Artificial intelligence (AI) and other digital technologies that’re newly emerging are capable of granting humans more power than ever before. So, what do the latest technology solutions offer nowadays? How can AI payments help you with your business? Just read below to discover more.
Artificial Intelligence & Machine Learning
AI, together with proper ethics, people, diversity and inclusion, can open up completely new doors for prosperity and opportunity for all. This is quite evident in the modern financial world. So, no wonder that banks are getting more and more automated, making productivity and customer service much better as a result.
The current 4rd industrial revolution is forcing business leaders to set clearer core values. Artificial intelligence is transforming today’s industry, and you can find the following guiding principles in this regard:
- Business leaders bear responsibility for their people
- Companies need to be proactive about preparing people for the jobs of the future
- America’s global competitiveness can get stronger thanks to partnerships between business and the public sector
Payment fraud is a topic that can’t be ignored here. As you know, fraudsters are making their tools and skills more and more sophisticated. So, it becomes more challenging to detect and prevent cybercriminals’ attacks.
That’s where AI steps in. Fraud detection is something an AI model can deal with without major difficulty since AI is trained on huge amounts of historical data, both customer and transactional, to predict suspicious behaviors and patterns.
In fact, the same level of monitoring and updating is required for both manual rules and for a great number of machine learning solutions so they can effectively fight against fraud. By the way, manual rules work best when used with machine learning to fight advanced fraud attacks.
AI Payments & Not Only
Special algorithms are used to power automated smart interactions. These algorithms are coded by humans. They process huge amounts of data to “learn.” As a result, AI gets adapted to ever-evolving real-world conditions, and the process is known as “supervised learning.” The latter is highly important in terms of emerging technologies such as self-driving cars.
Today, AI is developing with rapid advances in fields like health care and medicine. Besides, machine learning and computer vision AI systems are making a breakthrough in the agriculture sector. Namely, farmers and ranchers turn to machine intelligence for weed identification, field selection, and planting time optimization.
What about the financial sector? What are you doing to take your business to the next level? Do you have access to the necessary working capital? Well, this can’t be an issue if you work with a reputable alternative online lender like First American Merchant. FAM carries an A+ rating with the BBB and is also a respectable payment processor.
No matter you’re a high or low risk merchant, you can be sure FirstAmericanMerchant.com can help you with AI payments and just anything related to merchant services.
Did you know that McDonald’s has recently stated it’s going to acquire Dynamic Yield, a tech company that specializes in personalization software based on machine learning and predictive algorithms?
What’s more, IBM has built an algorithm that can learn on the fly, which has to do with resembling a virtual memory to adapt to the changes of the environment without the need to be trained from scratch.
As you see, AI technologies are becoming more and more advanced. As a result, artificial intelligence becomes a bigger part of people’s lives. So, keep your finger on the pulse so to grow successfully.