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The Crucial Role of AI in Payment Services

AI services have long been used in credit card systems and banking to detect and spot fraudulent activity. AI is now making its way into other areas of the financial services and payments industry. Let us analyze the various aspects in which AI plays a crucial role in the payments industry.<br>

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The Crucial Role of AI in Payment Services

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  1. Session 1

  2. The Crucial Role of AI in Payment Services AI services have long been used in credit card systems and banking to detect and spot fraudulent activity. AI is now making its way into other areas of the financial services and payments industry. Let us analyze the various aspects in which AI plays a crucial role in the payments industry.

  3. Enhancing Fraud Detection Approximately two decades ago, e-commerce brought about a revolution in the way goods were bought and sold in an online setting. People are no longer bound by time zones or borders. This has brought us to a world where real-time payments required real-time fraud detection. Owing to the number of transactions that happen electronically, it is impossible to have humans alone to monitor these transactions. According to a report by Capgemini, French consulting and technology multinational, global digital payment transactions are expected to reach 726 billion by the year 2020. AI systems can be used to send alerts to individuals if they spot an activity that doesn't appear normal for that user. The system will be able to learn a normal user's behavior over time and spot outliers to this behavior and will be able to alert them at the right time.

  4. Computer vision-powered retail and payment transactions An AI-powered store is a recent concept to the world of retail and payments. It refers to recognition sensors placed throughout the store that will help skip the traditional checkout process by detecting what people are picking up and charging them for those items. One such notable company that is pioneering this concept is Amazon. Due to this feature, customers need not wait in long queues to check out. Computer vision is now being increasingly used in the payment process also. Companies have started experimenting with facial recognition systems, to authorize payments and are also using credit cards and other payment systems as a replacement. The main advantage of gesture detection, facial recognition, and voice recognition systems is that it is hard to fool them. In the future, we can just use our face and voice to authorize payment transfers and transactions and skip using cash or a credit card.

  5. Nowadays, many companies are moving towards a hyper-personalized approach to payments and lending. It helps provide tailored offerings, a better view of customers and helps learn the normal spending behavior for each person.

  6. Personalized Service Companies are also looking to bring AI services into other areas of their business. AI-based chatbots are now being adopted by payment and finance firms to answer questions, interact with customers, help make online purchases, and help navigate users through the company app or website. A chatbot is the most promising and advanced expression of the interaction between humans and computers/machines. It is an artificial intelligence-enabled computer program that simulates a conversation with a user in natural language. It communicates using telephones, messages, websites, and mobile apps.

  7. Capital One, the bank holding company, has developed chatbot Eno to help customers check account balances, conduct basic account inquiries, and transfer funds between accounts. The smart payment technology provider, Ingenico Group, has partnered with IBM Watson to create an AI-enabled messaging chatbot to help merchants in the hotel, hospitality, and retail industries to conduct payment transactions with customers. With natural language processing, the chatbot will be able to interact with customers in several languages to find out the interests of the customer and helps customers make payments through the app's secure payment API (Application Programming Interface). AI and machine learning algorithms allow lenders to look at a variety of data sources for creating personalized profiles that help accurately predict credit risk to approve loans to people who were deemed uncreditworthy previously and offer better pricing to those who deserve it.

  8. Conclusion Artificial intelligence has come a long way in the past decade and has now become part and parcel of our lives. The opportunities and possibilities offered by artificial intelligence are exciting and endless. If you wish to become an AI expert, then check out Global Tech Council they provide you the Artificial Intelligence Certification. That certification helps you to make your professional life easier and more earning.

  9. Globaltech Council Certifications - You can check out our certifications, and kick start your career. • Certifies Artificial Intelligence Expert • Certified Augmented Reality Developer • Certified Chatbot Expert • Certified Data Scientist Expert • Certified Big Data Expert • Certified Machine Learning Expert • Certified Virtual Reality Expert Learn more about GlobalTech Council click here

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