Integration is the biggest hurdle for AI technology in the banking and payment industries, according to 41% of financial and treasury professionals in new Bottomline Technologies study.
Further to this, 40% of survey respondents claimed accounting and enterprise resource planning integration is the main concern surrounding the use of real-time payments in the US.
Appetite for AI’s use in banking and payments is not lacking, with 65% of respondents stating the move to AI is in full stride. Greater efficiency is the biggest benefit of AI according to 41% those questioned, while 37.5% stated it was the automation and 20% claimed the reduction in fraud is the best aspect.
Protecting companies against fraud is a prominent concern for businesses in the new year. Over one-third (37%) of respondents anticipated greater emphasis being put on combatting payments fraud and financial crimes.
Bottomline Technologies vice president of product management Jessica Cheney said, “While we’ve seen new technology change the banking and payments landscape, focusing on integration will be key for banks and corporates looking to maintain their competitive advantage and operate ahead of the curve. When it comes to increasing adoption of RTP in the U.S., integration will be key component.”
Bottomline Technologies compiled responses from 160 payments and banking professionals.
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