Artificial Intelligence is a useful tool throughout daily life – from the facial recognition software that keeps your cell phone secure to the digital assistants that have been ready with answers to your every query for over a decade. As this technology continues to develop at a rapid pace, the banking industry has found ways to utilize the capabilities of AI, namely the implementation of these tools within banking to streamline payments operations.

AI in Order Fulfillment

The payments sector is a field with many touch points. From initiating orders to processing, there are many opportunities for automation. Customer facing AI tools allow small business owners to focus their workforce on fulfilling orders. AI can be used in the form of virtual assistants or chatbots to assist customers with questions at checkout and help complete a payment. These AI tools allow the employees to focus their energy on putting forth an excellent product while solving any issues with payment. With the help of AI in Payments, the small business can keep overhead costs low and pass savings on to the customer.  

AI in Payment Processing

Meanwhile payment processors and banks can utilize AI in even more ways. The biggest benefit to AI in processing payments is the fact that computers are built for exactly this task: processing large amounts of data quickly and efficiently. Payment processing is a data intensive set of tasks; thus, AI tools can handle those rote duties easily. AI tools are able to detect patterns as they review customers’ transactions; this skill for pattern recognition allows the technology to better identify fraud and irregular spending. Similarly, by automating data entry and reporting, banks are able to free up employees to high-level responsibilities and customer care.  

As we continue to see this technology develop, we will likely see additional applications throughout many industries and sectors.