With the growing use of technology in the financial services industry, there is a growing need for more safety and prevention measures, which can be achieved through Artificial Intelligence.
As of today, there is a higher risk of fraud or payments being encrypted from any location, which requires companies to have higher security in the financial services they provide. During the past few years, Artificial Intelligence (AI) has become increasingly prevalent in the financial service industry due to the increasing fraud rates and risk management.
As mentioned with today’s fast growing technology every company who provides financial services needs that extra layer of protection to detect early frauds. Financial services are increasingly growing and spending billions on Artificial Intelligence. A report created by PwC stated that investments to AI can reach billions by the year 2030 and could see a 35% growth.
How can Artificial Intelligence help eradicate potential fraud and help financial services?
A number of AI technologies can be applied to financial services. These services have the potential to improve efficiency, reduce major costs for the organizations as well as assure the end merchant of safety thus enhancing the customer experience.
Several advantages can be derived from AI technologies:
Fraud detection
AI has a component where it can read and go through large amounts of data and identify any patterns that could potentially be fraudulent. This can make financial companies save a lot of money and time because the fraud can be identified right away. The use of AI can help reduce and remove potential risks and also prevent them quickly if they do occur.
NFC
NFC enabled devices have become increasingly popular as they make merchants’ lives easier as a modern form of payment. This refers to consumers being able to tap their mobile devices or bank cards for payments in any industry or setting.
Risk management
By analyzing data and identifying potential threats, Artificial Intelligence can assist financial institutions in better assessing and managing risk that could potentially harm the safety of consumers payments. A number of banks and credit card companies use Artificial Intelligence in fraud detection to identify potential risks, remove them, and manage these risks more effectively.
Customer service
Customer service is an important and integral part for any type of industry. The quicker and faster the customer service the easier it is to face the problems instantly for a smooth operating industry. Customer queries regarding payments can be answered quickly and accurately using AI-powered chatbots and virtual assistants.
Learn more about Tidypay´s PSP services and AI integration.
Tidypay offers user-friendly and secure Payment Services combined with our partners POS systems offering the best choices for contactless payments, e-commerce and mPOS solutions.
Tidypay GO SoftPOS is also our upcoming launch which will simplify and offer the services of contactless payment journey furthermore with NFC enablement.
