The events surrounding COVID-19 made the world challenging to deal in person. During the Covid-19 pandemic conditions traditional brick & mortar business, face-to-face dealing either in the offices or in stores is finished. The society moved to cashless transactions rapidly. We can see cashless society as an economic perception or situation where all the financial transactions take place through transfer of digital information instead of using physical currency notes or coins. It is worth to mention that Sweden is well known as a pioneer of cashless society.
People can make payments without cash by many different ways. Let us list some of them. 1. Banking cards 2. USSD (Unstructured Supplementary Service Data) 3. UPI (Unified Payment Transfer) 4. Mobile wallet apps 5. QR Code 6. ECS (Electronic Clearance Service) 7. POS Terminals 8. Some Others We discuss here how Artificial Intelligence helps to make our cashless payments safer and secured. Nowadays, digital transactions and concerns about following them and who have access to these data trails are easily tracked and recorded. There are also some worries that the rich may be able to buy themselves privacy, while the average person with a traditional bank account receives no privacy. People often depends on systems and most of the systems are faulty. Technology is vulnerable to glitches and mistakes that leaving people without the ability to make transactions at potentially important moments. Furthermore, as payments move online, there would be an increased risk of crimes such as identity theft, account takeover, fraudulent transactions. Due to the higher volume of cashless transactions, online fraud growth is increased. Hackers focus online higher-valued fraud as compared to lower-valued fraud. Transaction banking characterizes a large number of methods, supports a large number of customer interactions for day-to-day banking, generates large volumes of data and that potentially makes transaction banking an excellent use case for AI. Artificial Intelligence presents significant opportunities in areas such as fraud detection and prevention. AI techniques identify automated fraud, anti-money laundering methods and cyber-security quickly than any other technology. Conversational AI chatbots that deals directly with customers for rapid and real-time banking transactions and resolutions. AI tools bring an early warning systems, that will not only deduct digital fraud, but also stimulate rare fraudulent Artificial Intelligence helps to prevent and detect fraud by flagging up unusual transactions, for example, whenever there is transaction of the big amount, or the transaction was opened by someone unexpected, or where the organisation has never previously transacted with the destination company or country who receives the payment. Additionally, AI tools can detect and monitor unusual behaviors in staff, such as logging on to banking systems out of hours or another place. Transaction may happen from another system etc. In banking system, AI also provides customer services platforms that are designed to conduct conversations with humans using voice or text and they are already able to respond to simple queries from clients and carry out basic tasks, such as creating or cancelling a standing order or Direct Debit, or giving more information on a payment that the client doesn’t recognize. Cashless payments can become the main source to reduce corruption and help to minimize the crime, money laundering throughout the world. In cashless culture, people are connected by end-to-end payment infrastructure that provides complete transparency in cash flow. AI provides efficient tools to find corruption. Why AI needs to build into online banking? Frequent IT failures become a real issue in online banking after the move to the cloud - but Artificial Intelligence helps banks to understand the events in real-time what is happening. While it is understandable that many banks are struggling to overcome these challenges and improve the performance of their modern IT systems, the problems that can result have a severe impact for customers caught up in the confusion. To protect themselves at a time when UK customers can switch their provider within a week, banks must be able to cut through the complexity of their modern cloud environments to clearly identify the root cause of any emerging IT issue and instantly understand its potential impact on customers and business outcomes. In all these situations, AI techniques and technology is the best solution. They also need the ability to get the underlying issue quickly, before it turns into an IT failure. This can’t be achieved by just improving traditional, manual approaches to performance management – banks need a different way that is just as transformational as the change that’s taken place in their IT ecosystems. AI and automation have to be built into the core of this new approach to make fully cashless society, allowing banks to understand the development and impact of any fault in real time throughout their entire stack, and then resolve the causes instantly before it develops into a real, business-impacting problem.
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