Artificial Intelligence (AI) in Banking Bill Payments |
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| © 2024 by IJCTT Journal | ||
| Volume-72 Issue-10 |
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| Year of Publication : 2024 | ||
| Authors : Jatin Joshi | ||
| DOI : 10.14445/22312803/IJCTT-V72I10P116 | ||
How to Cite?
Jatin Joshi, "Artificial Intelligence (AI) in Banking Bill Payments," International Journal of Computer Trends and Technology, vol. 72, no. 10, pp. 101-105, 2024. Crossref, https://doi.org/10.14445/22312803/IJCTT-V72I10P116
Abstract
The integration of artificial intelligence (AI) technologies into the banking sector has revolutionized various financial processes, including bill payment. This abstract explores the application of AI in the context of bill payment within the banking industry. Bill payment is a fundamental aspect of banking, requiring significant administrative efforts and customer interaction. AI technologies, such as machine learning, natural language processing, and robotic process automation, offer potential solutions to enhance the efficiency, accuracy, and customer experience associated with bill payment.
This abstract examines the key AI-driven innovations in bill payment, including intelligent chatbots, automated invoice processing, and predictive analytics. Intelligent chatbots leverage natural language processing to interact with customers, providing real-time assistance in bill inquiries, payment scheduling, and troubleshooting. Automated invoice processing utilizes machine learning algorithms to extract relevant information from invoices and automate payment processing, minimizing errors and reducing manual intervention. Predictive analytics employs AI algorithms to analyze historical data and predict payment behavior, enabling banks to identify potential delinquencies and proactively assist customers.
Furthermore, it highlights the benefits and challenges associated with implementing AI in bill payment within the banking industry. The advantages include improved operational efficiency, reduced costs, enhanced customer satisfaction, and personalized payment solutions. However, challenges such as data privacy, security concerns, ethical considerations, and regulatory compliance need to be addressed to ensure responsible AI adoption.
Overall, the integration of AI technologies in banking bill payment holds tremendous potential for streamlining processes, optimizing customer experience, and driving innovation within the financial industry. By harnessing the power of AI, banks can deliver more efficient and personalized bill payment services, ultimately benefiting both customers and financial institutions.
Keywords
AI In Banking Bill Payment, Artificial Intelligence, Bill Payments, Banking Industry, Bill Pay, AI Tools in Banking, Bil Payment Methods using AI, Resistance to AI in Bill Payment.
Reference
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