Generative artificial intelligence (AI) solutions are set to create new efficiencies across business environments.
While the technology is having an ongoing pop culture moment as text and video generation continues to make headlines alongside fears of misuse and confusion in education, there are exciting opportunities to leverage, especially across the payment landscape. Efficiencies and untapped opportunities exist.
Andrew Gleiser, chief revenue officer at payments provider Aeropay, told PYMNTS that there are “two areas in the near future” where generative AI technology could have an impact, and one area that has already taken off “now.” Said he was watching
Meanwhile, sector leaders such as IBM are already planning to pause hiring for jobs where AI could one day become a reality. The tech giant has reportedly identified up to 26,000 back office roles that, in CEO Arvind Krishna’s view, he expects to replace with AI and other automation solutions in the next five years. I can.
Gleiser said he’s excited that generative AI will soon have an impact on application programming interface (API) documentation, and that Stripe is already working with OpenAI to integrate ChatGPT-4 functionality into their workflows. pointed out what was going on.
“There is a huge opportunity to help customers deploy core capabilities faster, [for businesses] It’s about redeploying staff to help with higher integration,” he said.
PYMNTS previously covered how the application of generative AI tools can help organizations reduce their legacy cost centers and optimize their workforces for a more modern operating environment.
“Aeropay has robust documentation and customers are already integrating directly with the API,” said Gleiser. “Future generative AI instances could help customers build their own [directly] Get to Aeropay more efficiently with less training. Any API company can greatly benefit from the natural language processing improvements they can add to their documents. “
See also Companies are using their data to improve efficiency with AI
Areas where AI is currently helping payments
Generative AI is the new cool kid on the block, but its old cousin, predictive AI, has been used in the payment process for years and has supported nearly every major touchpoint.
Predictive AI, better known as machine learning (ML) or automation, is at the heart of modern advances in money movements.
PYMNTS’ 2023 Money Mobility Index report found that, among other money mobility frictions, 75% of FinTech issuers lack risk management systems to deliver on their promises. .
“We have a processing product that guarantees customer payments and uses predictive AI to protect Aeropay merchants and their customers,” said Gleiser. “AI solutions integrate risk tolerance guardrails and leverage traditional and in-house fraud prevention models to predict whether payments should be approved.”
Historically, AI has been “very important” in fraud prevention and authentication automation, he said.
“As far as I know, people who are investing heavily in AI and using it to improve approval rates in the payments space are doing very well,” he said. “For example, if he improves approval rates by 10 percent, it will impact top-line revenue for both processors and their customers.”
He said that while predictive AI has a direct impact on payment flow, generative AI is likely to have a more tangential impact.
Where AI can help you pay tomorrow
Gleiser emphasizes that the limits of generative AI-powered transactions are limitless.
“There could be a universe where there is a GPT model where users enter what they want in a retail store, so that they automatically fill up their carts, find the products that match their requirements and the most popular payment methods. Click to pay,” he said. “It could be facilitated by payment processors, e-commerce platforms, or standalone his AI integrations.”
It will be interesting to see “how far down the rabbit hole” the technology’s application decides to go, he added.
PYMNTS has been tracking the evolution of consumer behavior for years. It has moved from taps and swipes to smart, trusted voice technology integrated into our daily lives, with voice operating systems and platforms that have identity and payment credentials embedded at their core.
Gleiser said one of the future-friendly use cases for generative AI is integrating the solution into merchant payment portals to provide customers with top-level data related to metrics such as average order value, overall volume, and purchase frequency. to provide customers with compliant information about their clients.
“Helping our customers find their best customers will be a big part of the future,” he said.
Subscribe daily for all PYMNTS B2B coverage B2B newsletter.
