AI in Payment and Financial Services 2024
By 2031, it is forecasted that the value of AI in payments will surpass EUR 55 billion: New yStats.com report.
AI innovations are identified as transformative factors for the payments landscape
AI's dominance in payment processing surpasses its presence in remittance and money transfer services, driving advancements in operations, customer satisfaction, cost reduction, and risk management. Major trends like intelligent applications, AI augmented development, and TRiSM are transforming the payments landscape, with projections indicating the global GenAI market will grow significantly, exceeding EUR 55 billion by 2031. Additionally, banks are increasing their AI investments, with over 90% of global payment professionals leveraging AI and machine learning to enhance fraud detection. However, concerns persist about transparency in decision-making processes.
Technologies like GenAI and LLMs are reshaping both embedded finance and B2C E-Commerce
AI innovations are reshaping embedded finance platforms and B2C E-Commerce, with technologies like GenAI, LLMs, and deep learning altering platforms such as Square, Shopify, and Amazon. Future developments focus on biometric authentication, customized financial advice, and dynamic risk management. In B2C E-Commerce, AI, AR, and VR enhance customer experiences and drive purchasing decisions, with a growing demand for AI-driven solutions, including the integration of GenAI into operations and the effective use of chatbots to resolve customer queries.
- 1. Key Takeaways
- Key Takeaways of AI in Payment and Financial Services 2024
- 2. Management Summary
- 3. Overview of AI Use in Payments
- 3.1. Global
- Overview of AI Use in Payments, December 2023 (1 of 2)
- Overview of AI Use in Payments, December 2023 (2 of 2)
- Overview of AI and Machine Learning in Payments, December 2023 (1 of 2)
- Overview of AI and Machine Learning in Payments, December 2023 (2 of 2)
- Generative AI Market Size, in USD billion, 2023e & 2027f
- Value of AI in Payments, in USD billion, 2023 & 2031f
- Productivity Gains Through Generative AI, in % of Respondents, 2023e
- 4. AI Use By Banks and Financial Companies
- 4.1. Global
- Spend by Banks on Generative AI, in USD billion, 2024e & 2030f
- Breakdown of Financial Service Companies’ Primary Strategy for Use of AI and ML, in %, Q1 2023
- Use Cases of Al and Machine Learning in Payments, in % of Payment Professionals, 2023e
- Top Risks Associated With Al and Machine Learning, in % of Payment Professionals, 2023e
- Top Challenges With Applying Generative AI in Banking, in % of C-Suite Executives, October 2023
- Breakdown of Machine Learning Market, by End-Use Industry, in %, 2022
- 5. RegTech in Payments
- 5.1. Global
- Overview of Regtech in Online Payments, December 2023
- 6. AI use in Embedded Finance
- 6.1. Global
- Overview of AI Use in the Embedded Finance Ecosystem, January 2024 (1 of 2)
- Overview of AI Use in the Embedded Finance Ecosystem, January 2024 (2 of 2)
- 7. AI Use in B2C E-Commerce
- 7.1. Global
- Overview of AI Use in B2C E-Commerce, June 2023
- Activities That Shoppers Desire AI Assistance With Throughout Their Shopping Experience, in % of Respondents, October 2023
- 7.2. USA
- Share of Retail Decision Makers Who Feel Ready to Deploy Generative AI Technology in 2024, in %, November 2023
- 8. Chatbot Use in B2C E-Commerce
- 8.1. Global
- Share of Shoppers Who Found Chatbots “Very Effective” at Resolving Their Queries, in %, 2023e
- Chatbot Market Size, in USD billion, 2023e & 2027f
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