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December 4, 2017 • 2 minute read

What You Need to Know about AI and Consumer Payments

By the end of the day today, consumers in the United States will have made over 40 million payments – to their utility company, to their insurance provider, at their local pharmacy, their bank, their supermarket, and more. Furthermore, research indicates that over 50% of consumers have made a payment over the phone with a live agent. This translates to a lot of phone calls and a lot of agent time – or more simply – a hefty cost to your organization.

Leading enterprises are now recognizing the value of leveraging automation and artificial intelligence within the payments lifecycle – proactive payment reminders, conversational payment collection, and overdue debt negotiations. As it turns out, emerging technology can quite effectively take on the role of the live agent in these processes.

At Interactions, we had a few questions we wanted to be answered:

  • Are consumers ready to adopt artificial intelligence to make payments?
  • Do people prefer live agents or virtual assistants when it comes to payment reminders?
  • When it comes to discussing finances, do live agents make consumers feel uncomfortable?
  • Will consumer preferences shift over time in favor of artificial intelligence?

We set out for these answers and more. In September, we launched a survey of 1,000 respondents across a wide range of ages and incomes. Find out the full results by downloading our latest whitepaper.

Want to learn more? Let’s talk.