The Growing Role of AI in Consumer Payments

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The Growing Role of Artificial Intelligence in Consumer Payments

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Are Consumers Willing to Use AI to Make Payments?

Consumers in the United States made over 144 billion payments last year totaling a value exceeding $178 trillion, and emerging technologies are rapidly shifting consumer preferences to diversify the methods by which these payments are made. But collecting on-time and delinquent customer payments has become a delicate balancing act.

Customers have more options than ever when it comes to selecting the right product or service, and it’s become increasingly important to cater to their needs and convenience. Providing flexible payment options, working respectfully with these customers, and reaching out through the right channels is an essential part of keeping and expanding business. On the other hand, it’s also important to maximize on-time revenue collection to support company growth so applying reminders and gentle pressure at the right time can help.

Artificial intelligence represents a unique opportunity to decrease live agent costs involved in payments and collections, and reach out to people at the right time, in the right way. In order to understand consumer preferences as they pertains to channel usage and contact methods regarding upcoming or overdue payments, we investigated consumers’ willingness to interact with artificial intelligence for payments and collections, and evaluated consumer trust of humans and machines.

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