AI Innovation
Artificial intelligence (AI) is rapidly being deployed by financial institutions (FIs) as the payments ecosystem becomes more complex — and ultimately too complex for humans to effectively monitor. This PYMNTS survey of hundreds of FI decision-makers reveals that many companies are not getting AI investments’ full value, which means their customers in turn are not getting the full benefit. The AI Innovation Playbook series is a rich resource for companies seeking more value from AI investments.
Inside the Playbook
- 63.6 percent: Share of FIs that believe AI is an effective tool for stopping fraud before it happens
- 80 percent: Portion of AI-using fraud specialists that believe the technology could reduce payments fraud
- 63.9 percent: Share of fraud specialists that believe smart agents could reduce payments fraud
AI Gap Study - April 2019
INSIDE THE APRIL EDITION
AI Innovation Playbook- 81.8 percent: Share of FIs with assets exceeding $100 billion interested in smart agents to combat fraud
- 45.0 percent: Share of decision-makers working in fraud detection who are interested in smart agent
- 41.1 percent: Share of commercial banks that are very or extremely interested in adopting smart agents
AI GAP STUDY - November 2018
Key Findings from the study include:
AI GAP STUDY- 71 percent of FIs use data mining technology
- 81 percent of FIs say they measure ROI on learning systems by how it can improve their margins
AI GAP STUDY - February 2019
Inside This February Study
AI Innovation Playbook- 70.5% Share of FIs that used data mining to fight fraud
- 4.1 Average number of algorithmic tools used by banks with more than $100 billion in assets
- 2.5% Share of FIs that used AI systems to enhance payments services
