Examples of artificial intelligence applied to financial services: the payments
Director Financial Sector Microsoft Italia.
Stefano Stinchi is working since more than 29 years in the IT sector. He spent his working career with two big multinational corporations (IBM and Microsoft) always bridging large customers with advanced technology in Italy and across the world. In his working experience he has covered Development, AI, Cloud in different geographical regions learning technology adoption from cross culture experience. Actually he is working in Microsoft as responsible for the Financial Services industry.
VIDEO: Examples of artificial intelligence applied to financial services: the payments – 26/03/2019
FINTECH – Examples of artificial intelligence applied to financial services are fairly common and widespread in many areas, but one area that is actually of extreme interest is surely the world of payments. Bank payments are undergoing a radical transformation and revolution; probably, this upheaval is representing the most crucial challenge financial entities must grapple with. Banks are now at a crossroad, having to decide whether to regress into ordinary money channels, whose highest goal is to be a mere commodity that performs transactions at the lowest cost possible, or whether to properly leverage their current competitive advantage, which is to be the business which can transfer money over the usual channels and provide the added values typical of the market of payment. These benefits are, by all means, higher and higher the more we can enhance the current banking services with artificial intelligence.
We have examples of banks that, especially in the instant payments field, make possible to have safe and secure money transactions, being able to perform controls (which might be, for example, biometric controls) on clients that ensure that their identity actually corresponds to the people who are performing the operation. There are many activities within artificial intelligence that are currently being developed in order to guarantee that the market of payments has services that are both widespread and very useful for clients. Some examples we are developing with several clients are the new possibility to implement payments executed entirely on cloud servers, on which we can add all necessary artificial intelligence’s tools; we are also applying machine learning and client’s conversation functions to allow, by way of example, better trading management or giving the necessary suggestions and consultations for the most important and effective transactions. At the same time, we can also offer solutions that guarantee that clients will have available the best payment platform in the most opportune moment.