EDITOR’S QUESTION
transactions so quickly, while keeping fraud
and error rates down. Artificial Intelligence
is the threshold of survival for the payments
industry – already widely used in finance,
AI now has a bigger role to play outside of
traditional financial services.
The digital landscape is home to a growing
number of cybercriminals on the lookout
for potential targets. If the payments
industry does not adapt its processes and
fast, not only will customers be lost to
competitors, but companies risk putting
themselves in the fore for a cyberattack.
Merchants are having to tread a difficult
tightrope when it comes to balancing
customer experience with effective online
security and it seems many are getting it
wrong. Purchasing goods online has never
been easier for consumers but with this
simplicity comes the growing global threat
of fraudulent activity.
T
he payments industry is
experiencing a period of constant
Digital Transformation. Acting
as a driving force for innovation and
growing international eCommerce, Digital
Transformation has the power to completely
transform the payments industry. Here are
some key aspects for the industry to consider
when embracing the change.
According to Gartner, the number of devices
connected to the Internet of Things (IoT)
is set to increase to 20.8 billion in 2020.
Consumers are increasingly expecting their
IoT devices to enable more than just carrying
out tasks automatically; they also expect
them to facilitate payments. The Internet of
Things is not a new concept, in fact connected
devices with a wide range of functionalities
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INTELLIGENTCIO
are already widely used in the home, a trend
that shows no sign of abating. Customers
are becoming more aware of the presence
of IoT and as a result, there is the growing
expectation that it should play a role at every
touchpoint of their journey as a customer.
The growing use of technology has meant
that society has seen a rise in Artificial
Intelligence (AI), which is now beginning
to play a vital role within the e-payments
industry – one which is growing quite
dramatically. PPRO research found that
bank transfers, debit cards, credit cards,
e-wallets and mobile wallets amount to the
122 billion digital transactions made each
year. This figure is only expected to rise
and the reality is that there is no way the
payments industry can process so many
Facilitating international payment
preferences is imperative to successful
globalisation and by maintaining
customer bases in international markets
and understanding market preferences,
merchants are able to continue Digital
Transformation on a global scale.
“
ARTIFICIAL
INTELLIGENCE IS
THE THRESHOLD
OF SURVIVAL FOR
THE PAYMENTS
INDUSTRY
www.intelligentcio.com