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Digital transformation has encompassed all industries in recent years, especially in the financial sector. At the heart of this transformation is the rise of artificial intelligence (AI).
AI is the ability of machines to replicate human behaviours like learning and cognition. From e-mail spam filters and natural voice recognition, to online shopping recommendations, AI is shaping the world to our convenience.
Retailers and financial institutions are adopting artificial intelligence and machine learning in their business to solve various business problems such as cybersecurity and document digitization. However, many of these companies are also using AI to improve their payment processes for their clients and customers. These types of applications are usually layered into an existing payments technology stack, which could include straight-through processing (STP) or robotic process automation (RPA).
Artificial Intelligence (AI) is here for quite some time and is successfully being used in banking applications like Fraud Analysis and Customer Risk Scoring but with a limited scope. The prominence of AI in decision making has augmented with the advent of data explosion, big data analysis and internet penetration.
Chatbots, a prominent development in recent times, are gaining widespread acceptance and adoption. Being a perfect example of artificial intelligence at work, Chatbots are able to understand customer language, leverage back-end analytics to respond to queries on real-time basis and deliver a frictionless experience to customers.
Payment Industry is on the cusp of reforms and players are eager to implement AI for efficient payment processing, increased Straight Through Processing (STP) rates, drive incremental enhancements to user experience, and gain the early mover advantage. There are many areas within payment processing where AI has a great potential to succeed. From a holistic viewpoint, AI can be applied in payment processing at two levels.