Preparing for potential regulations around AI in electronic bill payment and presentment
The speed with which enterprise-level artificial intelligence has moved from the realm of theoretical -- if not outright science fiction -- to a widely adopted business tool has been nothing short of astonishing. The mad dash to find and implement applications for new, AI-based solutions is reminiscent of the rapid ascension of cloud technology in both fervor and consistency: the race to the cutting edge is taking place across industries.
Where sectors differ is in the level of caution they’re bound by their respective norms and requirements to apply in the process. While those in all industries ought to approach new technologies and tools with healthy prudence, in my personal opinion (and I am not an attorney), those of us in the electronic bill payment and presentment (EBPP) space must additionally consider the regulations that govern individuals’ privacy and the security of their data when it comes to something as private as their finances.
The future of AI in payments is already here
The strongest case for bringing artificial intelligence-powered technology into the electronic bill payment and presentment (EBPP) space stems from the reality that, in some ways, it is already here. Many of the buzziest applications like machine learning-powered customer service chatbots and AI-written content are continually developing and still a ways off from being called perfected. But there are other ways AI tools are already quietly powering some facets of the EBPP industry.
The EBPP industry is still in the earliest stages of implementing these tools. By working to understand the reality of AI in the EBPP space today, executives seeking to find the most effective uses of AI and forecast the future of the industry can both reframe their current perspectives, and calibrate their expectations and strategies for what’s to come. The areas in which AI solutions can be most helpful as they grow more advanced may not be the most headline-grabbing, but they will make a significant impact on the industry.