ETA Expert Insights: What’s Next for AI in Payments
In the latest episode of the ETA Transaction Trending podcast, host Scott Talbott, EVP at ETA, discusses the rapidly evolving landscape of generative AI in the payments sector with Russell Moore, the Director of Corporate Strategy & Development at Global Payments.
Moore highlights that while AI has been part of the payments industry for decades, the introduction of generative AI is revolutionizing customer interactions, particularly through chatbots. These AI-driven tools are now capable of handling billions of customer interactions, marking a significant shift in how businesses engage with their clients.
However, the integration of generative AI is not without its challenges. Moore emphasizes the importance of maintaining data security and service reliability, while also addressing issues like biases and the phenomenon of “hallucinations” in AI outputs.
Looking ahead, Moore predicts that the payments industry will see substantial advancements in the next 6-9 months, with generative AI facilitating more autonomous operations. This evolution will lead to smoother, more seamless transactions, often without the consumer needing to actively engage with the technology.
Additionally, Moore discusses the role of the ETA AI committee, which is focused on educating its members about generative AI and tackling specific issues such as fraud. As the committee progresses into 2024, it plans to delve deeper into these topics, inviting industry experts to share their insights and foster a better understanding of the implications of AI in the payments industry.
This episode showcases the exciting potential of generative AI while also acknowledging the critical challenges that must be addressed to ensure its safe and effective implementation in financial transactions.
Listen here.
Legal Disclaimer
The information provided in this post is for general informational purposes only and does not constitute legal advice. This content is based on a conversation with Russell Moore and reflects his professional opinions and interpretations as of the date of the interview. Viewers should not act or refrain from acting based on this information without seeking professional legal counsel. Neither the author, Russell Moore, Global Payments, nor any affiliated entities assume any liability for actions taken or not taken based on the contents of this post.