Artificial intelligence (AI) has made a significant impact across all sectors, from manufacturing to smart home systems. Even banks and other financial institutions have recognised the value of this technology in enhancing customer service.
Recent acquisitions of AI platforms by establishments like Wells Fargo, American Express, and others has resulted in a ripple effect. More and more credit issuers are leveraging the scope of AI to offer consumers a comprehensive service. But what role does artificial intelligence play in changing the way we use our credit card?
Before we take a look at some of the possibilities, let us understand how AI works behind the scenes. Big data systems analyse your purchase patterns, how you use your card, your monthly expenses, and other factors to arrive at the best possible banking solution for you. Through the suggestions presented, you will be able to utilise your card to earn relevant rewards each time you swipe, and also enhance the security features of your cards.
Earn Customised Rewards Based on Your Spending Patterns
Rather than looking for a card that offers benefits on certain categories, how would you like it if your bank customised its reward programme to suit your preferences? By studying your detailed redemption and purchase history, card issuers will be able to offer reward points, cashback, and other benefits that add value to each transaction you make. With customised banking, you will also know how best to use your reward points.
Virtual Banking Partner
Right from reminders for bill payments to monitoring automatic payment bills, AI will help you keep track of your expenses. Second Look, a feature introduced by Capital One, can identify mistakes in your monthly bills and notify you right away. You will also receive alerts for subscriptions before due date, as part of the account monitoring service.
To ensure that you have greater control of your finances, AI platforms are now being leveraged to offer personalised advice to help you save and invest.
Personalised Concierge Service
Making arrangements for your travel can be taxing, whether it is a family trip or you are travelling on business. Many banks are utilising AI platforms, like Mezi, to offer personalised travel assistance that leaves the current concierge service miles behind. Now AI will book your flight tickets, hotel rooms, and make other arrangements for you. You will also get recommendations and useful travel tips as a part of the comprehensive service. All you will have to do is send in a request with your travel dates.
Innovation has also made it possible for your bank’s concierge service to coordinate with hotels and airlines to identify exclusive rewards for you.
Detect Fraudulent Activities on Your Card
One of the biggest benefits of adopting artificial intelligence in the credit card sector is security. Through purchase pattern recognition and prompt response, smart systems are now able to detect and prevent fraudulent activities quickly. A system that sends an alert to confirm an out-of-pattern purchase has already been implemented by many issuers.
The introduction of artificial intelligence in the banking sector, specifically for cards, is a relatively new development. But more and more institutions are investing in AI features to bring about a revolution in personalised banking, like identifying rewards, cashback, and other offers. The ultimate goal is to utilise the full potential of AI to enhance user experience and customer service. You can read more on AI revolution on online platforms to realise the impact it has already created in the fintech sector.