1. Security
Firstly, by streamlining the payment process, AI can reduce the extra steps needed for payments, thus safeguarding merchants and their customers from security vulnerabilities.
Thus, AI can boost security through:
- Real-time Transaction Monitoring
- Pattern Recognition
- Risk Scoring
Further, with even more bad actors now using AI in the name of cybercrime, payment processors risk being outpaced by hackers unless they adopt this tech sooner rather than later.
2. Personalisation
AI can potentially personalise the booking experience for consumers. By analysing their payment data, purchase history, and frequent trips, the AI can make relevant recommendations to help customers with future transactions and special offers tailored to their unique needs.
With this in mind, personalisation should be a key goal for merchants. According to research from Statista, 72% of travelers in the United States said they would be more likely to visit a destination if it was advertised to them in a personalized way, while 69% claimed personalized advertising made them feel more favorable to a specific travel company.
3. Chatbots
AI can also enable merchants to utilize Chatbots. These LLMs can then communicate with consumers and help them through any difficulties navigating a store or completing their transactions. This can help free up human customer service teams to focus on higher-order tasks, thus improving the quality of your customer experience.
4. Predictive Analytics
Finally, automation can be used for predictive analytics, whereby AI analyses historical and real-time data to make accurate predictions about future sales trends. This, in turn, can improve the decision-making apparatus of a business, leading to better outcomes and increased revenue.
