Artificial Intelligence & Wearables AI & Surroundings

Artificial intelligence (AI) virtual assistants take over credit card services and wearable payments begin to blossom along with digital personal identification technology. But AI is capable of reflecting creator biases as part of the learning process, reports CardBuzz.

Credit card issuers are still playing it safe in risk management as some metrics raise red flags for 2020 and beyond. Next month the bigwigs in retail will convene in the “Big Apple” while techies will flock together in Paris, reports Bankcenter.

Privacy and security will take center stage among the payments world in 2020 says Robert McKinley, president of PYVNTS.com and PYRPTS.com, part of Ruebud Media. McKinley says the thoughts of slime geeks hacking in-home devices, AI engaging in racial profiling and uttering racial slurs, will be center-stage at payment events worldwide in 2020.

Credit Card Virtual Assistants

Bank of America reports its artificial intelligence (AI)-driven virtual financial assistant, Erica, has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks. These milestones coincide with the introduction of several new Erica insights within the bank’s award-winning mobile app that offer clients personalized, proactive guidance to help them stay on top of their finances.

Discover cardholders can now access their credit card accounts with the power of their voices through Amazon Alexa. The new Discover skill for Alexa offers customers a convenient and hands-free way to access account information, including their recent transactions, available credit, current balance, rewards category information and payment due date.

Computers have learned to see the world more clearly in recent years, thanks to some impressive leaps in artificial intelligence. But you might be surprised—and upset—to know what these AI algorithms really think of you. As a recent experiment demonstrated, the best AI vision system might see a picture of your face and spit out a racial slur, a gender stereotype, or a term that impugns your good character. Now the scientists who helped teach machines to see have removed some of the human prejudice lurking in the data they used during the lessons.

Payment Wearables

Curve, a banking platform that consolidates multiple cards and accounts into one smart card and app, has vastly expanded its wearables offering by partnering with Garmin, Fitbit and Sony’s Wena pay. Integration with digital wallets; starting with Google Pay and Samsung Pay in November meant for the first time Curve customers were given the freedom and convenience of paying with their mobile phones, and has now further extended its smart watch range.

Cybersecurity firm Kaspersky, Swedish designer Benjamin Waye, and creative agency Archetype have teamed to develop a ring that could tackle the issue of what to do if your biometric data is stolen. The attractive and wearable piece of jewelry features a synthetic fingerprint that can be used to unlock phones, make payments, or even access a home or office. Unlike the actual fingerprint of a living human, which can never be replaced if lost, the artificial biometric identifier can be erased and substituted with a new version in the event of an identity theft. 

Mastercard marked the first tests of a new digital service that has the potential to verify a person’s identity immediately, safely and securely in both the digital and the physical world. The initial in-market pilot will take place in Australia through two separate efforts with Australia Post and Deakin University.

2020 Card Issuer Challenges

Consumer credit card losses, or charge-offs, among the Top 100 U.S. banks, are continuing to rise to levels for a third-quarter not seen since early 2013. Meanwhile, delinquency, the precursor of charge-offs, is also hovering at seven-year highs. The trends are concerning to card issuers as it adds more evidence the U.S. economy is headed into a downturn in 2020, or already unraveling, notes CardFlash.

Third-quarter card charge-offs among the Top 4 U.S. bank credit card declined sharply from the prior quarter, a historical pattern, but up slightly from one-year ago, remaining the highest for a third-quarter in seven years, according to CardData.

January Payments Parties

The National Retail Federation Retail Big Show is the centerpiece of NRF Retail Week, where the entire industry unites to get a whole new perspective. NRF convenes the largest community of movers, shakers and industry makers who come together to see beyond what is, to reveal what could be. NRF 2020 is where visionary talent meets visionary tech. The show runs January 11 to 14 in New York City, according to PYVNTS.

The Paris Fintech Forum, organized by Altéir, will attract 2,700+ attendees from 75 countries over two days in the heart of Paris, to listen to 280+ CEO’s from banks, insurance, regulators and of course Fintechs from all continents. Most of Fintech startups will present in the exhibition hall in 100+ Fintech pods. The forum runs January 28 to 29 in Paris, according to PYVNTS.

Author: Robert McKinley

Robert McKinley, with 34 years experience covering payment cards and payment systems, is Senior Analyst for CardFlash. He is the retired founder of RAM Research & CardWeb. McKinley served as an expert witness in 100+ litigations, chaired multiple payments conferences, and hired as consultant by major global financial institutions. Mr. McKinley does not hold investments in any companies discussed herein. Full Bio: www.rbm4.com

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