Payments Consulting Network’s Post

AI is no longer a future concept—it's the present reality transforming financial services. At Money 20/20 Europe, under the theme "Human X Machine," industry leaders explored the transformative potential of AI. Key takeaways include: *AI's Evolution: NVIDIA's Kevin Levitt described AI's shift from data retrieval to generation, predicting widespread adoption in financial services. *Responsible AI: Microsoft's Patrice Amman highlighted the importance of addressing risks like data privacy and bias, stressing the need for responsible AI investment. *Investment Strategies: Javier Perez, co-founder of Global PayTech Ventures and former CEO of Mastercard Europe, emphasised the importance of seamless integration, security, and domain expertise in future payment technologies. *Open Banking: Discussions on Open Banking, or Pay by Bank, underscored its potential for cost savings, the necessity for consumer adoption, and fraud prevention. The #Money2020Europe event was an invaluable learning opportunity for fintech professionals, providing information on #AI, #OpenBanking, as well as emerging payment technologies. Check out our website to learn more details and to gain further insight. https://lnkd.in/gqf8VZKj #fintech

Our role in helping financial institutions adopt #AI to build predictive models from unstructured first-party data is featured in the report "Opportunities for Generative AI in Financial Services", developed by This Week in Fintech (TWIF) in partnership with Visa. "Hyperplane, which focuses on consolidating customer information across siloed bank databases in a compliant way, to help banks invest in more well-tailored products." Make sure to follow TWIF and subscribe to their newsletter!

🌍 The future of payments isn’t just about technology—it’s about transformation. And AI is the driving force behind it. From how we transact to how we safeguard financial data, AI is making payments more efficient, intuitive, and secure than ever before. It's not just solving today’s problems; it’s shaping a future where payments adapt to your needs seamlessly. 🔍 Here’s how AI is revolutionizing payments: Smarter personalization: Imagine a payment system that understands your preferences and recommends the most convenient methods in real time. Unmatched security: With AI-powered fraud detection, threats are identified instantly, ensuring safer transactions for everyone. Effortless automation: Say goodbye to manual errors. AI simplifies payment flows, saving time for businesses and customers alike. Global inclusion: AI tools are bridging gaps, bringing financial services to underserved populations, and driving economic empowerment. This is just the beginning. The convergence of AI and payments holds incredible potential to redefine commerce on a global scale. But the real question is: Are we ready to embrace this revolution? What do you think the most exciting AI innovation in payments will be? Let’s hear your thoughts! 💬 #FutureOfPayments #ArtificialIntelligence #FinTech #DigitalInnovation #AIInFinance #SmartPayments #FinTechRevolution #FutureTrends #AIAndCommerce #DigitalTransformation

The #FinancialIndustry is embracing Generative AI, transforming operations and customer experiences. From personalised services to fraud detection, #GenAI is driving innovation in payments, #Banking and beyond. As adoption grows, we're seeing enhanced efficiency, agility, and decision-making across the finance sector. The future of finance is #AI-powered. https://lnkd.in/ep6HTZ5g via FinTech Magazine  #FinTech #FutureOfFinance

Great to be back in the trenches at Money20/20! Over 30 hours of meetings and presentations in three days highlighted key themes in AI, RTP, and cross-border payments: 1. Artificial Intelligence in Payments AI is transforming payments by enhancing fraud detection, reducing operational costs, and improving customer service. Investments in AI-powered payment processors are cutting fraud by up to 50%, lowering costs by 30%, and increasing customer satisfaction by 25%. 2. Real-Time Payments (RTP) RTP is reshaping the financial landscape and can reduce payment processing costs by 15-20% and improves cash flow, strengthening customer relationships and boosting retention. 3. Cross-Border Payments Innovations are making cross-border payments faster and more efficient. Fintech solutions are reducing transfer costs by up to 60% and speeding up transactions from days to minutes, increasing cross-border business for regional banks by 10-15%. KPMG US U.S. Faster Payments Council #Money2020 #AI #RealTimePayments #CrossBorderPayments #Fintech

That's a wrap for another great Money20/20 Europe. What did we learn? Well, #AI is already a huge topic for financial services. This need for education will continue while banks and fintechs learn how to adopt, apply and deploy. Join us at #NextGenAI in London on 26 November 2024 to hear from pioneers within financial services and other industries. Learn how they are transforming their businesses to adapt to the AI landscape. Join the conversation on AI in FS and be at the forefront of defining what's possible in the next generation of AI adoption and deployment. Register your interest at https://lnkd.in/eF-GUYbP #finextra #financialservices #banking #fintech #artificialintelligence #ai #humanintheloop #digital #data #hyperpersonalisation #riskprofiling #operationalresilience #explainability #financialservices #london #frontier #savethedate

Data science stands at the core of fintech, allowing companies to use extensive datasets for smarter decisions, custom experiences, and greater operational efficiency. With the massive growth of financial data, fintechs are increasingly relying on AI and machine learning to drive insights, optimize risk strategies, prevent fraud, and elevate customer interactions. Emerging trends like open banking, instant payments, and customized financial solutions are redefining the field. Interested in how data science is shaping the future of fintech? Read our in-depth blog post here: https://lnkd.in/dkHyWJfp #DataScience #Fintech #AI #MachineLearning #FinancialInnovation

AIX HUB takes financial planning, assessment, and analytics to a whole new level with an AI-powered framework.

Save the date for NextGen: AI in London on 26 November 2024. Registration opens very soon. Join us to discuss the hottest topic for all industries (but especially financial services). https://lnkd.in/euVCQmrq #finextra #london #launch #ai #artificialintelligence #banking #future #nextgen #nextgenai

As the fintech landscape continues to evolve, Gen AI offers both opportunity and potential risk. This was highlighted by IBM’s Kamini Belday and Antonia Davison, who have revealed the Money 20/20 hot topics set to shape 2025 and beyond. Here’s a sneak preview: Leading the Disruption: Fintech startups are now at the forefront, evolving to meet consumer demands for digital, trusted solutions. AI in Open Banking: Transparency and responsible data use is essential to build customer trust. Enhancing Security: Predictive AI is revolutionizing fraud detection and risk scoring, with the potential to learn and adapt to fight fraudsters as they emerge. Read more here: https://ibm.co/3YypuYN #Money2020USA #BankingIndustry #AI