Every payment company has an opportunity to unlock the power of generative AI in three areas of the business, said Safwan Zaheer, managing director of financial services, payment, lending, and fintech at analytics company hundredX.
1. Crush fraud: Through the use of the processing capabilities of generative AI, companies can combat fraud. By detecting elusive patterns and anomalies in vast data sets, generative AI trains itself to identify fraudulent events before they occur. Open-source generative AI models, such as generative adversarial networks empower fraud teams to generate synthetic data that closely mirrors real transactional data.
This iterative process enables the development of robust data sets that make it possible to identify “actual” versus “fraudulent” transactions. Fraud teams can also choose variational autoencoders and autoregressive models. Both bring in different trade-offs in training stability, sample quality, computational requirement, and interpretability.
2. Empower CFOs: Generative AI’s transformative potential extends beyond streamlining operational processes, to empowering chief financial officers. By processing, summarising, and extracting vital information from vast financial documents, such as annual reports and financial statements, generative AI equips CFOs with invaluable insights for more efficient analysis and decision-making.
Expertly fine-tuned models generate diverse scenarios, simulating market conditions and economic indicators, enabling CFOs to predict future trends, asset prices, and potential risks and opportunities. With generative AI, finance operations can reach new heights of efficiency and strategic prowess.
3. Energise marketers: Generative AI empowers marketers to unleash the full potential of personalised marketing, engaging customers like never before. After studying customer behavior patterns, generative AI can create tailored content that resonates deeply with specific audience segments. For instance, if a customer interacts with a competitor’s product, generative AI can dynamically generate compelling content to promote the company’s own comparable offering to that customer.
Furthermore, generative AI equips sales teams with precise analytics and customer insights, enabling targeted marketing campaigns. Open-source platforms like ChatGPT, GPT-4, Bard, Alpha Code, Claude, and DALL-E 2 provide marketers with the tools to revolutionise content creation, automate processes, and accelerate growth.