Fiserv: Banking and Payments Innovation – Turbocharged by AI

Fiserv, a global financial services technology provider, has revealed how accessible and open-source AI is driving innovation in banking and payments. The company’s vice president, Brandy Wood, said that while AI has been around since the 1950s, it was only limited by the technology of the time, which was prohibitively expensive. However, with recent advancements in technology, AI has become widely accessible, allowing for experimentation and real-world applications. In the financial services sector, AI is being used to improve decision-making and fraud detection. Fiserv has developed a responsible AI governance model to ensure data privacy and compliance with regulations. Wood highlighted the importance of a balance between innovation and governance and stated that AI will continue to be used to automate processes and improve customer service in banking and payments.