AI - Can You Cut Out the Noise?
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Adrian kicks off with the punchline first - he sees far too many payment AI strategies based on FOMO rather than solid business cases.
For example, questions like “What are our competitors doing?” “What does the Payments regulator expect us to do?” or “We must do something…” are all too common. However, at Payments Leaders Advisory, Adrian believes there’s a better question to ask: How can AI be used to achieve company objectives? Naturally, this assumes the board has clarity on the actual business direction.
Adrian is on a mission to discover compelling commercial use cases for AI. At leading payments conferences, he’s heard about AI enabling the recording of customer interactions, allowing client-facing staff to focus more on building rapport and understanding customer needs, rather than taking notes. But where do businesses even begin?
Do they start with something cost-neutral and risk-mitigated, like streamlining back-office processes?
The most compelling use of machine learning Adrian has encountered was two decades ago. He was working in London when his bank contacted him to ask a very simple question: Had he been in London all day, or had he been in Paris, Barcelona, and Havana? Naturally, Adrian was shocked – he had been at his desk all day. They explained that the magnetic strip on his card had likely been copied, as retail transactions had occurred in all three cities within a two-hour period. The machine learning system had identified that it was impossible to be in Barcelona and then Havana in such a short span of time. Adrian has been forever grateful for that technology.
AI and machine learning have been around for a while, but Adrian believes the real challenge today is finding the optimal balance between AI and HI (Human Intelligence).
What Adrian has observed is that those leading the AI charge are using it to bring efficiency. They’re replacing employees’ repetitive tasks with AI, freeing them to make more informed decisions based on data. These businesses are not just jumping into AI without a plan—they’re strategically sizing AI projects, gaining senior buy-in, and bringing together the right teams.
Implementing AI is just like any successful change management project. It requires leadership. Someone needs to step up and take ownership, presenting a business case that identifies where AI can create real commercial impact. We know the three main objectives in the payments industry: reducing transaction costs, mitigating risk, and increasing revenue. Once the right focus areas are identified, it takes courage and commitment to implement the strategy and overcome any resistance.
So, let’s ask better questions before jumping into AI. Let’s not just buy into the hype.
Adrian’s challenge to you this month is simple: tune into the signal and cut out the noise.
He would love to hear your thoughts, comments, and observations about AI in the payments space.
At Payments Leaders Advisory, Adrian and his team work with payments scaleups, corporates, and merchants to develop effective Go To Market strategies utilizing AI that future-proof their businesses.
If you have a Go To Market need and would like to find out more, please contact adrian@adrianevans.co.uk.
