How innovation boosts credit card abilities for future benefits?

Banking CIO Outlook | Monday, November 25, 2019

As technology continues to bring transformation in credit card payment systems, bankers gain the ability to introduce innovative credit cards with numerous features.

FREMONT, CA: From tap-to-pay systems to contactless payment services, the era of debit and credit cards seems to experience massive transformation and competition in recent years. Today, with the rapid increase in digital solutions for banking and other financial services, finance professionals tend to take a tech-driven approach for achieving long-term benefits. No doubt, technologies like artificial intelligence and blockchain have brought massive revolution in the finance industry by transforming the core operations of risk management, marketing, and payment systems. The evolution in the finance and banking sector has primarily boosted the payment card services- especially of the credit cards.

Finance professionals are influenced mainly by the advantages of Artificial Intelligence (AI) and blockchain technologies. Today, the credit card developers are adopting artificial intelligence-based solutions to improvise the card services and extend the list of its usages. Bank professionals introduce biometric credit cards with in-built scanners, which authorize payment through users’ fingerprints and eliminate the need for any pin. AI enables banking professionals to launch innovative credit cards with various features like alerting the card owners if the credit card is being used in a risky website and assisting the cardholders based on preferences determined by AI.

Top Payment and Card Solution Companies

Financial institutions well understand the importance of cybersecurity in their sector. The modern age banking and finance professionals approach blockchain-based cybersecurity solutions for their payment portals as well as credit cards. Blockchain technology enables the banks to replace the existing magnetic strips with EMV chips. The innovative initiative can provide more security and prevent the cases of leaked credit card information. With the help of advanced solutions offered by emerging technologies, credit card providers continue to explore new ways of detecting and fighting fraud.

Technology promises endless possibilities in the future, merging the credit and debit card operations with mobile and digital models. Advancements of AI-based credit cards also hold features like payment through facial reorganization and seamless integration with digital wallets. 

Check out: Top Artificial Intelligence Companies in APAC

Weekly Brief

Read Also