Artificial intelligence (AI) is rapidly transforming the financial world. We asked Google AI’s large language model, Bard, how utilizing AI can enhance financial efficiency, covering cross-border payments, e-wallets, foreign exchange (FX), and other areas.
Here are five significant advantages that AI can provide businesses to streamline financial activities:
1. Fraud detection and prevention
AI can help businesses proactively combat fraud by analyzing vast amounts of data to identify patterns and anomalies. For example, AI-powered fraud detection systems at banks can identify suspicious transactions in real-time, helping to protect customers from fraud. In 2023, AI-powered fraud detection systems are estimated to prevent over $30 billion in fraud losses. By 2025, this number is expected to reach $50 billion.
2. Streamlined cross-border payments
AI can help to streamline cross-border payments by automating and streamlining the process. This can lead to faster transaction processing, reduced costs, and improved accuracy. For example, AI-powered cross-border payment systems are estimated to reduce the cost of cross-border payments by up to 50%. By 2025, this number is expected to reach 75%.
3. Enhanced e-wallet experiences
AI can help to enhance e-wallet experiences by personalizing recommendations, targeting promotions, and providing seamless user experiences. This can lead to increased user engagement and loyalty. For example, AI-powered e-wallets are estimated to increase customer retention by up to 20%. By 2025, this number is expected to reach 30%.
4. Optimized foreign exchange (FX) operations
AI can help businesses to optimize their FX operations by providing valuable insights and recommendations for executing FX transactions. This can help businesses to minimize risks and maximize returns. For example, AI-powered FX trading systems are estimated to help businesses to increase their FX trading profits by up to 10%. By 2025, this number is expected to reach 15%.
5. Intelligent financial decision-making
AI can help businesses to make intelligent financial decisions by providing accurate forecasting, budgeting assistance, investment insights, and risk assessment. This can help businesses to navigate the financial landscape with confidence and strategic precision. For example, AI-powered financial planning tools are estimated to help businesses to improve their financial performance by up to 5%. By 2025, this number is expected to reach 10%.
The potential of AI in optimizing financial operations, cross-border payments, e-wallet experiences, foreign exchange operations, and decision-making is immense… but is there risk-free? We’d love to hear your opinion of this ❤️