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GenAI, short for Generative AI, is a new wave of artificial intelligence that can create realistic and original human-like content from data, such as text, images, audio, or video. Simply put, GenAI are learning algorithms or ‘foundation models’ trained on massive amounts of data to learn the underlying patterns and structures of different categories of data. These models can then be fine-tuned and used for specific tasks, such as answering questions, detecting and monitoring fraud, summarising documents, and generating audio or images.
We are seeing four main themes as businesses introduce GenAI to accelerate business transformation in the payments advisory sector:
For CEO’s, CFO’s and their Boards, GenAI is the next wave of business accelerators to resolve even the most complex customer and B2B payment pain points faster and, at lower cost. It’s about making humans more productive by automating processes with customer personalisation, better fraud detection and generating new ideas and content.
However, GenAI also poses some challenges and risks, such as ethical, legal, and social implications. GenAI raises issues such as data privacy, intellectual property, bias, fairness, accountability, and trustworthiness. Adopting responsible AI practices through governance frameworks will mitigate these risks for CEOs and Boards.
At Grant Thornton we are working with GenAI experts on foundation models for the biggest pain points in payments, transactional processing and financing value chains, these include: customer/ merchant onboarding; unstructured/varied data formats; charge-back processes; 24-hour customer support; fraud detection; billing/invoicing verification; product design; risk/compliance; staff training and more, to ensure our clients retain a competitive advantage through our global insights, industry expertise and groundbreaking technology partnerships.
