AI is here to simplify your business’s payments
When was the last time you logged into a payment gateway website and was greeted by a chatbot? What was your feeling when all your queries were addressed in a seamless and systematic manner? Did you ever wonder what drives the chatbots? The answer lies in the magic of artificial intelligence.
Artificial intelligence is making great strides in the payments domain while bringing in automation and added security features. For example, ILA is SBI Card’s live assistant providing you with the information on the latest products. Similarly, Mansha AI is SabPaisa’s AI assistant that makes use of artificial intelligence to answer all the payment related queries.
In the course of this blog, let us delve deep into the prospects of artificial intelligence in the payments domain.
1. Artificial Intelligence and Automation
The crux of artificial intelligence lies in automating your payment process coupled with automated queries. Imagine you face a payment issue while transacting on a payment gateway or a bank page, how would you feel if there is no customer support available? You feel stranded and left out. But, imagine a chatbot offering you help without any prior notice. Your payment issue is clarified instantly and money remains in safe hands.
Take another case, imagine you want to apply for a credit card. There are a lot of options that are confusing. You keep searching day and night, staring at a dead end. But, imagine if AI can help you assist with the ideal card based on your credit history, how would it feel? One can benefit from the right guidance of AI technology.
2. Artificial Intelligence and Database Management
Payments domain comes with a huge database of banks, customers, merchants, clients, etc. Isn’t it time-consuming to manually sort the database to get the desired information? But, don’t worry, database management is just a click away with the coming of AI. For example, artificial intelligence can give a personalized user experience. By analyzing your data and personal transaction history, a value add suggestion is put forth for future transactions.
Further, by going through your spending history, AI would suggest you the best savings and expenditure plan. In this way, Artificial intelligence inculcates prudent money management.
3. Artificial Intelligence and Fraud Handling
Payments domain faces many frauds like phishing, data theft, merchant fraud, friendly fraud, etc. This results in numerous security risks resulting in a massive loss of revenues. AI can pitch in at this juncture to bring in a fraud-free atmosphere.
Organizations are making use of predictive cum prescriptive analysis to detect fraud in payment transactions. For example, banks are using this method to detect fraud in recurring payments, mobile banking apps or remote ordering of services.
4. Artificial Intelligence and Compliance
Tired of following up with your customers on timely payments? Don’t worry, AI is here to help you out. An automated follow-up mail coupled with instant blocking of defaulting account brings in financial discipline. This keeps a check on willful defaulters which are on a rise.
In other words, AI can speed up timely payments thereby increasing revenue for the government and companies alike.
5. Artificial Intelligence and Reduction in False Declines
You might have experienced an unexpected rejection of your payments on the last stage checkout process. This false decline is due to the system falsely identifying some suspicious activity during your payment process. Here is where AI can come in to solve the problem. In other words, the AI algorithm can rightly distinguish between the right and false declines. Going ahead, this brings in huge relief and convenience to the banks, payment gateways and customers alike.
Summary:
- AI brings in the automation of the payment process
- Database management is eased with the help of AI
- AI helps in fraud management
- User compliance is ensured via AI
- Reduction of false decline is ensured via AI
References:
- AI-Based Fraud Detection in Banking – Current Applications and Trends
- The 18 Top Use Cases of Artificial Intelligence in Banks
For more blogs, visit SabPaisa Blog
YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date.
Learn more about SabPaisa here: https://sabpaisa.in
