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Here we are pointing toward the flip side of machine learning and AI bots. Whether we talk of enterprise-focused banking apps like Chime and Wave or AI-based chatbots that facilitate the users to get personalized notifications on spending and investments, the AI technology gains traction among entrepreneurs. The Fintech industry becomes more dependent on AI technology with every passing day. The neural technology creates a 3D model of the person’s data that includes the address, phone number, and transaction history. It is a much-advanced version of the existing system and provides banks or financial institutes with indicators on whether the fraud attempt is done from a first or a third-party source. ID Analytics has launched a new fraud scoring system for new applications based on convolutional neural network technology. It imitates the human brain and has played a vital role in finding the stolen identities from the Equifax data breach and other incidents. How AI Transforms Digital Payment Industry?Ī self-driving or autonomous car is no longer a new concept, but have you ever thought that the technology used behind a self-driving car can be used in finding fraudulent card or loan applications? Yes, the neural network technology or Artificial Neural Network (ANN) is the technology behind the autonomous car. It’s interesting the jot down seven highly amazing uses of AI in the payment industry. AI brings automation and enables users to monitor online payments. AI or Artificial Intelligence is known for streamlining processes securely, but when it comes to the digital payment solution, AI goes beyond streamlining and offering security.