Artificial Intelligence have certainly gained massive traction in the recent years, businesses are more keen to explore and implement this technology to innovate and transform their work processes.
This also applies to Payment related processes and industries, our sharing session hosted by Singapore Fintech Association (SFA) shared insights from multiple speakers on “Innovation in Payments with AI”. The event was held on 22 Feb, hosted by Mr. Ming Wang Lim, with around 30 attendees from companies in payment or related industries.
Christopher Lim, our CEO, was one of the featured speakers for this topic. Other speakers including, Mr. Parikshit Jawa, Mr. Shin Wee Chuang, Ms. Jian Yun Ng, Mr. Ho Chee Wai and Mr. Krishna Subramanyan also shared their insights on AI in Payments Innovation.
Christopher Lim shared how combining AI in automation can create a powerful tool to help businesses optimize their payment processes. He also shared on what signs to look for and where can digital worker such as Gleematic AI be implemented in different payment workflow.
What sign shows that we need AI Automation?
1. Reduced productivity
2. High risk of human errors
3. Increased labor costs
4. Poor customer engagement and responsiveness
5. Losing opportunity to grow and innovate
Implementing AI Automation in Payment Processes
Payment Process Automation: Automation bot can be used to automate the manual and repetitive tasks involved in payment processing, such as data entry, document processing, and reconciliation. Automation can be used to handle payment processing tasks, including currency conversion, routing, and validation. Automated payment processing can help reduce errors, minimize manual interventions, and speed up processing times.
Fraud Detection: AI and machine learning algorithms can be used to analyse large amounts of data and detect patterns that may indicate fraudulent activity. Automated fraud detection systems can analyze transaction data in real-time and identify suspicious activities, such as large transfers, unusual locations, or irregular behavior patterns. These systems can flag potential fraud attempts and prevent fraudulent transactions from going through.
Compliance: Automated compliance systems can help ensure that cross-border payments comply with regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) regulations. These systems can screen transactions, flag potential violations, and generate reports to comply with regulatory requirements.
Automated Reporting: Automated reporting systems can generate real-time reports on cross-border payment activities, including transaction volumes, conversion rates, fees, and other key metrics. These reports can provide valuable insights into cross-border payment trends and help businesses make informed decisions.
Improving Customer Experience: Automation can be used to automate customer service tasks such as responding to customer inquiries and processing customer requests, which can lead to improved customer satisfaction.
A special thanks to SFA, the speakers and attendees for an insightful event. We look forward to more events in the future and share more about AI automation.
Written by: Reiko Anjani