NUVEI greater customer satisfaction and quicker , more accurate decision-making .
“ That ’ s where I anticipate the payments sector , and more generally our entire work culture , will get to . I hope that regulators will help by providing a framework that balances both the innovation that comes from AI with protecting customers and their data , all while ensuring that the AI reaches reasonable decisions on their payments .”
There continues to be a debate about whether or not customers need to understand AI in order to embrace it . It would certainly help with adoption , but it probably isn ’ t vital to the continued growth of the sector . Nonetheless , the level of general understanding about AI might surprise us ; according to a survey conducted by Ipsos , almost two-thirds of consumers ( 64 %) report having a “ good understanding ” of AI . Reassuringly , most people now feel comfortable using products or services that rely on AI , with only 39 % of respondents saying they feel “ nervous ” around AI .
But you can compare it with your car . Even as we press on with electrification , cars are still as popular today as they have ever been . Most drivers don ’ t understand the inner workings of a combustion engine – or even the electric motor that drives new electric cars . Yet they understand how to operate it , and that it gets them to where they need to be . They know where to refill it , or where to recharge it , and what to do when something goes wrong .
“ Customers care about the value that we provide them , they care about whether they ’ ve got a solution to their problem ,” Kabala says , raising a different analogy of his own . “ If you ’ re standing in line and the cashier doesn ’ t work because there was an issue with the software , and the merchant couldn ’ t get their payment company on the line , they don ’ t really care whether it happened with or without AI . They just want the problem fixed .”
Having a detailed understanding of the underlying technology is not so critical when it comes to mainstream adoption , and that is a good omen for the future of AI in payments .
“ Here at Nuvei , we are looking at different opportunities to enhance everything that we do within the company , using all available tools , from machine learning to Generative AI . That could involve either preventing fraud , improving approval rates , enhancing internal processes and customer support – anything of that nature , while eventually bringing value to the customer .”
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