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artificial intelligence Banking digital payments fintech Hybrid payment gateway

Can Artificial Intelligence Bring Magic for UPI Payments in 2020?

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:

  1. AI brings in the automation of the payment process
  2. Database management is eased with the help of AI
  3. AI helps in fraud management
  4. User compliance is ensured via AI
  5. Reduction of false decline is ensured via AI

References:

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

Categories
artificial intelligence digital payments

Five Best Applications of Artificial Intelligence In The Payments Domain

Take your business to the next level with the magic of artificial intelligence

Love the receptive chatbot upon entering a banking website? Definitely, everybody loves an ounce of handholding. Imagine, your monetary investment being automatically gauged to customize a detailed retirement plan for you. Looks amazing, isn’t it? Welcome to the amazing world of artificial intelligence.

Artificial intelligence is the replication of human intelligence of logical reasoning cum analysis, by machines. It is a popular buzzword spanning across numerous sectors like education, health, finance, cybersecurity, etc. In particular, the payments domain is witnessing a rapid stride in the use of artificial intelligence. From fraud detection to all-round customer support, artificial intelligence is the dire need of the hour.

Artificial intelligence
Prospects of artificial intelligence in the payments domain

In the duration of this blog, let’s travel to the amazing world of artificial intelligence in the payments domain.

1. Fraud detection

The banking channel is witnessing increasing levels of fraud off-late. For example, the Punjab bank crisis is a point in case. A high level of artificial intelligence intervention will keep a preventive check on the fraud. The artificial intelligence algorithm will segregate between fraud and the not so fraud transactions in the initial stages. In other words, AI will bring in better fraud monitoring cum effective decision making.

2. Better payment settlement with artificial intelligence

Were you stuck up with the thoughts of your impending payments? Or did you encounter the hassle of improper payment?  Then, artificial intelligence is the need of the hour for your brand. Be it claims settlement or insurance settlement, artificial intelligence ensures an automatic and precise payment mode. No more worry about delayed payment settlements. It will be a thing of the past.

3. Reduction in false declines

Banking channels face the constant issue of payment decline at the nth moment. It is due to multiple miscellaneous factors. Either, the network has timed out or the payment has been declined at the sender’s or receiver’s side. In either of the cases, artificial intelligence can reduce unintended human error by automating the process.

4. Predictive analysis

Predictive analysis refers to the prediction of future events using repetitive patterns, choices and decision making. From where to invest your money to analyzing the future prospect of your purchase, artificial intelligence acts as your best friend. The role of artificial intelligence in the predictive analysis is further going to increase with the enhanced dimensional applications. Bank security and national security are a point in question.

5. Faster customer service using artificial intelligence

Customer service feature using chatbots is one of the very interesting features of artificial intelligence. How do you feel when you get a prompt and quick response to your queries? Satisfying isn’t it? Further, your trust in the brand amplifies manifold. Artificial intelligence is taking the chatbot feature to a completely new level. From understanding the choice of the customer to the future decision of the customer, artificial intelligence has gone two notches high.

Chatbots have different applications in domains apart from the banking sector. For example, endurance is a chatbot designed specifically for dementia patients. It recognizes the change in memory patterns of the patient, thereby giving an alert to the family members.

 

 

 

 

 

For more blogs, visit https://blog.sabpaisa.in

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