Chargebacks Glossary

Your go-to resource for understanding payment, fraud, and banking terminology with clear definitions from Acquirer to Zero Liability

AI

Artificial Intelligence (AI) refers to the technology that enables machines to mimic human-like cognitive functions, such as machine learning and problem-solving. AI is currently revolutionizing the way things work in eCommerce and finance through its superior computational capabilities, as well as through its generative and predictive capacities.

The system can greatly improve fraud detection by swiftly identifying unusual patterns and behaviors and securing transactions. This is possible because it can process millions of megabytes of information at a rate humans cannot match.

Aside from this, AI-powered chatbots boost customer service by promptly handling inquiries and issues, promoting user satisfaction, and reducing waiting times. Financial institutions can also anticipate and cater to customer needs through predictive analysis capabilities with personalized offers. This enables them to boost engagement.

Ultimately, AI is projected to strengthen security in the payments sector. It will continue to further refine customer interactions and operations in the coming years.

See also Machine Learning

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