In 1950, Just breaking the Nazi encryption machine Enigma and helping the Allied Forces win World War II, mathematician Alan Turing changed history a second time with a simple question: “Can machines think?”. Well, this was the starting of the thought processes behind the start of the AI or as we all know it Artificial Intelligence.
By definition, Artificial intelligence or AI is a wide-ranging branch of computer science which is concerned with building smart machines capable of performing tasks that typically or generally require human intelligence.
For Example , A few years back , Google have introduced an Artificial Intelligence enabled Google assistant which is present on every android smartphone , in actual , this Google assistant is capable to place a call for you or compose an email or set a remainder and so on and so forth and also pay by mobile slots ! Not just this, with the huge and rapid development of technology and rise of Modernization, the Artificial Intelligence industry is expecting a huge growth in the future. Therefore, today we are going to discuss one of the 7 ways AI will transform the payment industry in the near future!
1.) Improvement of Customer Experience
Well, the first and the foremost thing that comes across one’s mind when talking about the effects of Artificial Intelligence in the digital payment industry is the customer experience. With the rise in use of smartphones, everything has become customer oriented and a huge population of people are using digital platforms for online payment and shopping and even banking. Therefore, it is only logical for the Business Corporations to introduce artificial intelligence enabled features. This will help people to pay more efficiently and at the same time guide people through complicated processes without much fuss.
2.) Artificial Intelligence in Smart Cards
Is it even possible to talk about the improvement of the digital payment industry and not talk about improvement of smart cards? Well, for those who are foreign to what smart cards are, those are cards which are used for banking purposes like withdrawal of money and payment of money, for example Debit Cards and Credit Cards. Through the integration of Artificial Intelligence with the smart cards the banks will be able to track and keep records of your priorities, goals, habits and also your personal interests. It is also predicted that in future, the Artificial Intelligence Integrated smart cards will be able to make payments, pay bills and so on without any human authorization on behalf of the card holder.
3.) Frauds VS Artificial Intelligence (AI)
Well, it’s been nearly a decade since the E-commerce websites have been launched with limited reach and stocks, but nowadays, there are more than 100 E-commerce websites tending to the needs of customers on a daily basis and we can buy nearly everything online from a small pin to a large ship. And also , with the advancement of technology sadly , fraudulent activities have also increased but since the introduction of Artificial Intelligence (AI) it’s been possible to keep track of the payment patterns and behaviors of the customers which enabled the banks to track any real-time suspicious activities in the payments and stop the transaction. Hence, the AI makes it quite possible for the Bank to work efficiently.
4.) The AI CHATBOTS in Online Banking
Now, one of the most interesting features availed by the banks are real-time CHATBOTS, these AI Integrated bots help the customers to get any details about their transaction, they also help the customers to guide through various complicated processes without harassing the customers. This enables the bank to work efficiently.
5.) Less False Declines
As a matter of fact, with the rise in modernization and introduction of Artificial Intelligence it is high time to decrease the “false Declines” of the card in the payments. The artificial intelligence enabled smart cards will help the banking organization to decrease the false Declines by tracking the payment behaviors of the customers.
6.) Personalized Financial Services
With the introduction of Artificial Intelligence in the Payment methods, the Multinational Corporations have introduced special Bots very much alike like CHATBOTS yet different than them. These chatbots are not just used to simply guide customers rather they use machine learning to observe the behaviors of the customers and the various business organizations which help the customers by recommending them to buy various products of their interests. They also provide the customers with great financial advice on where to invest.
7.) Voice Activated Payments
As bizarre and futuristic as it may sound, it is one of the simplest processes of artificial intelligence. With the increase in the usage of biometric locking systems and solutions, AI has played a very important role. With voice-activated payments, smart assistants access your accounts for the transaction. In the future, voice activated payments won’t be hinged on assistants or other biometric securities for verification.
Conclusion
Nowadays, with the rapid growth in technology, it is quite impossible to say what might be the situation in the near future. However, it’s safe to say that Artificial Intelligence enabled technologies will be playing a huge role in shaping various industries.
