By Dushyant Sharma, CEO, Paymentus
I recently had the pleasure of sitting for an interview with Tearsheet to discuss one of my favorite topics: Artificial intelligence.
Artificial intelligence, most commonly known as AI, has rapidly become a focal point for the billing and payments industry. The transformative power of AI cannot be understated. The ability to intelligently distill information or automate actions down to the micro-second has reshaped the business landscape.
When it comes to AI, the everyday person is probably familiar with examples such as Siri and Alexa. A popular use of AI in the billing and payments space can be found within chatbots, which deliver intelligence and speed that are driven by machine learning. Chatbots showcase how AI can be used to provide a high level customer experience, but they’re just a small part of the AI puzzle.
Taking AI Beyond Automation
One of the greatest advantages of the Paymentus billing and payment solution is that it is industry agnostic. It has been purpose-built to serve a wide range of sectors, from governments and utilities to healthcare providers and telecoms, through a single code base. This allows our solution to work consistently and efficiently across all industries.
The flexibility also allows us to deliver a consistent, simple user experience to the millions of bill payers our clients serve. Consider your own bill pay experience, which is likely delivered through a host of different providers. How different is your experience in paying your water bill versus paying a healthcare bill? It is these differences that we look to bridge, and AI plays a large role in this. This is why I say that we are taking AI beyond automation.
Using AI to Enhance the Bill Pay Experience for All
As I told Tearsheet, I believe that for AI to enhance bill payment transactions, it needs to go beyond automation. The real value of AI will be in its ability to support complex workflows and sophisticated business rules, while still maintaining the same high level of reliability and security enterprises expect.
Paymentus leverages AI to optimize both back-end operations and the user experience. Through this approach, we create sophisticated workflows and rules tailored to each client, ensuring that AI improves customer interactions, helps to identify fraud, and improves the security of every transaction. All of this occurs at the speed and scale demanded by our clients and their customers.
For the customer, this means a faster, safer, more connected experience that reflects their preferences. For organizations, AI delivers invaluable consumer insights, a streamlined user experience, and security at scale.
Overcoming AI Objections
Like most emerging technologies, AI can be intimidating at first. While the efficiencies promised by AI are true game changers, we understand the appeal of inertia when it comes to implementing anything new within your organization. But that’s why we’re here.
AI-driven efficiencies are already driving tremendous success for your peers. Our experience with AI has enabled us to add value to the end-to-end billing and payments process for a wide variety of clients. All of which is adapted to their specific needs, workflows, and rules.
If your organization is looking to take advantage of AI, talk to us. The benefits of AI cannot be overstated. As we collectively look to deliver a more flexible, efficient, and smooth bill payment experience, AI done right can dramatically accelerate your organization’s performance optimization. This is especially important given the adoption of real-time payments and expanded payment options such as digital wallets. There has never been a better or more essential time to bring AI to your platform.
Want to learn more about how Paymentus can help you benefit from AI-driven billing and payment capabilities? Let’s talk! Paymentus technology experts are ready to speak about your individual goals and challenges, and showcase how the best-in-class billing and payment solution can fulfill your needs.
