'AI-powered devices, voice redefining digital banking'

Devices that were once passive instruments in digital payments are now emerging as the new frontier of fintech innovation, as artificial intelligence (AI) reshapes the way banking, authentication, and customer interactions are conducted, industry leaders said at the Business Standard BFSI Insight Summit in Mumbai on Thursday.

- BS REPORTER

The panel discussion titled 'From pocket to cloud: AI, authentication, and the future of digital banking devices', moderated by Nivedita Mookerji of Business Standard, had views from experts from Google, Paytm, Zoho Payment Technologies, and Azentio Software. They discussed how AI is turning devices into intelligent computing systems that power real-time interactions and fraud detection.

"Devices that used to be on the passive node are now actively engaged in the payments system. With AI, the way devices are evolving is huge," said Ripunjai Gaur, chief operating officer (COO), offline payments, Paytm.

He added that AI-enabled devices are making multilingual communication possible for merchants.

"We have launched an AI soundbox, which can solve problems for merchants. With the AI device, a merchant can talk to anyone, for example, tourists," Gaur said.