AI, payments, and the future of fintech
What was Money 20/20 Amsterdam all about?
Money 20/20 Amsterdam was more than just a networking event. It was a place where fintech industry experts gathered from across Europe to discuss the future of the sector. As a leading fintech company in the Baltics and a global player, Paysera attended alongside seven other Lithuanian fintech companies.
The event covered a wide range of topics, but one theme stood out: the impact of AI on fintech, commerce, payments, and more.
How will AI impact fintech?
Justina Šidlauskienė, Deputy CEO of Paysera, emphasised that AI will take several areas of fintech to new heights. These include the development of more personalised and secure payment technologies, as well as advanced fraud detection.
Here are a few specific examples of what the future could look like:
- Intelligent financial assistants. These advanced AI systems can manage your financial affairs, automating banking transactions and communication primarily through AI interactions.
- Anticipatory analytics. AI will go beyond reacting to customer requests by predicting their needs before they even express them.
- Advanced fraud prevention. AI is already an effective and economical solution for anti-money laundering (AML) and customer verification (KYC) processes, efficiently spotting fake identification and dubious transactions to safeguard clients and enhance trust.
These are just a few highlights. To learn more about how AI will affect fintech, including the specific fields that can benefit and the challenges to address, read Justina’s detailed article on LinkedIn.
What about the risks?
The truth is that AI is an incredibly helpful tool, especially in the fintech industry, where companies strive to innovate and improve. However, like any revolutionary technology, it brings both opportunities and challenges.
During the Money 20/20 event in Amsterdam, professionals emphasised several key challenges: potential job displacement due to automation, the urgent need to improve AI literacy, issues surrounding data accuracy, ethical dilemmas, infrastructure needs, and the importance of carefully planning AI implementation strategies.
At Paysera, we have been addressing these challenges for over a year now. We provide ongoing training for our employees across various departments, sharing knowledge and giving the tools for continuous learning. Our trainings cover various topics and approaches to AI use: from tips on how to apply it for daily tasks to ethical and safe use.
Has this approach been effective? Absolutely. We've observed increased productivity and improved employee morale, thanks to our supportive and collaborative work culture. Our employees understand that AI is constantly evolving, and we can all learn from one another.
AI is here – use it to your advantage
One thing is certain: AI is not just a future possibility. It’s already here and it’s proving to be an essential component of today’s business landscape.
As we move forward, it's clear that AI will play a central role in shaping the future of finance. From enhancing customer experiences to bolstering security measures, AI's impact will be far-reaching. However, success will depend on strategic implementation, ethical considerations, and a commitment to continuous learning and adaptation.
