The popularity of digital payments has skyrocketed in 2022, and the increase in AI processes has been a substantial contributing factor to this growth. Digital payments penetration has increased to 89% in 2022, and consumers who use two or more forms of digital payments have grown ever more rapidly, jumping from 51% to 62% in 2022, according to a report from McKinsey and Company.
If you’re confused about how to look ahead toward AI trends and make them work for business, don’t worry, because you’re not alone. I’m here to help you understand how to optimize your current payment strategy with my expert consulting services. Not only do I understand the B2B space, but I also specialize in getting the best payment deals in the oil and propane industry. Visit my website or call 617-843-5700 to learn more. Check out these AI trends in the payments industry:
1. Increased fraud detection
Increased fraud attempts impact thousands of businesses in the U.S., making solving this problem a huge priority for Fintech companies.
To help recognize fraud detection, many Fintech companies are leveraging Natural Language Processing to help learn and understand customer behavior including spending habits, voice, and spending habits. When an AI system is able to recognize and identify these trends, the risk of financial fraud and stolen data significantly decreases.
2. Manage the volume of requests
In a world where customers expect responses to inquiries about payments 24/7, it’s exhausting for your team to constantly stay on top of these requests. Many companies in the U.S. are relying on virtual assistants like Cora to help automate responses to large volumes of requests. Plus you can more easily find the customer information you’re searching for and automate customer responses.
It’s predicted that virtual assistants and chatbots will result in $2.3 billion in savings by 2023. If you haven’t considered how a virtual assistant can work for your business in the near future, now is the time.
3. Increase in retail-branded mobile wallets
Mobile wallets, like Apple Pay, gained huge traction in 2018, and it’s estimated that over 55 million people made an in-store mobile wallet payment in the last year and that total transaction value will hit $14 trillion by the end of 2022.
Many large-scale companies are investing in in-app payments to take the concept of mobile wallets even further. Some of these payment options also work in browsers and will continue to grow to offer new options as many retail businesses expand.
Good luck and be sure to keep staying up to date with the latest AI trends in payments.
