Key takeaways from our industry meetup with Payvision
Digital transformation ripples across all areas of the financial system. Like many other industries these days, the financial ecosystem is ripe for disruption. Fintech industry, from payments to crowdfunding and personal finance companies, has been booming over the past couple of years. These companies are trying to harness data and technology to improve key business functions and stay competitive in the market.
At our industry meetup co-organized with Payvision last week, Thomas Blankvoort, COO of Webhelp Netherlands, Sjoerd Slot, Founder of Fraud Dynamics, João Moura, Head of Data Science at Payvision, Kellogg Fairbank, Co-founder at Tenner.io and Bart Gijde, Global Head of Payments & Collection at Regus gathered together and shared their insights with regards to topics concerned with automation and AI in business processes, fraud and risk in data science and how to get the most out of your data.
As a keynote speaker, Thomas saw that AI and automation is becoming a fundamental part of processes and services provided by businesses. Particularly, when it comes to incorporating automation in customer service, with Webhelp, they allow conversation to be analyzed in real-time and enable smart queueing system to have customers connect to the right person. By doing so, businesses can gain insights based on how customers respond and make improvements to provide a better customer experience. Also, the use of robotic process automation (RPA) allows the process to be error-free and more efficient. Companies can then re-examine on how they work to automate their business process and invest more resources in developing their expertise.
While technology opens up an avenue for a more digitalized and data-driven business environment, it also comes with higher risk and fraud. Our next keynote speaker, Sjoerd discussed about this and how to approach fraud. When it comes to payments transaction, he raised concern that many companies try to look at whatever is suspicious which is obvious, but they tend to forget about putting forward a model to detect frauds. With Fraud Dynamics, they provide software to analyze data in order to generate algorithms as a fraud detection model to implement in the company’s existing fraud detection system. With the implementation of this model, it provides a real-time environment to optimize the detection for suspicious transactions more effectively.
Finally, our meetup ended with a panel discussion of ‘How to get the most out of your data’. With a very fruitful interaction and discussion between the audience and speakers, below are some key takeaways:
- As data is time-sensitive, it will be very beneficial for merchants if there is a real-time sharing of data, so it saves time in consolidating all the data from different payment providers and be able to extract data from all kinds of formats.
- PSD2 will open doors to new players in the market so there will be more data available from different sources. However, the most important thing is to have the smartest algorithm to visualize the data, identify patterns and make sense of it.
- Companies need to look for ways to improve the transaction and optimize the payment process in a way that it will not increase risk and fraud. It is essential for companies to develop machine learning or AI model to better optimize and measure the success of transaction processes.
With an overwhelming success and very positive feedback from our speakers and participants, we will be organizing another round of industry meetup at a larger scale to foster quality discussions and networking opportunities among industry professionals. Stay tuned for our next meetup and we look forward to meeting you all next time!
Written by Verna Kwan, Digital Marketing Executive at Payments & Cards Network