How AI is poised to take a bigger role in payments


The financial services industry has been using artificial intelligence for decades in trading, and as the technology gets smarter it's being tested more often with payments as well. "There's an increasing trend around using AI around financial payments," said Sumeet Vermani, a global marketing leader working for fintech providers such as Red Box Recorders, a company that records communication, in the financial services industry for compliance. Financial institutions and payment providers are looking for ways to utilize AI in a number of areas, including customer interaction and fraud detection. The most popular application of AI in financial services -- and perhaps the most limited -- is the chatbot, a program that converses with customers through text or speech. In financial services, chatbots are usually used to make the first interaction with a customer, answering questions or directing customers to an area of the website.