CHAPTER 30Big Data, AI and Machine Learning: How to Unlock Their Potential in the New Payment Environment
By Omri Dubovi1
1VP of Product Management, , SafeCharge, a Nuvei company
The role of payment and its impact on organizations has evolved considerably over the last few years, from being purely a commodity to becoming a strategic business parameter.
Businesses have realized that focusing on making their payments process life cycle efficient can be extremely profitable, with the global volume of online payments set to increase by 11% a year between 2015 and 2020 (source: Cap Gemini & BNP Paribas report).
While this boom in online payments brings a wealth of opportunity for businesses, it also raises some serious challenges. Merchants now need to worry about increased fraudulent activities as well as increased competition.
In a world where technology is evolving rapidly, it is necessary for businesses to keep up with technological progress in order to stay relevant. Artificial intelligence (AI) and machine learning (ML) are creating new opportunities for businesses in healthcare, IT and even manufacturing. A conscious use of ML and AI in the payments space can be a solution to a wide range of business complexities and a smart tool to fuel further growth.
Payments, a Wealth of Data
Many consumers might not realize, but every transaction made contains a wealth of information for the merchant they are buying from. During an online payment process customers are sharing what ...
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