How are you balancing security requirements with frictionless payment experiences, and what specific UX innovations have yielded the best results in your organisation?
Ray Shinzawa, Managing Director, JCB International( Europe) Ltd. Balancing strong customer authentication with frictionless user experiences in mobile banking and payment applications is a complex challenge.
While the long-term vision of AI handling all financial processes is compelling, the reality for 2025 and beyond is more nuanced. AI will act as a powerful assistant, augmenting human capabilities and driving significant improvements in the payments landscape.
For payment providers, this will mean leveraging AI to deliver hyperpersonalised financial experiences, including faster transaction processing,
“McKinsey research shows AI’ s potential to significantly reduce fraud detection costs – by as much as 30 %”
RAY SHINZAWA, MANAGING DIRECTOR, JCB INTERNATIONAL( EUROPE) LTD. proactive fraud detection, and tailored customer service.
This approach will enable payment providers to strengthen security through methods like AI-driven identity verification and multi-factor authentication, making payments quicker and more secure, which is crucial for staying competitive and meeting evolving consumer expectations for seamless and secure transactions.
AI works around the clock to protect merchants and consumers from fraud. McKinsey research shows AI’ s potential to significantly reduce fraud detection costs – by as much as 30 %.
New AI-powered tools can analyse large datasets to spot in seconds subtle signs of fraud that humans might miss. It constantly learns and adapts to new scams, staying one step ahead of the criminals.
However, it’ s important to address potential downsides. We need to ensure AI is used responsibly and doesn’ t create new biases or exclude anyone from accessing financial services.
This is particularly crucial when considering the impact of AI-driven authentication methods on user experience and regulatory compliance. For AI to be truly trustworthy, it needs to be transparent in its decision-making and keep our data safe.
122 May 2025