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How AI saved one banking and payments firm $35bn

How the banking and payments sector is using AI

Artificial intelligence (AI) continues to influence the way we live and work, generating a lot of discussions across different industries. The banking and payments industry had the highest discussions about AI after technology, during the second quarter (Q2) of 2023, revealed the Company Filings Analytics Database of data analytics firm, GlobalData.

Payments giant Mastercard Inc, which uses AI to help mitigate risk and secure payments, revealed that AI-powered solutions prevented $35 billion in fraud over the past three years, creating improved digital experiences.

“Companies across industries have been optimistic that they can make use of AI platforms. In particular, banking and payments companies have displayed a notable confidence in AI’s ability to generate a competitive advantage in customer acquisition and satisfaction. Companies have highlighted using AI to help mitigate risk, secure the payments ecosystem and forge strategic partnerships.”

Misa Singh, Business Fundamentals Analyst at GlobalData

4 other ways the banking/payment sector is using AI…

  1. Bangkok Bank Public Co Ltd in partnership with Pand.ai developed a Thai-language chatbot to initially support the sales teams and later be improved to provide customer care services.
  2. Royal Bank of Canada entered a strategic partnership with Conquest Planning to use its AI platform to find financial strategies for clients. 
  3. nCino Inc announced a strategic partnership with Zest AI in May 2023 to integrate its consumer banking solution to enable lenders with streamlined access to consumer credit lending insights. 
  4. United Overseas Bank Ltd on the TMRW digital banking app launched Auto-Save in Indonesia, an AI-driven, automated, and self-adjustable savings option. It uses machine learning models to monitor and forecast consumer transactions and spending habits to find and automatically sweep extra cash into their savings accounts.

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Emily Seares

Emily Seares has over 15 years of experience as a journalist and editor, specialising in fashion, retail, luxury, and business transformation. She is regularly by-lined in national newspapers and magazines and has an extensive network of industry contacts. Emily has spoken at international conferences, provided live interviews as a fashion expert on the BBC, and delivered regular lectures at a prestigious British university. She has received recognition for her contributions to the industry and was honoured in British VOGUE's Powerlist Top 100.

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