Friday, December 23, 2022
Sanjay Gupta, head of the biller segment at ACI Worldwide, expects to see organizations and service providers broadly implement artificial intelligence in 2023.
"AI will enable service providers to offer a more tailored customer experience—such as using digital identities to authenticate a customer—especially since billing accounts are not top of mind and are often a point of friction to the consumer payment experience," he said. "Imagine visiting a biller's website and, because of your location and other behind-the-scenes identity traits, the site automatically logs you in."
In addition, as customers log into the same sites each month and pay the same amount, AI-powered websites will recommend signing up for autopay by reminding them of your history.
Alex Zekoff, CEO and co-founder of Thoughtful, also expects to see increased adoption of AI and advanced automation in 2023. "With the rise of concerning macro factors such as inflation and a 2023 recession, utilizing automation and AI will become the new norm as companies look towards earnings and free cash flow," he said.
Devin Redmond, CEO and co-founder of Theta Lake, expects to see a widening range of video across all types of applications in 2023.
"The use of video continues to rise and regulators will expect firms to be proactive in their approach to compliance," he said. "The reach of video is vast, from Zoom Rooms at AMC theaters to wealth advising, healthcare, education, and global cybersecurity coordination."
Citing Theta Lake's fourth annual report, Redmond noted 63 percent of financial services organizations surveyed use video as much or more than email and 78 percent of respondents expect regulators to mandate video communications monitoring.
He pointed out that firms need to deploy modern tools to enable the capture of all relevant video, including video captured and presented in mobile channels. Firms should expect increased regulatory oversight and interest in the use of video, he added, and they must also be able to explain the rationale for their various approaches to monitoring and compliance.
Zekoff proposed more companies will use smart bots in 2023 to help lower costs and improve efficiencies. "In some instances, smart bots can help customers reduce process transaction costs (i.e. cost to process a claim or cost to send an invoice) by 75 to 90 percent," he said. "The new normal will be smart bots … most companies are already behind the automation and AI curve." Joe Ehrhardt, CEO and founder of Teslar Software, pointed out that community banks and credit unions will need to be nimble, tech forward and adaptable to succeed in 2023.
"Modern technology has the power to enhance, not replace, human relationships, allowing employees to spend more time on the activities and conversations that matter most," he said. "We're confident that despite any upcoming challenges next year, community banks will continue to step up to serve their local communities—it's what they do best." 
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