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AI in payments - Temenos

By Darryl Proctor 1 Sep 2017

Lets first look at AI's goal - to do what humans do, more efficiently and faster.

PaymentsWhat do humans do:

We analyse data by looking at multiple factors across multiple facets of our world, related to but not limited to, the task at hand. Humans have the ability to call on every aspect of their current surroundings, any outlying influencing factors including gained experience and use the data to make a decision. It isn't always the right decision, but that gained experience helps the next time.

Is AI really capable of doing this?

In the past technology "replaced" humans by applying human derived rules to technology in the form of computer code. If the program says do X under these circumstances, then it does X it if it's matched - There had to be a rule. Rules can get quite complex but there is always, always a case where no one rule fits and unless there is a default (in all other cases do Y), the code fails.

AI is different - it can make up the rules by learning through historical evidence and adapt rules, create rules... so no hard and fast rule exists. AI can makes those rules based on complex (although in human speak simplistic) decision making with input from multiple sources. What AI doesn't do is look outside the task at hand. AI only has the ability to call on a finite number of input sources to make a decision, contrary to humans, where we could change a decision based on a seemingly random unconnected occurrence, like the weather. Lets look at that... we may know of an impending weather condition (Hurricane Harvey or the next one) and know that there will be a dramatic increase in retail sales of grocery items like drinking water and canned goods in a certain region of the country. So apply more "processing power" to POS payments coming from there...or allow low income earners to go into overdraft for payments to grocery stores as they stock up and so creating new financial products... "Hurricane Harvey OD allowance"

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