Role of Artificial Intelligence in Safeguarding Mobile Payments
ONPASSIVE 5 August, 2021 | 18:42 UTC
Artificial intelligence is slowly finding its way into the realm of payments and financial services. AI’s value in fraud detection is obvious, but it may also be used in other fields.
As per Juniper Research, the global number of mobile payment users is anticipated to reach 2 billion by 2020, and there’s little doubt that artificial intelligence will transform mobile payments and disrupt the banking system. Mobile payment apps are popular because of the convenience and efficiency they provide to the user experience. While AI and machine learning are used behind the scenes in many apps, they are set to transform the end-user experience.
Impact Of AI On Mobile Payment
The chatbot, a software that converses with clients through text or speech, is the most popular and possibly the most restricted application of AI in financial services. Chatbots are commonly used in financial services to engage with consumers for the first time, answering queries or guiding them to a specific section of the website. The bot transfers the conversation to a human representative for more complicated conversations.
Mobile users prefer to connect with chatbots and SMS text messaging, according to an Open Market study, with financial services becoming the top sector where they want to see better customer service and engagement.
With the debut of Erica, a chatbot that clients can speak with through voice or text message to help manage their money, Bank of America is just one example. PayPal is another payment service that connects its chatbots with social media apps like Facebook Messenger to allow customers to make payments directly from the app.
● Predictive Analysis
AI and predictive analytics can work together to help businesses find trends in data and tailor e-commerce to specific customers. Because predictive analytics can rapidly and efficiently mine vast amounts of data, many businesses turn to big data to better understand their customers’ purchasing habits. Predictive analytics data provides real-time knowledge of customers, which may lead to higher engagement and better business planning.
Predictive analytics, when combined with AI, may help organisations gain actionable insights. Capital One uses both to develop new products and offers for its customers depending on their spending habits.
● Credit Score
Until recently, a consumer’s credit score was indeed a simple number, the time-honoured FICO score that was used by all banks in their underwriting. On the other hand, Banks are heavily focusing on dozens of ratings based on a variety of data sources, analytics, and AI technology.
Lenders may utilise AI to obtain a detailed look at someone’s creditworthiness and assess individuals previously judged uncreditworthy.
● Fraud Detection
One method AI technologies affect mobile payments and enhance end-user engagement is transaction filtering, which prompts only high-risk transactions with a security chargeback layer. By leveraging real-time features like geolocation, behavioural analytics, and physical biometric qualities to identify changes that may be fraudulent in origin, these techniques prevent discouraging “good” consumers from returning to abandoned carts or conducting frequent, low-risk transactions. AI is being used in mobile payment procedures to help reduce user friction, which might lead to an increase in mobile sales.
Leading fraud protection firms employ machine learning and artificial intelligence as hidden weapons in their fight against fraud. Consider Kount, a business that pioneered the use of machine learning to combat fraud with their patented product, Kount CompleteTM, the complete all-in-one solution for detecting and preventing fraud at every transaction.
Another example of how artificial intelligence influences mobile payments is fraud platforms that use new technology to combat fraud.
● False Declines
Companies can’t always utilise historical transaction data to detect future danger on a big scale, and inaccurate denials of legal transactions aren’t a new problem.
According to Ajay Bhalla, head of Mastercard’s enterprise risk and security, AI may change the game, but only if it is clever enough to modify its expectations based on the conditions of each transaction.
As our world becomes more complicated, the desire for simple and hassle-free purchasing of products and services will continue to rise. Global giants like Apple and Samsung are increasing customer dependence on device capabilities that harness artificial intelligence, machine learning, and mobile payment apps as new technology is released with each smartphone OS update. As a result, customers will embrace future technologies such as digital and cashless payments. So, if you wish to switch to AI-based products, contact us.
How AI Chatbots Act As Sales Chatbots?
ONPASSIVE 5 August, 2021 | 17:32 UTC
Chatbots are the sure means to increase sales of any business, for they can interact with the users more impressively and engagingly. Moreover, recent technologies have enabled generating sales using chatbots directly.
Users tend to use chatbots expecting to resolve queries and meet expectations. If it is done, then users would show interest to use chatbots in future. Of course, AI chatbots have grown to understand the user’s intent and emotions in the best way. As a result, the solutions turn effective.
Let us know how AI chatbots have turned into sales chatbots.
- Chances are high for most of the users to turn into leads with engaging conversations.
- Personalized conversations interest the users. Due to this, most of the users show interest in any specific business.
- Enable to schedule any sales meetings easily.
- Helps collect effective customer data and integrates with the CRM tool for its storage
- Lead categorization turns easy with data segmentation
- Any inquiries or queries find prompt answers
- Connects with the best customer support
- A step further, the AI chatbots enable to connect with the business directly
- Helps manage multiple sales inquiries simultaneously and satisfactorily
- Most importantly, AI chatbots are designed to get well versed with business products and services. So, they can make sales directly instead of from a website.
- Services are on throughout the day. So, the actions concerning the complete sales cycle are closed without much delay.
- Data tracking cannot be neglected, for they act as a primary source to study how customers perform actions, including sought after actions and disinterests.
- No doubt, the revenue generation boosts with the unique ability of the chatbot to be welcoming and knowledgeable.
- Varied businesses have distinct requirements, goals, products and services. Based on them, solutions are delivered without any compromise.
Any business is recommended to adopt an AI chatbot to increase sales, with the significant advantages it carries.
Extra attention for AI chatbots
Sometimes, businesses need to be careful and attentive while dealing with AI chatbots. A human agent is indeed necessary without completing depending on the chatbots. In situations wherein the chatbot cannot understand the user’s intent and study the emotions correctly, human help is needed.
If the chatbots can promptly carry forward the message to a human agent, users feel concerned and satisfied. As a result, the leads keep generating and at the same time, sales even increase without fail.
Now, the question is, what can be the most efficient source for executing customer interaction through chatbots? The chatting experience is always fun and informative through ONPASSIVE’s O-Chat, an AI chatbot.
Some of the significant features of the tool that makes it the most sought after product for AI chatbot experience include the following:
- Best identifies the intent of conversation and provides suitable responses accordingly.
- Prompt escalation of the issue to a human agent when the conversation’s intent is not clear
- Identifies the customer through past storage of data and retrieves the required information during the present conversation
- Resolves user queries, establish a good customer relationship and enhances customer engagement.
- Enhances sales, increases business productivity and builds customer relationships.
Any business having loyal and trustworthy customers are sure to build sales. How to collect some of the apt and genuine customers for your business? The solution lies in choosing some of the best tools to aid the process. AI chatbots have grown to collect some of the valuable customer data through interactive conversation.
ONPASSIVE’s O-Chat role in building a healthy and long-lasting relationship with the customers proves worth it. Get to know through its integration in your business.
Boost Productivity By Supporting Your Business Operations With Scheduling Software
ONPASSIVE 4 August, 2021 | 18:56 UTC
What, according to you, is the most valuable resource for a functional business entity? While numerous resources make the business run smoothly, time can be regarded as the most important of all. How? Let’s say you have sufficient strength of employees and all materials with you to operate your enterprise. Still, you can’t accomplish your goals without the right time management system in place. Thus, time management becomes crucial.
You can consider opting for scheduling software that helps you enhance your time management. Once you do that, you can then boost productivity and profitability.
While working remotely, time management becomes even more critical. You need to invest in scheduling software that helps your employees boost their overall productivity. Following are some of the hacks to maximize time management with scheduling software:
Take advantage of the most productive hours
Living in the moment can be blissful. However, it is not really a great approach for businesses as they need to plan their time in advance.
To attain profitability, businesses need to measure the productivity of their employees. Get to know the time when the productivity of your employees is at its highest. It has been seen that before lunch hours are the peak hours when most people are productive. Thus, use this time to get important things done.
Schedule the most demanding tasks to be done during the productive hours
Scheduling software makes it simpler for you to schedule the most demanding tasks. As such tasks need comparably more concentration, they can be scheduled during productive hours. The system helps you know which tasks need rescheduling and the time slots to be allotted without disturbing the flow of your business operations.
Though colour coding is a small addition, it works best in helping your users read and comprehend something easily and quickly. The quicker your employees understand the schedule, the more time you will have with you to focus on core business operations.
Allocate each activity a unique color
So, how will you make most of the colour-coding system? You can start by allocating each activity a unique color.
For example, you can allocate red color to get your urgent tasks done. These are the tasks that can’t be rescheduled. So you need to finish them with high priority as the Color red symbolizes urgency.
Then assign an orange color for the tasks with medium urgency. Moreover, you can allocate black or grey for the holidays. Once your employees are habituated to the color codes, it will become easier for them to understand the whole schedule at a glance.
Also, add respective texts along with these visuals to avoid confusion and help employees considered color blind.
Technological advancements have made businesses function seamlessly. With scheduling software, for instance, you can easily create events and allocate tasks in your calendar. Thereby, you can ensure that what tasks needs to be done are completed by respective parties. Nevertheless, scheduling tasks won’t be enough. You need to create an alert for the events that are approaching. And that’s where the role of reminders come into the picture.
Integrate scheduling apps with text messaging
Consider integrating scheduling software with a text messaging app. This way, you can make your clients or employees alert before a task is about to begin or end.
With reminders in the form of text messaging will help employees keep track of their daily tasks. Eventually, it becomes easier for them to finish tasks within the required timelines.
A scheduling app shows how many hours of work are done by each employee. Thereby, you can aptly outline shift planning without encroaching into your employees’ personal time.
Towards the end
If you want to enhance time management at your organization, then investing in scheduling software is the right choice. This blog has provided some hacks to maximize time management with scheduling software. Now, schedule smartly and boost organizational productivity and profitability.