- August 18, 2020
- Posted by: DxMinds
- Category: Artificial Intelligence
Artificial Intelligence is becoming the talk of the town as it is disrupting all the industries its been applied to. Artificial Intelligence is manmade intelligence that let the system make decisions the way humans do. The interventions of Artificial Intelligence have liquidated the traditional practices and systems, thereby adding more scaling opportunities to it. The application of Artificial Intelligence in the banking sector is not so old, but it is bringing out and delivering a fresh experience to the financial bodies as well as the end consumers.
Artificial Intelligence and payment system
Every payment made has to be safe, secure, and transparent. Leveraging the conventional modes, it was much hard to track each payment to ensure its safety, security, and transparency. Though many technologies were introduced to outpace this, none of them was much effective. Then came Artificial Intelligence and the rest is history. Artificial Intelligence was able to make the relevant outcomes the payment industry was looking for. It transformed the sector to a level where it is been considered as the most transparent and secure domain that ever exists. AI has disrupted the entire domain that all of the conventional payment practices got shattered. A high amount of transparency was brought in to the domain as a result of this. It not only helped individual bankers but also helped businesses to enhance the bandwidth of their operations. Let us have a deep look into the advantages and features facilitated by Artificial Intelligence in the payment processing industry.
· AI Chatbots
The intervention of Artificial Intelligence has resulted in the aggressive adoption of AI chatbots. Integrating AI chatbots into the financial system helps the users in availing services that are less affected by human engagements. This makes them maintain the confidentiality of their credentials, thereby making their transactions safe and secure. AI enables chatbots to assist the user in making hassle free ways of sending and receiving payments, Researches are been carried out at a rapid pace that the coming decades are all about to witness the larger application of AI chatbots in the domain.
· CIBIL scores
Cibil score in India, also known as credit card score in the rest of the world is a point assigned to each individual based on his financial transactions. One has to have enough credit score to get relevant loans when applied. The traditional ways of tracking CIBIL scores were not so streamlined. The integration of AI has brought a high amount of transparency and resourcefulness in figuring out the precise credit card score for each individual.
· Anti-fraudulent methods
With the intervention of Artificial, gone are the sleeping nights of fraudsters and wrong actors. AI was able to put an end to their interruption to the safe and secure banking methods, thereby causing a threat to the payments that took place. With the various applications and algorithms of Artificial Intelligence, users can now experience seamless payment activities that are highly safe, secure, and transparent.
· Enhancing walk-in customer experience
Banks have both online as well as offline customers. Online customers are the set of customers who leverages online platforms to carry out banking activities whereas offline customers are the ones who directly walk-in to a bank. To deliver enhanced services to these sets of customers, financial bodies are now leveraging Artificial Intelligence and its real-world applications. This will help users now in availing the best possible payment services, that are possibly too far away from the conventional ways.
· Enhanced Security
Leveraging the best application of Artificial Intelligence, a high degree of security was added to the various phases of payment processing. The debit, credit card verification is now carried out using the various applications of Artificial Intelligence. ATM counters are now equipped with enhanced safety and security measures that help users in saving their hard-earned money. Automated AI monitoring systems are now made available, by making use of which systems can verify and analyze the customers, all by itself.
· Payment Validation
Artificial Intelligence is now widely used in validating the authenticity of payments done. With the best applications of various Artificial Intelligence algorithms, banks can now verify and validate the transaction, taking various metrics into account. This will help them in figuring out duplicate payments or fake payments. This can enhance the value the bank offers to the end customer.
· Robotic Process Automation
Robotic Process Automation RPA, popularly known as software robotics are used to deliver an impeccable experience to the customers. It helps them in automating deliveries based on various factors which resulted in the delivery of an enhanced payment system. Artificial Intelligence, the key element in the Robotic Process Automation help banks to take it to the next level.
· Transaction Banking
Another application of Artificial Intelligence in the payment processing is transaction banking. Transaction Banking is the support banks offer to its correspondence who then trade against goods, bonds, etc. The application of AI has opened various opportunities for carrying out transaction banking in the best possible ways.
· Make happen digital transformation
The advent of Artificial Intelligence in payment processing has opened the doors of wider opportunities, where digital transformation has turned out in being the key driving factor. This helps financial institutions in molding a digital landscape where they are able to ramp up their businesses in its full-fledged form.
· Enhancing customer experience
Following the pathways of digitalization, financial institutions are now able to deliver precise payment processing services to the users, thereby taking the user experience to its next level. This helps banks in gaining huge customer traction.
The application of Artificial Intelligence in payment processing is still at its early stages. Researches are actively been carried out to figure out the full potential of AI and how it can redefine the payment processing. It is no doubt that the future of digital payments has much more to offer that helps users in getting rid of the conventional processes and practices.
What is Artificial Intelligence?
Artificial Intelligence also is known as AI is manmade intelligence that helps machines behave the same way as humans do.
State one example for the best application of AI in banking?
The best application of Artificial Intelligence in banking help payments processing free from all kind of malpractices and stay away from false actors.
How AI is transforming the banking sector?
There exist numerous applications of AI in the banking sector. It is taking the domain to its next level by helping it to enhance its bandwidth in the internal affairs as well as the services delivered to the customers.