Tino Herold’s Post

Just finished reading the VCA (Visa Consulting & Analytics (VCA) report, "Generative AI in Payments". This technology will change the future of the payments industry and there will be many interesting features that banks can provide their customers with. The paper pivots to the use of generative AI in business operations, like studying market dynamics, developing winning brands, designing individualized marketing methods, and enhancing customer experiences. However, the report emphasizes the importance of careful implementation. Factors like transparency, fairness, security, and reliability need to be considered to mitigate potential risks. Organizations must choose the right AI tools and ensure ethical usage. Having the payments sector teetering between the old way and innovation, this article focuses on the power and impact of generative #AI in helping with growth, enhancing client engagement, and improving operations efficiencies. Thank you Visa and Visa Consulting & Analytics (VCA) Official Link: https://lnkd.in/gnyAufV3 MEHDI SARDAOUI Zvonimir Filjak David Jimenez Maireles Sam Boboev Igor Babych Maximilian Salomon Saleh ALhammad #AI #Payments #Innovation #GenerativeAI

Just finished reading the VCA (Visa Consulting & Analytics (VCA) report, "Generative AI in Payments". This technology will change the future of the payments industry and there will be many interesting features that banks can provide their customers with. The paper pivots to the use of generative AI in business operations, like studying market dynamics, developing winning brands, designing individualized marketing methods, and enhancing customer experiences. However, the report emphasizes the importance of careful implementation. Factors like transparency, fairness, security, and reliability need to be considered to mitigate potential risks. Organizations must choose the right AI tools and ensure ethical usage. Having the payments sector teetering between the old way and innovation, this article focuses on the power and impact of generative #AI in helping with growth, enhancing client engagement, and improving operations efficiencies. Thank you Visa and Visa Consulting & Analytics (VCA) Official Link: https://lnkd.in/gnyAufV3 MEHDI SARDAOUI Zvonimir Filjak David Jimenez Maireles Sam Boboev Igor Babych Maximilian Salomon Saleh ALhammad #AI #Payments #Innovation #GenerativeAI

How Businesses Leverage AI in Payments 🔖 Payment firms have some unique characteristics. They leverage #risks, regulations, competition and #customer engagement in many ways. This means #AI could have profound implications with potential opportunities to seize, and new challenges to navigate. 🔖 Visa Consulting & Analytics (VCA) believes that the payments sector has numerous unique factors to consider in adopting generative #AI. Generative #AI can help financial institutions (#FIs) ☑ acquire more customers ☑ drive customer engagement ☑ improve the customer experience for optimal growth. #generativeai #ai #financialinstitution #fintech #payments #engagement

🌐 As AI adoption accelerates globally, the question is no longer if regulators will take action but when. Is your business prepared to navigate this evolving regulatory landscape? Vixio Regulatory Intelligence analysts have been closely tracking the regulatory developments surrounding AI. Since August 2023, our analysts have monitored over 180 jurisdictions where AI regulations are either being introduced or are in progress. In our 2024 Artificial Intelligence Outlook, we dive into what AI regulation could look like for the payments and gambling industries, providing critical insights to help you stay ahead. 💡 Key insights include: - A global overview of rising regulatory interest in AI - Opportunities and risks tied to AI adoption in payments and gambling  - Business use cases from industry leaders like Revolut, Mastercard, and Visa Download the report today and ensure your organization is ready to embrace AI while staying compliant with emerging regulations. 📥 Get your copy here: https://lnkd.in/e3itF4cH #AI #Payments #Regulation #Vixio #ArtificialIntelligence #Compliance

1170% increase in AI discussions in just one year. Are we witnessing the dawn of AI in payments? Earnings calls tell a lot about a company’s direction. In 2023, cross-border payment companies talked (a lot) about AI. FXCintelligence analyzed earnings call transcripts of payment giants. Here are some interesting stats for 2023: 👉 75% of them spoke about AI. In 2022, only 44% did so.  👉 1170% more AI mentions than in 2022.  👉 75% talked about GenAI at least once. Before 2023, GenAI was an alien term. 👉 AI was discussed the most in Q4. Top 3 payment companies talking about AI: 1️⃣ PayPal 2️⃣ Mastercard 3️⃣ Visa The full research report is worth a read: https://lnkd.in/gXHvBRCA With Q4 observing the most AI mentions, we know what they are focusing on. The payments industry is already using AI. Primarily for KYC and fraud protection purposes. Here are some further AI applications being discussed: > Customer Service This goes beyond chatbots. Generative AI has presented a range of opportunities. > Operational Efficiencies The prime target will be to find cost gains.  This includes automated processes, fewer staffing needs, and more. Tesorio stands at the forefront of this AI wave in finance. With powerful machine learning techniques, Tesorio offers: - Per-customer predictive models - Invoice prediction - Automated and personalized email reminders - AR forecasts Do you think AI-related discussions will increase further this year? 𝗖𝘂𝗿𝗶𝗼𝘂𝘀 𝗮𝗯𝗼𝘂𝘁 𝗧𝗲𝘀𝗼𝗿𝗶𝗼’𝘀 𝗔𝗜 𝗰𝗮𝗽𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀? 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗮 𝗱𝗲𝗺𝗼 𝗵𝗲𝗿𝗲: https://lnkd.in/ew_VivSw #fintech #cashflow #automation #finance Source: FXCintelligence

🎙️ AI Voice Payments: The Future of Seamless Transactions? 💳🤖 Picture this: You're completing a payment over the phone, and it’s faster, smarter, and hassle-free—all powered by AI. No waiting, no confusion, just a seamless experience. But here’s the real question: Can we trust AI systems with our payments? 💡 Here’s what makes AI Voice Payments a game-changer: ✅ 24/7 availability—because money doesn’t sleep. ✅ Faster processing—say goodbye to "Please hold." ✅ Enhanced security—your data is encrypted and protected. Yet, trust remains key. Transparency in AI systems ensures we feel confident about how payments are processed, data is handled, and disputes are resolved. 🔑 The future is here: AI Voice Agents are not just taking calls; they’re redefining customer service in finance, retail, and beyond. Follow me for more on AI innovation and let’s shape this future together! 👇 Link in comments! #AI #Payments #Innovation #Fintech #AIvoicepayment

🤖 Exploring the Future of Fintech with AI in the UK! 🤖 The integration of Artificial Intelligence is transforming the fintech landscape in the UK, driving innovation and enhancing customer experiences. Here are some standout companies leading the charge: 💥Revolut: Using AI for fraud detection, customer support, and personalised financial advice. 💥Starling Bank: Offering spending insights, automated savings, and customer service through AI-driven chatbots. 💥OakNorth: Utilizing AI for credit analysis and risk management, making informed lending decisions. 💥Monzo: Employing AI for budgeting tools, fraud prevention, and customer support. 💥Curve: Consolidates multiple bank cards into one smart card, offering real-time insights and personalised spending advice. 💥Zego: Providing tailored insurance policies with AI analysing driving behaviour and usage patterns. 💥Cleo: An AI-powered financial assistant delivering budgeting tips, spending insights, and savings recommendations. 💥Bud: Connecting various financial accounts and using AI to offer personalised recommendations and insights. These companies demonstrate how AI is revolutionising fintech, making financial services smarter, more secure, and more user-friendly. What are your thoughts on the impact of AI in fintech? #Fintech #AI #Innovation #UKFintech #ArtificialIntelligence #DigitalBanking #Finance

❓Time to be AI-fluent? Insurers and fintechs are signaling a greater willingness to pay more for AI-fluent employees. 📗A recent study by Arizent titled “Unleashing the Power of AI” sheds light on the banking sector’s engagement with artificial intelligence. The findings indicate a modest penetration of AI technology within the industry (only 37%). Notably, AI adoption is predominantly seen among larger banks holding over $100 billion in assets. ❗️A majority of banking professionals expect that AI adoption will ultimately impact the nature of jobs in the industry without greatly reducing the number of jobs. ‼️Banks will probably face competition for AI-fluent tech talent from adjacent industries such as insurance and fintech. The full report can be downloaded from the American Banker website: https://lnkd.in/dEJfFuvV #Artificialintelligence #ai #aiinfinance #banker #bankingindustry #insurance #fintech

A fully open data economy has limitless possibilities to unlock richer, personalized experiences for consumers and businesses. Consumers have come to expect a highly personalized, intuitive and seamless payment experience – one that enables them to manage their finances in a way that best meets their individual needs, whether they’re buying a coffee, making a large purchase or applying for a loan. Businesses are increasingly demanding the same – simpler, more intuitive experiences to help them manage their operations more effectively. Data and AI could be the key to unlock those possibilities. Check out this paper by Visa Consulting & Analytics, that looks at the reasons why today’s financial institutions should aspire to similar degrees of personalization, and how today’s A.I. technologies can make this possible. #AI #Visa #DataSolutions #VisaConsultingandAnalytics

Banking on Intelligence: Using AI to Drive a Step-change in Business Productivity via World Wide Technology X NVIDIA 🧠 Did you know that 72% of banking organisations are adopting AI, with an additional 8% planning to do so? 🏦 Just like the iPhone transformed the world of technology, generative AI solutions like ChatGPT are making AI accessible to everyone. The potential benefits of AI include increased automation, improved customer experiences, and innovation in products and services. Operational efficiencies are the top 🔝 priority, with 34% using AI for IT operations and 34% for business operations. 🗝️ Key Takeaways from the Report: 1️⃣ Banks need to identify AI priorities and seize the immense opportunities available. 2️⃣ Optimising AI initiatives requires proper ownership alignment and strategic analysis. 3️⃣ Foundational AI aspects and off-the-shelf solutions must be carefully considered. 4️⃣ Keeping up with evolving technical expertise demands is crucial. 5️⃣ Data quality and governance play a vital role in AI success. Discover the insights and strategies to harness AI's monumental power. Read the full report, also featuring research from Forrester, here ➡️: https://lnkd.in/euXy4gYu #fintech #artificialintelligence #generativeai #businessproductivity #aiinbanking