Maximizing Growth: The Power of AI Unleashed in Payments

Artificial Intelligence (AI) technologies are increasingly being used in the banking industry, particularly in areas such as risk, fraud, and compliance. AI adoption is expected to continue growing in 2024, with Generative AI attracting significant interest. Celent's report "Harnessing the Benefits of AI in Payments" explores how AI is currently being used in banking and highlights some key use cases for AI adoption in payments. Advanced analytics, intelligent automation, and AI technologies are leading investment agendas globally. Many banks are also exploring Generative AI, with 58% evaluating or testing it and a further 23% having projects using this technology in their roadmap. The report suggests that the product enhancements banks could not deliver due to resource constraints would have supported a 5.3% growth in payments revenues.