Forum Views - August 2023
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FORUM VIEWS - AUGUST 2023
II.
AI-Powered Fraud Detection and Prevention
One of the most significant advantages of AI in payments is
its ability to detect and prevent fraudulent transactions. By
analyzing patterns, AI algorithms can identify suspicious
activities with a high degree of accuracy, helping
businesses mitigate the risk of financial losses. In the
recent past, I have witnessed the impact of AI in
combating fraud, leveraging sophisticated algorithms to
identify and block fraudulent transactions swiftly. This has
not only saved companies substantial amounts of money
but has also bolstered consumer trust in digital payment
systems.
FROM TRADITIONAL TO TECH-DRIVEN:
AI'S DISRUPTION OF PAYMENTS
Bharat Melag
Senior Director, Token Requestor
Services and Experiences
Visa
III. Personalized Customer Experiences
IV. AI-driven Payment Innovation
AI is revolutionizing the way businesses interact with
customers by enabling personalized payment
experiences. By leveraging customer data, AI algorithms
can tailor offers, recommendations, and rewards to
individual preferences. This level of personalization
enhances customer engagement and loyalty, driving
increased transaction volumes. As a product leader, I have
witnessed firsthand the positive impact of AI-powered
personalization in payments, where customized offers
based on user behavior have significantly boosted
customer satisfaction and spending.
AI technologies are driving remarkable innovation in
payment methods. By harnessing AI’s capabilities, we
In today's rapidly evolving
technological landscape, artificial
intelligence (AI) has emerged as a
p o w e r f u l f o r c e d r i v i n g
transformation across industries.
Among the sectors witnessing
significant disruption is payments.
As digital transactions become the
norm, AI is reshaping the way we
conduct financial exchanges,
offering a wide range of benefits in
terms of efficiency, security, and
customer experience.
(San Francisco Bay Area)
Global Insights
Global Platform Products
Introduction
I. The Rise of AI in the Payments Industry
In today’s rapidly evolving technological landscape,
artificial intelligence (AI) has emerged as a powerful force
driving transformation across industries. Among the
sectors witnessing significant disruption is payments. As
digital transactions become the norm, AI is reshaping the
way we conduct financial exchanges, offering a wide range
of benefits in terms of efficiency, security, and customer
experience. Drawing upon my 20 years of experience in the
payments industry, along with my current role in Visa Token
Services, I will explore in detail the ways in which AI is
revolutionizing the world of payments.
The proliferation of digital payments, coupled with the need
for advanced technologies, has paved the way for the
widespread adoption of AI in the payments industry. AI
algorithms and machine learning models have the
capability to process massive volumes of data in real-time,
empowering businesses to make faster and more informed
decisions. This has resulted in streamlined operations,
reduced costs, and enhanced fraud detection capabilities.
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