ChatGPT and Generative AI in Payments: Reality, Hype, What's Next, and How to Prepare
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. 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?Sign up for notifications from Insider! Stay up to date with what you want to know.Get a daily newsletter packed with stats about trends affecting your industry.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ChatGPT and Generative AI in Payments: How to PrepareInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
How generative A.I. and ChatGPT will influence jobs at all professional levelsFrom the C-suite to middle management and the call center, no professional function is safe from AI's influence.
Read more »
ChatGPT and Generative AI: Guide to the Most Talked-About TechnologyInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
ChatGPT and Generative AI in Financial Services: How to PrepareInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Even ChatGPT’s CEO Is Worried About ChatGPTOpenAI CEO Sam Altman—the man behind ChatGPT—issued a stark warning to the Senate Judiciary Committee: Artificial Intelligence can be dangerous. “If this technology goes wrong, it can go quite wrong, and we want to be vocal about that.”
Read more »
ChatGPT's chief testifies before Congress as concerns grow about artificial intelligence risksThe head of the artificial intelligence company that makes ChatGPT is testifying before Congress as lawmakers call for new rules to guide the rapid development of AI technology. OpenAI CEO Sam Altman was speaking at a Senate hearing Tuesday. His San Francisco-based startup rocketed to public attention after it released ChatGPT late last year. ChatGPT is a free chatbot tool that answers questions with convincingly human-like responses. What started out as a panic among educators about ChatGPT’s use to cheat on homework assignments has expanded to broader concerns about the ability of the latest crop of “generative AI” tools to mislead people, spread falsehoods, violate copyright protections and upend some jobs.
Read more »