Artificial intelligence (AI) continues to influence the way we live and work, generating a lot of discussions across different industries. The banking and payments industry had the highest discussions about AI after technology during the second quarter (Q2) of 2023, reveals the Company Filings Analytics Database of GlobalData, a leading data and analytics company.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Companies across industries have been optimistic that they can make use of AI platforms. In particular, banking and payments companies have displayed a notable confidence in AI’s ability to generate a competitive advantage in customer acquisition and satisfaction. Companies have highlighted using AI to help mitigate risk, secure the payments ecosystem and forge strategic partnerships.”
Bangkok Bank Public Co Ltd in partnership with Pand.ai developed a Thai-language chatbot to initially support the sales teams and later be improved to provide customer care services. Royal Bank of Canada entered a strategic partnership with Conquest Planning to use its AI platform to find financial strategies for clients. nCino Inc announced a strategic partnership with Zest AI in May 2023 to integrate its consumer banking solution to enable lenders with streamlined access to consumer credit lending insights.
Mastercard Inc uses AI to help mitigate risk and secure payments. The payments giant further stated that AI-powered solutions prevented $35 billion in fraud over the past three years, creating improved digital experiences.
United Overseas Bank Ltd on the TMRW digital banking app launched Auto-Save in Indonesia, an AI-driven, automated, and self-adjustable savings option. It uses machine learning models to monitor and forecast consumer transactions and spending habits to find and automatically sweep extra cash into their savings accounts.
Singh concludes: “In this competitive landscape it will be interesting to see what lays ahead as AI can bring both challenges and opportunities. In both cases, companies’ objective is to drive greater value and improved experience for customers.”