Generative AI Comes to Life: Notes from the Field

Generative AI has been around for over a year now and has dominated discussions about how the emerging technology stands to transform payments. This Javelin Strategy & Research report takes a deep look into how companies in the payments space are bringing this capability to life, which use cases are capturing their attention, and the lessons being learned along the way. Despite generative AI’s status as a hot topic, the road to development is long. 

What’s clear is that there are opportunities and notes of caution. Among Javelin’s recommendations regarding the development and implementation of generative AI in payments are these: First, now remains the time to move. Second, companies should be ruthless in determining the differentiation potential of their data. Finally, in-house development of large language models to feed AI is rife with obstacles; bigger companies, with much more robust data, have won that race.

Key questions discussed in this report: 

• How is the development of generative AI capabilities in the payments space proceeding?
• What are the most promising use cases for generative AI in payments?
• What is the timeline for the implementation of the most transformative applications of generative AI in payments?

Companies Mentioned: 

Alviere, Amazon, Bloomberg, Broadridge, FinGPT, Google, Mastercard, Meta, Microsoft, NCR Voyix, OpenAI, Visa