+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

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

May 10, 2023, 01:01 IST
Business Insider
Insider Intelligence

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.

Advertisement

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.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article