Innovation

Research finds fintechs divided over AI

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June 25, 2024

AI is making major waves in fintechs, but there is a clear divide between innovators and doubters, according to research from Concryt. In particular, Visa, Mastercard and American Express do not mention AI in their earnings reports, compared to other companies, according to a press release.

Key findings in the report include:

• Large language models are the most common AI tools for fintechs.
• Worldline is utilizing LLMs alongside Google data analytics for green energy intiatives.
• Global Payments is integrating LLM into chatbots.
• Remittance and money transfer companies are less likely to use AI.
• Paypal, Block and FIS are giving more focus to AI.

"We can see examples from companies like Adyen and Mastercard who are using AI to provide customer service. We already see how chatbots and voice recognition have been used in CX applications, and generative AI, which is far more human-sounding, can only extend this. LLMs are useful for a small range of tasks, but these are not going to be transformational for companies. Even when they can be used, such as for chatbots, they are going to be limited by the amount of responsibility that an AI can have and B2B clients' unwillingness to talk to chatbots instead of professional," Ryta Zasiekina, founder of Concryt, said in the release.