Industry roundup: 22 November

According to The Payments Association, the AI market will hit US $360 billion by the year 2028. Their recent survey outlines how AI and machine learning are currently used in payments, finance and banking sectors and how they can be used in the future. The research conveyed that the interest in AI and its acceptance were slow but sustained prior to COVID-19, but have seen a surge in interest since the pandemic as financial institutions look for ways to increase their efficiencies. This has led to a surge in regulatory interest in AI to mitigate privacy, illegal discrimination and security-related risks. Backed by the international payments firm, Fable Fintech, this report shows that the majority of financial services companies with more than 5,000 employees are using some form of AI.