Wednesday, July 31st, 2019
In today’s era of fast-evolving technological innovations, the term “artificial intelligence” has become a buzzword. Payments knows the impact of AI and machine learning best of all. This article will tell you what to expect from AI and machine learning as the next big payments push. In addition, it’ll help you find the best merchant services UK with ease.
AI for Payments: Best Merchant Services UK
AI services, as transformational technology of modern digital age, is fast becoming the next big wave of digital disruption. Artificial intelligence, as advanced analytical technology, will make the payments ecosystem for financial institution, payment-processing companies, merchants, and consumers even better.
According to a Consultancy.uk report, the vast majority of payments divisions were using AI in 2017. Increasingly, the number of merchants turning to AI tools as more advanced solutions to use for better sales and customer experience. What about you? Don’t you think it’s high time you used more advanced payment-processing solutions for your business?
You can do this easily if you turn to a reputable payment-processor comparison company like Best Payment Providers in the UK. Best Payment Providers is dedicated to helping merchants enjoy the best merchant services UK. With Best Payment Providers, you can be sure to get the most honest snapshot of companies at the time of writing and enjoy the cheapest rates in the marketplace.
AI as the Next Big Thing in Payments
Payments knows the importance of AI best of all. Let’s focus on the potential of AI for payments:
- According to Juniper Research, payments will get more concentrated on more advanced technologies that can help detect and prevent fraud more successfully. Thankfully, AI and machine learning are fast turning into a powerful driver for payments companies and financial institutions to help them better combat fraud, especially in eCommerce payment processing.
- Payment systems can obtain valuable information from every transaction and provide more effectiveness for payment processing.
- Underwriting processes will be better organized.
- More sophisticated chatbot solutions will enable banks to save billions of dollars on operational expenses and hundreds of millions on working hours.
- When AI applied in mobile banking, digital banking can become even more convenient.
- Machine-learning algorithms give an analysis of data to detect patterns, such as seasonal drops in revenue. Thus, they can help merchants with better planning. Also, merchants can organize personalised marketing more successfully, and use analytical dashboards for better inventory management, new sales planning, and deliver better customization for each consumer.
- Thanks to Natural Language Processing (NLP), which is a branch of AI associated with machine learning, bots can more flexibly understand human language, thus delivering better customer service.
To sum up, AI and machine learning can be of immense help for boosting customer service, improving performance, and growing revenue. Given payment volumes continue to increase, payment-service providers will need to go beyond manual processes.
With years, everything from fraud detection to lead generation in the payments space will become more and more related to artificial intelligence and machine learning. So, keep your finger on the pulse to grow your business with greater success.