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AI or Artificial Intelligence is known for streamlining processes securely, but when it comes to the digital payment solution, AI goes beyond streamlining and offering security. AI brings automation and enables users to monitor online payments. It’s interesting the jot down seven highly amazing uses of AI in the payment industry.
The Fintech industry becomes more dependent on AI technology with every passing day. Whether we talk of enterprise-focused banking apps like Chime and Wave or AI-based chatbots that facilitate the users to get personalized notifications on spending and investments, the AI technology gains traction among entrepreneurs.
Here we are pointing toward the flip side of machine learning and AI bots. Fraudsters utilize AI-powered bots to commit online fraud that becomes a big challenge for various industry sectors including the travel industry. The travel or tourism industry witnesses various types of online and offline fraud attempts especially during the holiday season. Many criminals want to exploit the situation arises because of the surge in travel volume.
We can certainly expect that the term “conversational commerce” will gain ground in the fintech and eCommerce segments alike over the period. Days are not far away when conversational commerce will be broadly adopted by people across the world. Consumers will utilize all means like chat, messaging, and even voice for making online transactions. AI technology will play a crucial role in making this possible.
AI technology is designed to analyze the user’s or customer’s behaviors and making predictions. When it is implemented into the fintech sector, it keeps on analyzing the data regarding the customer’s spending pattern and saving habits. In a way, it can help users maintain a subtle balance between the loan and deposit while making them financially healthy. In the coming years, many fintech companies and the BFSI sector as a whole will leverage the benefits of AI technology to provide 360-degree financial solutions.
Singapore’s largest bank DBS has utilized the concept of conversational AI to take the customer experience to a new level. This approach enables the bank to manage customers’ accounts and facilitates them to initiate payments. The bank has taken enough care to make the interactions natural so that its customers do not realize that they are talking to a bot and not a human being.
Many other banks will also come up with robust and reliable bots in the coming years. On one hand, such bots will relieve the pressure on bankers, and on the other hand, customers can get improved services on a 24/7 basis.
Though this concept at its nascent phase, it has a vast scope and it offers a lot of opportunities for the retailers. Talking about the reason why Moby store has experimented with this concept in Shanghai, the store wanted to maintain a retail presence in the areas where the economy cannot support a permanent grocery store. Here, though the AI technology takes care of the customer service and delivery process, the autonomous store, help from humans is still necessary to return unsold items to a warehouse.