Banking and payments industry leads discussions on AI

Mastercard Inc has utilized AI to mitigate risks and secure payments

Artificial intelligence (AI) has emerged as a prominent topic of discussion across various industries, with the banking and payments sector taking the lead in conversations during the second quarter of 2023, according to the Company Filings Analytics Database of GlobalData, a renowned data and analytics company.

GlobalData’s Business Fundamentals Analyst, Misa Singh, notes that companies across industries have shown a strong belief in the potential of AI platforms. Specifically, banking and payments companies have displayed confidence in AI’s ability to provide a competitive edge in customer acquisition and satisfaction. These companies have highlighted the use of AI to mitigate risks, enhance security in the payment’s ecosystem, and forge strategic partnerships.

Several notable examples of AI implementation in the banking and payments industry have been observed. Bangkok Bank Public Co Ltd, in collaboration with, has developed a Thai-language chatbot initially designed to support sales teams and later enhanced to offer customer care services. Royal Bank of Canada has formed a strategic partnership with Conquest Planning to leverage its AI platform in finding financial strategies for clients. In May 2023, nCino Inc announced a partnership with Zest AI to integrate its consumer banking solution, providing lenders streamlined access to consumer credit lending insights.

Mastercard Inc has utilized AI to mitigate risks and secure payments, reporting that AI-powered solutions have prevented $US35 billion in fraud over the past three years while enhancing digital experiences.

United Overseas Bank Ltd has introduced “Auto-Save” on its TMRW digital banking app in Indonesia, featuring an AI-driven, automated, and self-adjustable savings option. Leveraging machine learning models, the app monitors and forecasts consumer transactions and spending habits to identify and automatically transfer surplus funds into customers’ savings accounts.

Singh concludes by highlighting the competitive landscape in which companies operate, emphasizing that AI brings both challenges and opportunities. Regardless, the primary objective for companies remains the delivery of enhanced value and improved customer experiences.

As the banking and payments industry continues to embrace AI, it is expected to witness further advancements that leverage the power of this technology to provide innovative solutions, streamline processes, and enhance customer satisfaction.



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