Putting the ‘AI’ in paid: Payment companies, automation and the banking sector’s growth

Against the backdrop of a pivotal moment for artificial intelligence (AI) and automation in the global economy (particularly within the banking sector) this paper aims to provide a strategic roadmap for banks to harness the diverse benefits of AI, with a strong emphasis on its application in the payments space. Following a contextual overview of AI’s recent evolution, the paper explores multiple real-world applications of AI within the banking sector and subsequently outlines the related benefits for both banks and their customers, particularly in how they interact and ultimately transact. As with any cuttingedge technology, the integration of AI poses numerous challenges and obstacles for banks to negotiate. This paper outlines strategies to overcome those hurdles, enabling banks to leverage AI and automation to streamline operations, optimise customer experience, drive growth and position their businesses for long-term success. This article is also included in The Business & Management Collection which can be accessed at https://hstalks. com/business/.