GENERATIVE AI
“ With more data , Gen AI can be used to create personalised payment experiences , such as suggesting relevant payment methods ”
ERIN NICHOLSON GLOBAL HEAD OF DATA PROTECTION AND PRIVACY , THOUGHTWORKS
Erin Nicholson , Global Head of Data Protection and Privacy at Thoughtworks , highlights the proliferation and commonality of digital payment methods – like Apple Pay – as a good example of how this has already happened in recent years .
Now , “ data-savvy players ” are using AI to lower costs and deliver even more innovative offerings .
“ With more data , Gen AI can be used to create personalised payment experiences , such as suggesting relevant payment methods or status updates , aid in fraud detection , and to help improve customer loyalty and satisfaction ,” Nicholson says .
In fact , the possibilities are seemingly endless when it comes to the ways financial institutions can use AI to enhance their services .
Eric Lefebvre , CTO at Sovos , references AI ’ s ability to detect patterns and anomalies – critical when it comes to cybersecurity , securing transactions and authorising users .
“ There are a number of other areas in which AI can study patterns of customer interaction and system usage to help better plan for everything from system capabilities and uptime to customer service , monetary flows and staffing ,” Lefebvre adds .
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