The Critical Role of Artificial Intelligence in Payments Tech Trends

Long an obsession of science fiction writers, "artificial intelligence" in the modern era of fast-paced technological innovation is a term that is as ubiquitous as it is nebulous. For the payments technology industry, however, the term describes advanced analytical technology that has an outsized potential to improve the payments ecosystem for banks, payments processors, merchants and consumers. In fact, financial services companies will spend US$11 billion on AI in 2020, according to an analysis by IDC -- more than any other industry cited. They'll stand to make a nice return on their investment as well, according to PwC estimates. In North America alone, AI is projected to increase the GDP of the financial and professional services industry as much as 10 percent by 2030, driven by increases in both productivity and consumption.