Which payments companies are focusing on generative AI?
Two weeks ago we published a report exploring how frequently artificial intelligence was mentioned across 16 cross-border payments players’ earnings call transcripts. As part of this, we identified which companies are discussing generative AI the most.
It is interesting to note that there is not a single mention of generative AI in any of the companies’ earnings calls prior to Q1 2023, which reflects a wider surge in interest in the term. Worldwide Google Trends data shows very little search volume for the term prior to October 2022, with most search volume growth occurring from Q2 2023 onwards.
These trends correlate closely with the November 2022 launch of OpenAI’s ChatGPT, and later the March 2023 launch of the improved GPT-4. While OpenAI’s product is not the only generative AI tool available, it presented a step-change in access to the technology when it launched and is widely credited with the sudden cross-industry interest in the technology.
Within payments, generative AI remains a technology that is largely being spoken about in terms of future potential applications, with no one player mentioning it consistently throughout their 2023 earnings calls. Interestingly, while discussion of AI in general trends more towards payment processors, consumer-facing players including Western Union and Remitly also discussed the technology as a potential means to improve customer experience and increase productivity.
The potential applications of generative AI are still being explored in payments and beyond, and its ultimate impact remains to be seen, but with much of the discussion occurring in Q4 2023, we can expect more discussion throughout 2024 and beyond.
Read our full report on AI in payments
