April 20, 2019
Presentation Slides:
Abstract:
The growth of e-commerce and mobile technology have contributed significantly to the rise of digital payment methods resulting in Banks, Technology Companies and FinTech’s rushing to get something out of the payments pie. Marketing and sales spend to become the trusted partner of the consumer and merchants are on the all-time high.
Payments technology has evolved over the years, we have moved from cash to digital payments, and today financial institutions are slowly and steadily adopting Artificial Intelligence for different areas of Payments. Speed, accuracy and efficiency are the key drivers for adoption of AI, fueled by the vast amount of data which can be used by machine learning algorithms and provide business values to technology and finance companies in Payments space. In this research, I will explore who AI technologies can be used in payments for the detection and prevention of fraud and improve customer experience.
According to Nielson, losses due to fraud is projected to reach $31.2 billion by 2020, and this is one of the prominent reasons for revenue declines of payment companies. Customer experience centricity is the mantra which payment companies religiously want to follow as the modern-day customer has so many different options and he can switch to the next best thing with a click or tap.