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Sep 03, 2019 | Media Coverage

AI is the next big disruptor in financial services – but what will it do?

In a piece for Bobsguide, Western Union Business Solutions Head of Product Scott Johnson shared insights from the Reshaping Global Payments whitepaper

When asked what the ‘next big disruptor’ within payments will be, over one-third of businesses surveyed by Western Union Business Solutions, in partnership with bobsguide, pointed to AI and machine learning. The latter is perhaps unsurprising when we consider that financial services companies will spend $11bn on AI in 2020, according to market intelligence provider IDC.

So, we’re mostly in agreement about AI’s potential to disrupt and transform. However, more practically, what do we think it will actually do for us? To ensure this disruptive technology is being developed in a way that satisfies the industry’s expectations, we need to be more specific in clarifying what we want AI to help us achieve. For example, should our focus lie in cost-efficiency, should we prioritise increasing security, or should we use AI to improve customer experience?

Read the full piece on Bobsguide

Get the whitepaper here