How will artificial intelligence ultimately benefit the financial services sector?



Bank transfers, debit cards, credit cards, e-wallets and mobile wallets: all are used to process the one hundred and twenty-two billion digital transactions made each year in the European Union.

And this staggering figure is expected to rise year on year, meaning the payments industry simply has no choice but to adapt its processes to cope with the increasing number of transactions

Fortunately, if not entirely coincidentally, this explosion in the volume of digital payment co-coincides with the rise of viable Artificial Intelligence (AI). At its simplest, the ubiquity of AI enables digital payments by allowing consumers to more easily buy goods and services through services such as digital assistants or recommendation engines, which run on machine learning.

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