Visa has been using much more A.I. in its operations, according to a Wall Street Journal article. That article also detailed that the company has made a hefty $3.3-billion investment in A.I. over the past decade, specifically in generative A.I.
The Five Most Key Takeaways from This Blog Post
- A.I. in the credit-card industry is really nothing new, as credit scoring and application reviewing has been handled by A.I. for quite some time now in many key companies.
- One use involves generative A.I. helping users design a custom billing-cycle schedule.
- Another use involves A.I. analyzing code to find bugs that could be potential security issues. This could indeed be helpful for mitigating increasing security threats that, incidentally, are assisted by A.I.
- Chatbots of greater breadth and depth of knowledge is another area that Visa is looking to target.
- Business owners would do well to keep up with Visa’s outcomes in using this A.I. That is because the company is a pretty-early adopter of using A.I. to such a large (not to mention extensive) extent.
Credit Cards and A.I.
Will gen A.I. be the platinum card for buying success in the credit-card industry?
Potentially, as it can address a few key areas that are important to the industry itself, as well as customers.
This blog post will cover some of these areas.
Security Concerns
One of the nice things about A.I. is that it can run 24/7 without a hitch, given all the technology necessary to run it is running smoothly.
In the context of data security, this is like having a guard that never sleeps or even blinks and pounds can after can of energy drinks to maintain a baseline level of watchfulness.
Analyzing patterns in real time for the sake of finding any screw-ups is important in security. That is because A.I. can identify and even eliminate (or else just instantly notify human workers) about any potential security threat to a system.
Answering Customer Questions with Chatbots
Finances can be complex at times, especially where credit is involved.
In ye olden days of credit-card yore, a customer with a question would need to call up a credit-card company’s customer service line.
The next step is (was) waiting in a figurative line perenially loaded and replenished with angry customers looking to dispute charges.
After a bout of listening to muzak that is anything but pleasant coming harshly garbled through a phone speaker, the customer would be connected to a service rep, who may or may not know the answer to the question(s) the customer has.
With chatbots, the time issue here can be cut down. Not only that, but the chatbot can pull from a wide array of information. In essence, a business owner can get a subject-matter expert in the form of a chatbot that is trained on that company’s particular data.
However, for businesses interested in using chatbots to this end, be apprised that chatbots are prone to hallucination.
There is also trouble in general in designing deep-knowledge chatbots that act as actual experts.
So, to play it safe, it is always worth it to have a customer-service rep who is a human being available in case a customer’s chat with a chatbot goes awry.
Immediate Credit Scoring and Application Review
These uses have been around for some time now.
In the first, A.I. analyzes relevant customer data to give a credit score.
In the second, the A.I. is able to pretty much immediately give the customer an answer to whether, for instance, an application to increase one’s credit line has approval.
For credit-card companies, it is important to understand that this can be convenient for customers, but frustrating if human beings cannot intervene and override any unreasonable denials by A.I.
Other Great GO AI Blog Posts
GO AI the blog offers a combination of information about, analysis of, and editorializing on A.I. technologies of interest to business owners, with especial focus on the impact this tech will have on commerce as a whole.
On a usual week, there are multiple GO AI blog posts going out. Here are some notable recent articles:
- For Businesses and Other Organizations, What Makes a Successful Chatbot?
- IBM Watson vs. ChatGPT vs. Gemini: How Will Each Affect Search Engines?
- Using A.I. to Find Resources for Business Owners
- How Would Restricting Open-Source A.I. Affect Business Owners?
- The EU’s A.I. Act Has Become Law: The Implications for Business Owners (Especially American)
In addition to our GO AI blog, we also have a blog that offers important updates in the world of search engine optimization (SEO), with blog posts like “Google Ends Its Plan to End Third-Party Cookies”.
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