Understanding The Reality And Hype Of ChatGPT And Generative AI In Payments

ChatGPT, a conversation-oriented AI technology from OpenAI, is one of the most talked-about breakthroughs of 2023. Payment service providers are giving it much attention due to its potential for its generative AI power.

Insider Intelligence

Comprising payment networks, mobile wallet providers, and issuing banks, the payments industry is poised to experience a revolution thanks to generative AI. This technology will have an immense impact on these sub-verticals within the space.

Generative AI can potentially be highly beneficial in the upcoming years; we expect it to have a significant impact in areas such as authentic chat, personalization, credit scoring, payment optimization, and fraud detection. Technologies that can take advantage of this opportunity have great potential for success.

On the other hand, when it comes to generative AI in payments, there are a couple of not-so-promising use cases- security and compliance. Unfortunately, these areas do not seem promising for applying generative AI.

The introduction of generative AI is not an overnight development, but industries are gradually accepting and adapting to the potential disruption it brings. It will take significant time for businesses to benefit from this phenomenon truly.

Generative AI is having a great impact on the payments industry — and our full report will help you explore its most promising use cases and provide actionable steps for providers to get ready for this rise. Save $50 using code CHATGPT50 when you buy it today.

Using ChatGPT and Generative AI in payments presents exciting opportunities for the finance industry, but it is important to approach these technologies with a balanced and responsible perspective. By prioritizing ethics, transparency, and preparation, companies can harness the potential of AI to drive positive change in the industry.

Source: Business Insider

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