Posted by Alison Arthur on 15 May 2019
Alacriti was honored to attend and speak at NACHA’s PAYMENTS 2019 annual conference. The event, hosted May 5-8 in Orlando, featured thought-provoking speakers and topics reflecting the latest trends in payments. Here are five takeaways we learned at the show.
There are many applications of AI in payments that can increase security and streamline operations throughout the industry. They include risk management, cash flow forecasting, digital assistant chatbots, fraud prevention, and AML screening, just to name a few. Most importantly, AI enhances their human counterparts rather than replacing them. The technology empowers staff to approach their jobs more quickly, accurately, and efficiently than possible without the help of AI.
Our head of product, Stuart Bain, co-presented with Jeff Pauly from Bank of America in a session titled, “What’s Next for Chatbots?” The speakers defined chatbots, presented current use cases, and speculated on what the future might hold. There are opportunities for chatbots to detect emotion using advanced natural language processing (NLP), leverage predictive behavior analysis, and mine data to streamline operations. But these opportunities come with threats like harvesting consumer data, injecting malicious code or commands, and/or chatbot impersonation. Businesses using chatbot technology will need to identify and thwart these security threats to keep their chatbot environments safe and secure.
Faces are the new fingerprints. Alipay’s “Smile-to-Pay” system continues to expand in China and NAB ATMs in Australia are leveraging the technology to authenticate users making withdrawals. This biometric data adds another layer of security in the fight against fraud.
It might sound counterintuitive, but paper check usage is going up for small businesses. The slower process of writing, sending, and waiting for paper checks to clear can create a financial advantage for small businesses. During this time, they can slow down the payables process and retain those funds for a few extra days to reap the benefits of their higher balances.
A session dedicated to the 2019 AFP Payments Fraud and Control Survey shared some alarming statistics related to payments fraud. A record-high 82% of organizations reported being subject to actual or attempted fraud in 2018. While almost 70% of fraud was discovered within two weeks, a delay of even one day can have significant negative consequences for an organization.
01 Jul 2019 Blog 3 Applications of Machine Learning in Financial Services Advances in machine learning have game-changing implications for financial services. Learn how ML is transforming customer service, personal finance, and fraud and risk management in our blog.