How Artificial Intelligence & Machine Learning Will Be Transforming Online Money Transfer System

If you live in this age of technology, you may know how AI is making its place in all sectors of life and industries alike. It is not astounding that all walks of life are rapidly accepting AI as their integral part of existence because AI is valuable and effective in all its forms.

Digital transformation has encompassed all industries in the past few years, and the same is with money transfers. If you are asking how to send money to Nigeria, the following post may help you.

How Artificial Intelligence & ML Are Transforming The Online Money Transfer System?

The PwC partner Mathew Clarke highlights that over 90% of bank and Capital Markets CEOs surveyed said AI would significantly change finance in the coming five years. However, the survey also revealed that 80% see the shortage of skills as a massive threat in the digital and artificial intelligence transformation.

As AI is becoming an essential commodity, there is a surge in re-skilling and learning its development to understand how domain AI has evolved during the modern workforce. Udemy has more than 724 000 students that are studying AI courses over their site.

How AI Helps in Safe Payments?

Improvement of Customer Experience

Using AI has highly streamlined the functionality of the payment technology as most consumers are now being used to online and mobile shopping. AI increases the ease of payment by introducing the personalized banking experience. Chatbots are deployed in apps and sites to accommodate the queries and give a round of clock services.

Taking The Fraud Head-On in Money Transfer

If you are thinking of performing money transfer to Nigeria or other parts of the world through online transfer, you will be concerned about safety and fraud mishaps. Frauds and such fraudulent transactions that hackers do are a considerable risk for banks and consumers. 

ML AI has the advanced pattern recognition intelligently analysis capability and can also monitor payment behaviours. Based on the previous transactions, AI may flag the unexpected bills or those tips that are a lot higher than usual, preventing card fraud.

Online Money Transaction Through AI

Computer vision powered through payments is now being a massive part of the finances these days. While facial recognizing technology was around for a long while, pioneers see this as the future of payment done through digital means. 

Using the machine vision, AI, debit and credit card data may be stored with the facial ID you have, letting you play through it. Another revolutionary application is the Amazon Deeplens technology that enables the camera to check on your grocery items without even going through the cashier. ‘

Voice-Activated Payments

The biometrically secured payment is now so usual that it is integrated with many smartphones. But with the advanced use cases aspiring to integrate AI-powered intelligent assistants with voice recognition technologies, things have started sorting out. 

As the frictionless payment options are always there, it leads to a digital transformation of all financial services. It won’t even take long that these replace most of the methods we are using these days.

If you are also thinking of how to send money to Nigeria without falling into much hassle, then for you and all others, AI is here to let you all make the leap of faith and get along with technology.