Artificial intelligence (AI) and cloud computing are rapidly changing the way payment service providers (PSPs) work.
At EBAday 2023, Claudia Olsson, CEO and founder of Stellar Capacity and Young Global Leader of the World Economic Forum, explained that many “of the structures we have today are not adapted to developments in cloud computing, artificial intelligence and generative AI. “. I believe that in the coming years we will need to rethink our global architecture and how it evolves, how decisions are made and how we collectively decide on potential opportunities.”
That time is upon us, as this proves Agenda of EBAday 2024, where these topics are now central themes in all session streams. It’s no secret that banks across Europe have embraced the idea of the cloud, but it’s clear that the technology isn’t reaching its full potential – despite widespread optimism about its flexibility and scalability. Payment service providers need to ask themselves whether Payment-as-a-Service is a viable model to consider.
Additionally, with the rise of ChatGPT, AI continues to be a hot topic in the financial services industry, but the killer app of generative AI has yet to be found. While PSPs have historically used rule-based AI such as machine learning and robotic process automation, new forms of AI such as large language models will allow players to differentiate.
However, the war for AI supremacy continues as US tech giants race to develop generative AI technology to prove their position as leaders in the field. For example, AI has led to a 31% increase in revenue for Microsoft’s Azure in 2023. It’s becoming clear that investing in AI is part of the future and financial institutions need to keep pace.
It remains to be seen how the cloud will continue to play a large role in the ongoing digital transformation in banking and payments. Find out which strategy is best for banks to streamline their operations, increase size and reduce time to market at EBAday on June 18-19, 2024 in Lisbon, Portugal. Register yourself Here.
