Page 40 - Pay Magazine

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digital money
By Bill Grabarek, Senior Editor
Arti cial intelligence- Chatbots are in their in- powered chatbots are fancy in payments and
new to payments, nancial services circles, but the technology is
platforms, Websites and apps
(See “What the Heck is a Chatbot?” page 40.) Chatbot services range from the simple, like payment
card purchase noti cations, to
the more complex, such as sug- gestions to improve consumers’ nancial situations.
Rick Oglesby, president of AZ Payments Group and a partner
at Double Diamond Group, says chatbots certainly hold promise. “The chatbot has the potential
to greatly increase interactive ser- vices being o ered to consumers online,” Oglesby tells Paybefore. “Highly personalized services
that would be too cost-intensive to provide through sta ng- based models can be provided
but with the promise of enhancing cus-
tomer service and cutting costs, some big companies are
getting behind them.
no ash in the pan, analysts say. For consumers, chatbots can help them with their banking and make shopping easier. For companies, chatbots can improve customer loyalty, reduce costs and help generate more revenue.
Over the past year several high- pro le companies—from nancial institutions and technology com- panies to retailers and payment networks—have launched or announced plans to launch chat- bots, arti cial intelligence (AI) programs responding like humans, which are often used in messaging