Machine Learning In The Payments Industry

How are Machine Learning Models going to change the Payments Industry? It wasn't so long ago that CEO's and large commercial banks were convinced that more bank locations would always be necessary to service and acquire new customers. However, in the last ten or five years we have seen an emergence of Digital Banks, that have never and will probably never own a physical location, but still manage to grow their user base and add additional services including insurance, mortgages, and loans. In the Banking industry, we have seen companies like First Bank of Nigeria, United Bank of Africa, Zenith Bank, Guaranty Trust Bank dominate for well over twenty years. However, just like the digitization of banking has forced incumbents to change their strategies, the digitization of payments has provided companies like Flutterwave, Paystack, Remita and lately even Korapay to take up some of the market shares, not by focusing on traditional businesses, but by focusing on startups who have grown to overshadow and sometimes even bankrupt traditional businesses.