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Five Best Applications of Artificial Intelligence In The Payments Domain

Take your business to the next level with the magic of artificial intelligence

Love the receptive chatbot upon entering a banking website? Definitely, everybody loves an ounce of handholding. Imagine, your monetary investment being automatically gauged to customize a detailed retirement plan for you. Looks amazing, isn’t it? Welcome to the amazing world of artificial intelligence.

Artificial intelligence is the replication of human intelligence of logical reasoning cum analysis, by machines. It is a popular buzzword spanning across numerous sectors like education, health, finance, cybersecurity, etc. In particular, the payments domain is witnessing a rapid stride in the use of artificial intelligence. From fraud detection to all-round customer support, artificial intelligence is the dire need of the hour.

Artificial intelligence
Prospects of artificial intelligence in the payments domain

In the duration of this blog, let’s travel to the amazing world of artificial intelligence in the payments domain.

1. Fraud detection

The banking channel is witnessing increasing levels of fraud off-late. For example, the Punjab bank crisis is a point in case. A high level of artificial intelligence intervention will keep a preventive check on the fraud. The artificial intelligence algorithm will segregate between fraud and the not so fraud transactions in the initial stages. In other words, AI will bring in better fraud monitoring cum effective decision making.

2. Better payment settlement with artificial intelligence

Were you stuck up with the thoughts of your impending payments? Or did you encounter the hassle of improper payment?  Then, artificial intelligence is the need of the hour for your brand. Be it claims settlement or insurance settlement, artificial intelligence ensures an automatic and precise payment mode. No more worry about delayed payment settlements. It will be a thing of the past.

3. Reduction in false declines

Banking channels face the constant issue of payment decline at the nth moment. It is due to multiple miscellaneous factors. Either, the network has timed out or the payment has been declined at the sender’s or receiver’s side. In either of the cases, artificial intelligence can reduce unintended human error by automating the process.

4. Predictive analysis

Predictive analysis refers to the prediction of future events using repetitive patterns, choices and decision making. From where to invest your money to analyzing the future prospect of your purchase, artificial intelligence acts as your best friend. The role of artificial intelligence in the predictive analysis is further going to increase with the enhanced dimensional applications. Bank security and national security are a point in question.

5. Faster customer service using artificial intelligence

Customer service feature using chatbots is one of the very interesting features of artificial intelligence. How do you feel when you get a prompt and quick response to your queries? Satisfying isn’t it? Further, your trust in the brand amplifies manifold. Artificial intelligence is taking the chatbot feature to a completely new level. From understanding the choice of the customer to the future decision of the customer, artificial intelligence has gone two notches high.

Chatbots have different applications in domains apart from the banking sector. For example, endurance is a chatbot designed specifically for dementia patients. It recognizes the change in memory patterns of the patient, thereby giving an alert to the family members.

 

 

 

 

 

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YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

By blog.sabpaisa

SabPaisa (SP) is India’s 1st hybrid(online+offline) payment collection and settlement platform. We partner with banks and payment companies to help grow businesses.

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