ChatGPT and Generative AI in Payments: Reality, Hype, What's Next, and How to Prepare

ChatGPT, a conversational AI model built by OpenAI, is the most talked-about technology of 2023. And it has caught the attention of payments services providers keen to unlock the potential of the generative AI that powers it. 

Analyst Estimates: Provider and Consumer Interest in Generative AI Applications in Payments

Insider Intelligence

Generative AI is set to revolutionize various sub-verticals within the payments industry. The most significant impact is expected to be seen in payment networks, mobile wallet providers, and issuing banks.  

Over the next few years, we expect to see many positive use cases for generative AI. The most viable and valuable are believed to be in authentic chat, personalization, credit scoring, payment optimization, and fraud detection. On the other hand, there are a couple of not-so-promising use cases for generative AI in payments which include security and compliance. 

While generative AI's rise may seem sudden, it will take a considerable time for industries to fully embrace its disruptive impact. Want to learn where generative AI has the greatest impact in payments, the most and least promising use cases for the technology, and actionable steps for providers to prepare for its rise? Click here to purchase the full report and use code CHATGPT100 for $100 off.

Read the original article on Business Insider


from Business Insider https://ift.tt/zkrpov5

Comments

Post a Comment

Popular posts from this blog

Zombie startups

Image
Welcome to Startups Weekly, a fresh human-first take on this week’s startup news and trends. To get this in your inbox, subscribe here. People leave jobs for all kinds of reasons, but when it’s a CFO departing a richly valued company as the company itself conducts layoffs, the exodus can be a sign of a larger issue. This was one of the takeaways I had when chatting with Continuum CEO and co-founder Nolan Church about a recent spree of CFO resignations, including but not limited to OpenSea, Noom and Brex. The founder reiterated that we don’t know the exact reasons that people are leaving, but he also noted that it’s a red flag from a recruitment perspective. He also introduced me to the idea of zombie companies, which I appreciated as it is officially spooky season and we love a festive framework. Zombie companies are basically companies that raised a ton of money over the boom cycle but aren’t producing nearly enough revenue to justify the valuation. The late-stage market is full o...
Read more

Guilherme Rambo, who has published scoops about unreleased Apple products by examining beta software, says Apple locked his dev account with no stated reason (Buster Hein/Cult of Mac)

Image
Buster Hein / Cult of Mac : Guilherme Rambo, who has published scoops about unreleased Apple products by examining beta software, says Apple locked his dev account with no stated reason   —  Guilherme Rambo, one of the top Apple secret-spillers, says Apple locked him out of his developer account, preventing … from Techmeme https://ift.tt/37pX6fR
Read more

Minneapolis Mayor Jacob Frey wins tough reelection fight over a slew of challengers

Image
In this Feb. 17, 2021 file photo, Minneapolis Mayor Jacob Frey addresses the media in Minneapolis. Richard Tsong-Taatarii/Star Tribune via AP, Pool File What's at stake: Minneapolis' first-term Mayor Jacob Frey won reelection against numerous challengers in the city's ranked-choice election, where all candidates ran on the same ballot. The main Democratic Farmer-Laborer challengers to Frey were former state lawmaker Kate Knuth, community organizer Sheila Nehzad, Cedar-Riverside Community Council leader AJ Awed, and attorney Clint Conner . A smattering of Republican, independent, and third-party candidates also ran. Frey has faced local and national scrutiny for his handling of crime and policing issues in the city following the murder of George Floyd at the hands of Minneapolis police officer Derek Chauvin and the ensuing months of protests and civil unrest that Floyd's murder sparked around the country. The spotlight on that shooting made police and publ...
Read more