Cristian Stan, Chief Dev Team PaynoPain and artificial intelligence expert.
It is no novelty nor will it surprise anyone to say that the fintech sector is intimately related to artificial intelligence. It is a logical connection between a sector that takes advantage of state-of-the-art technology to offer innovative financial services and what is, in effect, one of the most studied and sought-after technologies. And we can prove it in Fintech companies like PaynoPain, where we have already begun to work with artificial intelligence systems and we investigate day after day to get to take advantage of the full potential of this coveted technology.
Today we are going to tell you what is and what are the advantages of artificial intelligence for companies that manage online payments, such as PaynoPain, and how this has a very positive impact on direct benefits for our customers:
WHAT IS ARTIFICIAL INTELLIGENCE?
It is a concept that we assign to a machine when we say that it can “think like humans”: reasoning, planning, learning and understanding.
Within this science, the part that has undergone the most transformation and has matured the most has been “machine learning” or automatic learning. That is to make decisions automatically based on a large amount of data.
Within the machine learning we have its most advanced version: “deep learning”, which can be considered the version that comes closest to the human being because of the ability to perform more complex tasks without supervision and even creative.
HOW CAN ARTIFICIAL INTELLIGENCE BE USED IN THE SECTOR OF ONLINE PAYMENTS?
Every day we see more its advantages and how this tool is applied to online payment services to improve the user experience, avoid fraud and improve the feedback that companies have on their products and thus be able to offer a more complete solution. For this reason, large companies use this tool to improve their systems or the business decisions that must be made. Let’s see some examples of its advantages:
User experience: Analyzing the behavior of users, a company can make decisions to improve this experience by transforming its product into a necessary tool for the consumer.
Improved detection of fraud: Many anti-fraud systems, such as Paylands, are tools offered to companies that allow the concept of fraud to be personalized within their systems and minimize the possibility of fraudulent attacks. Thanks to “machine learning” the anti-fraud systems constantly learn from the behavior of each client, thus shaping the system so that the solution offered to the clients is more and more complete.
Reduction of chargeback: In response to the large volume of payments that are returned, the world of online payments is undergoing a transformation thanks to artificial intelligence, which works analyzing the cases of “chargeback” with the intention of reducing this problem, caused in the majority of the cases for the unauthorized transactions carried out by third parties as well as by the online stores themselves.
Virtual assistants: Many of us have had the opportunity to talk with a bot in chat or have received an email informing us of the financial health we have. These two cases are another example of the use of artificial intelligence, so that either we can resolve a doubt about the product or perform a management with the supervision or help of a bot, or we are recommended to manage our economy after analyzing our expenses and income. An example of a project focused on this area is SemanticBots, in which we participate from PaynoPain, contributing our technology and experience in the area.
Seeing these important advantages can lead to two opposite conclusions: that we must use artificial intelligence for everything, as a business, or that we should not trust it, as a client. But like all technology, AI has its positive parts and its negative parts to improve. As an example, remember that we can’t trust that the AI will solve all the problems of fraud suffered by companies, because we know that the criminals behind the fraudulent attacks every day find more complex and difficult to detect ways to continue committing fraud. We must also take into account the lack of ethics and empathy that bots still suffer, or the misuse that can be made of this technology, such as making wrong decisions in case of incorrectly interpreting the data obtained or obtaining, directly, erroneous data.
In any case, there is no need to be afraid to take advantage of artificial intelligence in the fintech sector since they are many and have enormous potential for the future. Not in vain is considered the biggest revolution in the financial sector from ATMs.