A survey by Bottomline Technologies reveals that even with consumers believing in the potential of AI technology in payments and banking, adoption is hindered due to integration challenges with existing technologies.
Of the 160 individuals polled in the study, 65% of financial and treasury professionals believed in the shift to AI in payments and banking.
Forty-one percent of those surveyed (41%) said that greater efficiency is the biggest benefit of the technology for these two sectors.
Besides, 20% of the respondents said that the technology will lower payments fraud.
Despite a positive stance on the technology, 45% of the respondents noted that integration with existing technologies is the biggest impediment that hampers its large-scale adoption in these two industries.
Regarding adoption of corporate Real-Time Payments (RTP) in the US, 40% of the respondents cite accounting and ERP integration as the key challenge.
When asked about the outlook for 2020, 37% of the respondents expect more importance on fighting payments fraud and financial crimes.
Bottomline Technologies vice president of Product Management and Strategic Solutions Jessica Cheney said: “While we’ve seen new technology change the banking and payments landscape, focusing on integration will be key for banks and corporates looking to maintain their competitive advantage and operate ahead of the curve.
“When it comes to increasing adoption of RTP in the U.S., integration will be key component.”