The power of artificial intelligence for card businesses

Artificial intelligence is no longer a futuristic concept; it is a powerful tool that is transforming businesses across all sectors. And the fintech and card payment industries are no exception.

At Pomelo, we already incorporate AI and we know that it can revolutionize the way companies operate: from data analysis for service personalization to product design and engineering. This technology offers unparalleled opportunities for growth, efficiency, and customer satisfaction!

Next, we will explain how your card business can leverage the potential of AI and stand out in the dynamic Latin American market.

More secure and efficient card businesses thanks to AI

In the competitive world of cards, AI has become a fundamental ally to stand out, as it enhances security and efficiency in financial operations. Through data analysis with AI, fintechs can detect unusual behavior patterns for real-time fraud prevention.

Additionally, the automation of processes such as identity verification and claim handling minimizes the margin of error and speeds up customer service. With these innovations, companies in the sector protect users' interests and optimize their overall operation.

Let's take a detailed look at some benefits that AI brings to card businesses:

• Improves customer experience: incorporating virtual assistants, better known as chatbots, allows offering immediate and personalized responses to routine inquiries, at any time and place. Additionally, there are NPS tools that allow internal analysis of survey results and social media comments, to gain a deeper understanding of customer needs and sentiments, which translates into a better experience.
• Product and service personalization: Thanks to the analysis of credit history and user consumption, AI can provide different conclusions for companies to create personalized proposals such as discounts, tailor-made credits, or insurance according to their lifestyle. In this way, engagement and customer retention can be improved, as well as encouraging them to refer their solution to others.
• Fraud detection and prevention: By analyzing large volumes of data, AI recognizes unusual activities and identifies suspicious patterns in transactions. With this, it strengthens security, builds user trust, and mitigates economic losses.
• Operations optimization: AI automates processes such as internal engineering requirements and user identity verification, which, when done manually, consume more time and resources. This allows valuable resources to be freed up so that teams can focus on strategic initiatives and further optimizations.
• Risk management and compliance: offers financial entities the possibility to identify threats and comply with regulations more efficiently through constant monitoring. Additionally, AI is a great ally for new regtech companies.
• Improvement in marketing campaigns: Based on data analysis, AI can predict customer behavior and optimize campaigns, as well as assist in improving content and scheduling. This allows for targeted and personalized communication, resulting in a higher conversion rate and cost reduction.

Artificial intelligence in action: Stori case

Stori, the Mexican unicorn company, dedicated to offering financial products and services to simplify users' lives, is a great example of the impact of artificial intelligence in the financial industry. With our card issuing and processing solution and its sophisticated risk assessment model developed with AI and machine learning, Stori democratizes access to financial products and services.

With more than 2.8 million active users in Mexico using cards powered by Pomelo, it can offer a seamless experience, and both companies continue to position themselves as leaders in the digital transformation of financial services in Latin America.

The successful migration of Stori to the Pomelo platform demonstrates the importance of having a partner with a modern, scalable payment processing infrastructure committed to incorporating new technologies.

At Pomelo, we transform manual processes that used to take up to 2 hours of work into an automated task of just 2 minutes. We achieve this, among other things, thanks to the integration of ChatGPT with Tableau, a process that adds value to our operations and that of our clients, as it provides faster, more secure, and reliable metrics for decision-making through our dashboards.

The creation of this recommendation and automation system, integrated into Tableau, is also utilized by our clients for a better experience with our Dashboard.

The future of fintech in conjunction with artificial intelligence

Artificial intelligence is positioned as a key driver for innovation in the financial services industry, especially in the card sector. Its ability to personalize experiences, improve operational efficiency and enhance security is transforming the connection between companies and their customers.

It is essential for the financial services industry, whether banks or fintech, to remain attentive to emerging trends and adopt them. The integration of artificial intelligence not only offers competitive advantages but is also a necessity to thrive in a dynamic and ever-evolving market.