scale the speed of transactions, thereby pleasing customers. Machine Language is enabling next-level predictive personalization by digging into customer data. AI also aids in early fraud detection, performing KYC checks and improving anti-money laundering processes.