Artificial Intelligence and Digital Payments
The payments industry is already using AI to cut fraud, reduce transaction times and offer customers better service. AI could also be used for credit scoring.
Today information such as geo tracking, mobile device fingerprinting, IP address, laptop detail, usual log of username, password, etc. is available. How intelligently these digital touch points can be used to tackle fraud is where AI comes into the picture. With the fact that cryptocurrency is completely digital, the use of AI becomes even more natural. The decentralized structure, different infrastructures and several information sources of the cryptocurrency market make AI a great support system for it.
The extremely dynamic and constantly in flux nature of the bitcoin and cryptocurrency market makes it a very risky place to trade. AI in the form of chatbots which can trade, has gained prominence in this field. With the help of big data and AI tools, it is now possible to evaluate and analyse this data in very short times to determine the course of action for investment in cryptocurrency.
Application of AI in financial services is the chatbot, a program that converses with customers through text or speech. It is a digital one-stop shop for customer communication and interaction.
AI offers lenders the ability to get a precise look into someone’s creditworthiness and score those previously deemed not creditworthy. AI is also used to identify and stop fraud at every transaction.
AI can enable the systems to learn from each transaction, thereby, constantly improving and becoming more effective and efficient. With AI, payments companies can look at transaction data in new and efficient ways and increase the number of successful legitimate transactions.