Artificial intelligence (AI) use cases in payments, according to professionals 2024
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Artificial intelligence (AI) in the payments industry showed one potential use case in particular, according to industry seniors in a 2024 survey. Chatbots and the personalization of customer experience were on the mind of payment experts during the summer of 2024. However, more than eight out of 10 respondents felt AI was best used for fraud detection or preventing fraud. This is in line with results from 2023, when banks also listed fraud detection as a major use case for generative AI. Payment card fraud - including both credit cards and debit cards - is forecast to grow by over 10 billion U.S. dollars between 2022 and 2028.
