DIGITAL MEDIA GHOST
  • Publication
  • #GhostsWriteIt Spotlight
    • Writer Spotlight Submission
  • Services
    • Digital Strategy
      • Content Marketing
      • Law Firm Marketing
      • Social Media Management
    • Ghostwriting
    • Public Relations
      • Social Sabotage & Online Privacy
        • Social Media Policy Template
  • About
  • Publication
  • #GhostsWriteIt Spotlight
    • Writer Spotlight Submission
  • Services
    • Digital Strategy
      • Content Marketing
      • Law Firm Marketing
      • Social Media Management
    • Ghostwriting
    • Public Relations
      • Social Sabotage & Online Privacy
        • Social Media Policy Template
  • About
Search

AI, Blockchain And Social Media: How This Trio Will Revolutionize Cross Border Payments

7/24/2019

0 Comments

 
Picture
by Sonal Mehta, Guest Contributor

The picture of the cross-border payments has entirely changed over the past couple of years. This is because of a number of banks and fintech companies have introduced an innovative method of monetary transactions through artificial intelligence and chatbots. Further, fintech is catching a lot of eyeballs and has come up as a gamechanger for the BFSI (Banking, Financial Services and Insurance) companies. Along with this, blockchain technology is also being embraced gradually to increase the speed of the transactions, lower the costs and ensure security for international money transfers. 






Note: Global interbank messaging giant SWIFT has already started using this blockchain technology for cross-border transactions, following a successful proof-of-concept with R3’s Corda platform.

Impact of AI on cross-border payments​
According to Accenture’s report, nearly 3/4th of the banks, worldwide, will deploy AI interfaces as their primary point for interacting with customers.

Basically, artificial intelligence and chatbots help customers to interact better with the system in real-time. AI acts as the face of the brand and hence, chatbots are considered as a viable commercial solution for banks and other financial institutions. Talking about cross-border payments, AI maximised the efficiency and effectiveness of the transactions. 

This is how AI revolutionises cross-border payments:
  • automation of repetitive tasks
  • deep learning system recognises known faces
  • easily handles volume and complexity of payments
  • improve fraud detection and reduce false positives
  • prediction of relevant financial products based on customers’ requirements

Impact of blockchain on cross-border payments
As per the latest news, JPMorgan continues to explore blockchain for cross-border payments, having signed 220 banks worldwide along the way.

Blockchain technology holds the potential that is needed to transform the international monetary system. Cross-border payments through blockchain technology are an excellent example of new payment innovations. 

Over two decades ago, Bill Gates said, “Banking is necessary, but banks are not”. And, his words are now turning into a reality. While physical banks are still around, online banking, mobile banking, artificial intelligence-powered chatbots and voice bots are coming into the picture and are transforming the entire sector.

This is how blockchain improves the cross-border payments experience for all involved parties:
  • bypass intermediaries and third-parties
  • secure transfers between an infinite number of bank ledgers
  • instant settlement of transactions
  • validation of each and every transaction
  • instant conversions of funds into desired currency/cryptocurrency

Impact of social media on cross-border payments 
Recently, ICICI Bank has launched a cross-border remittance facility that can be used by NRIs for sending money to their friends and family in India through social media like WhatsApp and email. 

In this booming technological world, never ignore the power of social media. it not only helps in branding and digital marketing but also strengthens industries like Fintech. Companies like Facebook and messenger apps like WhatsApp are also willing to enter the picture. They are collaborating with the fintech companies so that international money transfer transactions could take place on their respective platforms. Currently, the process is in its developmental stage and has not been introduced yet in these platforms. However, Facebook is one step ahead. It has already secured an e-money license in Europe. This step certainly makes it clear that the company is soon going to knock the door of other countries. Also, it is not going to confine its peer to peer messenger payments to the US only. 

This is how social media facilitates cross-border payments:
  • send money conveniently to friends and families staying abroad
  • secure transactions with verification code and two-factor authentication
  • fast and convenient mode of international  money transfers and remittances

The technology is not as simple as it seems. It also has got several challenges that need to be overcome.    The technology should be useful for the average person as well and not only restricted to a certain group of people. Also, chatbots and Robo-advisors must be intelligible. One of the major challenges is making people accept this new technology and encouraging them to adopt it. According to the stats, as of now, more than 90% of the international money transfer transactions are made offline. Hence, it is quite hard to make a quick shift to new technology. Further, the unwillingness of banks and financial sectors to embrace technological changes can also be a hurdle. 

Signing off
Cross-border payments supported by technologies like blockchain and artificial intelligence provide significant advantages to businesses and consumers. And, the power of social media adds icing on the cake. Technology-based cross border payments are cost-effective, almost immediate, secure and transparent. Soon, the world is going to experience a new era of international financial transactions, any thoughts on this?

Author bio:

Sonal Mehta is a Content Lead at SoluLab, a leading Enterprise Blockchain, Enterprise Mobile Apps and Web development company, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab Inc provides full spectrum, 360-degree services to enterprises, startups and entrepreneurs helping turn their dreams into awesome software products.

Social Profiles: 
https://www.facebook.com/solulab.inc/
https://twitter.com/solulab 
https://www.linkedin.com/company/solulab/


0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Picture
    Become a Ghostwriter!
    Picture
    Contribute to DMG
    Picture
    BECOME A GUEST CONTRIBUTOR
    Picture
    PROMOTE YOUR BUSINESS BY GUEST POSTING
    Picture
    ARE YOU A GHOSTWRITER? WE WANT TO KNOW!
    Picture
    DO YOU HAVE A GHOSTWRITING BUSINESS?

    RSS Feed

    Categories

    All
    Agency Spotlight
    Business
    Digital Marketing
    Ghost In A Flash
    Ghostwriting
    Media Relations
    Privacy Concerns
    Social Sabotage
    Technology
    Writer Spotlight
    Writing

    Advertising Disclaimer

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    May 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012

Find your domain and create your site at Weebly.com!
Digital Media Strategy
Content Marketing
Law Firm Marketing
Search Engine Optimization
Social Media Marketing
eBooks
Writing
Becoming a Ghostwriter
Blogging
Content Marketing
Ghostwriting Services
Guest Post Guidelines
Media Relations
Online Crisis Management
Personal Brand
Public Relations
Reputation Management
About
Our Team
Our Results
Testimonials
Contact Us
Locations:
New Orleans, LA
Nashville, TN

DMG University
Privacy Policy | Terms & Conditions | Cookie Policy
Digital Media Ghost  @2020
  • Publication
  • #GhostsWriteIt Spotlight
    • Writer Spotlight Submission
  • Services
    • Digital Strategy
      • Content Marketing
      • Law Firm Marketing
      • Social Media Management
    • Ghostwriting
    • Public Relations
      • Social Sabotage & Online Privacy
        • Social Media Policy Template
  • About