magine a world where making payments is faster, more secure, and more user-friendly than ever. A world where advanced artificial intelligence (AI) technology powers payment systems, creating a seamless and personalised experience for customers. Well, this future is quite near. With AI and machine learning (ML) evolving at an unprecedented rate, the potential to revolutionise making and receiving payments has never been greater. Moreover, it has made the customer experience more secure and seamless.
In this blog, we will explore the exciting future of payments in an AI-enabled world and explore emerging technologies like ChatGPT that may help payment systems to be more secure.
The present Customer service- is not impressive
Automated customer service experiences with banks can be incredibly frustrating, with many of us left feeling dissatisfied after attempting to communicate with a chatbot online or via telephone. Quite often, we find ourselves punching random numbers or repeatedly typing keywords such as "email" to connect with a human or at least an email interface. The current generation of chatbots can, at best, be described as unimpressive. Nevertheless, with the rise of advanced AI and machine learning, the future of customer service and payments is poised for a transformation, offering the potential for seamless, intelligent, and personalized interactions.
ChatGPT is an impressive example of how advanced AI can transform the customer service experience and streamline payment processes. With advancements in natural language processing, ChatGPT can understand and respond to complex queries in a way that was previously impossible with traditional payment systems. As a result, the future of payments in an AI-enabled future is set to be a transformative one, with technologies like ChatGPT paving the way.
As AI continues to advance, it has the potential to revolutionize payment processes, making them faster, more secure, and more user-friendly. With the support of AI technology, payment processes could become more intuitive, personalized, and seamless than ever before, creating a new era of customer experience and financial services.
Significance of Data
The current beta version of ChatGPT, an AI-powered chatbot developed by Open AI, has limitations on providing specific financial recommendations to users and instead encourages consultation with a financial advisor before making any investment decisions. However, it is a sensible approach, as relying solely on a chatbot for financial advice without considering one's personal investment goals, risk tolerance, and time horizon could be risky.
However, we know that the current version of Chatgpt has many limitations. It is an example of the potential future of finance and payment systems. If such technology is implemented in banks, it could revolutionise the financial services industry. For example, think about a future where you could conceptually write "Invest $1,000 in a low-risk mutual fund", "apply for a new credit card with a $10,000 limit", or "plan a budget for my upcoming vacation and transfer funds." There could be endless possibilities like these, which would be more realistic. It helps customers with hyper-personalised financial advice and recommendations tailored to their unique needs and circumstances.
The potential of AI-powered chatbots lies in their ability to analyse large amounts of customer data and make recommendations based on that data. This data can include transaction history, spending patterns, and other relevant financial information. By analysing this data, banks could gain an understanding of their customer's financial needs and preferences and use this information to create personalised financial solutions.
Moreover, the potential of AI and other similar technologies goes beyond just providing personalised financial advice. With the rise of embedded finance, we could see a new paradigm in financial services, with banks integrating their financial products and services directly into third-party platforms and applications. For example, a bank could partner with a popular shopping app to provide customers with on-the-spot financing for their purchases, using data from the app to determine the customer's creditworthiness and risk level.
The future of payments in an AI-enabled future holds great promise. Using AI and machine learning technologies could revolutionise how we conduct financial transactions and manage our finances. However, with any new technology, it is important to approach it with caution and scepticism, particularly when it comes to financial advice and recommendations. At the same time, AI-based platforms may be useful tools but cannot replace the value of human expertise and personalised advice.
As the financial industry continues to evolve and embrace new technologies, it will be important to strike a balance between innovation and security and to ensure that consumers remain at the centre of these changes. Ultimately, the future of payments will be shaped by a combination of technology, regulation, and consumer demand. It is up to us to ensure that it is a future that benefits everyone.
Written by : Sami Jarah
Accounts Manager, Ottu