AI Revolution in Payments Industry: A Double-Edged Sword

HCLTech has unveiled groundbreaking research illustrating the payments industry's swift evolution towards an AI-enabled future. While the potential for autonomous operations is recognized, significant hurdles remain, including governance, trust issues, and outdated infrastructure. These challenges highlight the paradox of embracing AI for customer experience while managing fraud risk.

Despite the widespread adoption of AI in payment operations, executive concerns about its risks are pronounced. Many organizations lack formal AI policies, with only a minority fully prepared for the transformation towards autonomous systems. This lack of readiness is particularly evident in continental Europe, where skepticism about AI's long-term value remains high.

The report calls for a proactive approach to Responsible AI, modernization of infrastructure, and strategic clarity to bridge the existing gap between innovation ambition and operational readiness. At the SIBOS event in Frankfurt, HCLTech officially launched this research, emphasizing the need for a strategic shift to succeed in the evolving payments landscape.

(With inputs from agencies.)