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Leveling the Payments Tech Landscape for Small Businesses with GenAI

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Leveling the Payments Tech Landscape for Small Businesses with GenAI

Following its introduction, artificial intelligence (AI) has been increasingly prevalent in the financial services industry, assisting with millions of consumer requests annually and automating back-office tasks.

According to Tim Christensen, senior vice president of product, digital, innovation, and AI at Synchrony, “but many of those traditional AI and machine learning tools were largely constrained to the teams that understood them and knew how to implement them,” PYMNTS reported.

The most recent installment of the “What’s Next in Payments” series, which focuses on the development and prospects of artificial intelligence in banking, payments, and commerce, includes Christensen’s remarks.

According to Christensen, the relatively new technology known as generative AI has democratized artificial intelligence and made it accessible to banks and companies of all sizes and in all industries.

“Everyone understands how it can be used and can imagine different ways it can change their job and their products,” he said.

He stated that whenever it is used, generative AI has been crucial in bringing about essentially new capabilities like context awareness and prediction.

Using a Calculated Approach

Additionally, it incorporates “non-deterministic technology, for the first time, into these businesses,” according to him. This implies that ten distinct answers or ideas could result from posing the same question or working on the same topic. He claimed that because of generative AI’s versatility and wide variety of applications, designers and users must approach the creation and application of the models in different ways.

“You can’t just build an experience with AI, put it in front of a customer, and slap a disclaimer on it that says, ‘AI results may be inaccurate’ and think that’s good enough,” said Christensen. For companies such as Synchrony, a judicious approach to risk management and considering new use cases thoroughly is critical.

While many financial institutions already use chatbots, Christensen stated that “going even further… with cardholder data, customer data, or going deeper into a person’s financial products gets a lot riskier” when asked how the legal landscape could change in the future by PYMNTS.

Over time, regulatory frameworks will be built. Over the past few months, Synchrony’s internal AI governance team has been given even greater authority over the company’s AI initiatives.

In the interim, generative AI, according to him, can enhance back office coding and produce content that empowers agents in their customer interactions. This is all while upholding the significance of the “human in the loop,” which facilitates smoother operations as compliance, regulatory, innovative, and technological efforts come together.

Christensen stated, “If we can make thousands of engineers a bit more efficient, well, that has a great return on investment,” giving a nod to the size of Synchrony’s business.

Speaking to customers directly, Christensen stated that Synchrony has been experimenting with ways to use AI to enhance commerce and the ways in which customers look for, find, and check out the goods and services they require from the bank’s thousands of merchant partners.

“The shopping journey is constantly evolving as technology evolves,” Christensen said. Elsewhere, the company, with trillions of data points tied to its consumers on hand, “can experiment with and change the experiences in ways that are positive for the customers and are delightful from a commerce perspective.” Generative AI, he said, can help “connect the dots” and “fill in the blanks” as consumers shop.

Furthermore, Christensen predicted that “this technology will be transformative” in the coming months and years. It will alter the experiences of both consumers and employees because new technology rarely transforms our daily lives in such a profound way.

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The First PC Emulator for the iPhone and iPad has been Approved by Apple

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UTM SE is the first PC emulator for iPhone and iPad that is accessible on the App Store, and Apple has changed its mind and accepted it. This program enables you to run older versions of macOS, Windows, and other operating systems on your iPhone or iPad.

The Original iPad and iPhone PC Emulation

In April, Apple updated its App Store Guidelines to permit game emulators, a move that was implemented globally and in the European Union as well. As a result of this modification, several game emulators—including the well-known Nintendo emulator Delta—have been released on the App Store.

Nevertheless, in June, Apple banned the PC emulation program UTM SE, even after the Store Guidelines were modified. In addition, Apple removed the software from third-party app stores in the European Union in addition to the global software store.

Even though playing vintage games is one of the main reasons people use PC emulators like UTM, Apple’s answer at the time was that only “retro game” emulators were allowed, not PC emulators. Widespread criticism of the judgment resulted in possible action from the European Commission.

But this past weekend, the UTM SE developers revealed via a social media post that Apple had changed its mind. The App Store now offers UTM SE for download. Additionally, it will soon be accessible in the EU through AltStore PAL. Apple hasn’t offered any explanation for the reason behind this turnaround.

Using the PC emulator UTM SE, you can play retro games and applications.

  • supports text-only operating systems in terminal mode and graphics in VGA mode.
  • simulates PPC, RISC-V, and x86 architectures.
  • Use pre-built machines or start from scratch with a custom configuration.
  • constructed using the robust and popular emulator QEMU

One thing to keep in mind is that JIT compilers cannot be used with apps distributed on iOS. This implies that the iPhone and iPad emulators using UTM SE won’t be as capable as those on other platforms in terms of functionality and performance.

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Bixby, Samsung’s Enhanced Voice Assistant, will Debut this Year with its Own AI

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According to the CEO of Samsung’s mobile division, the company will release an enhanced version of its voice assistant Bixby this year, which will be powered by its own artificial intelligence models.

Because ChatGPT from OpenAI has become so popular, digital assistants are now again in the spotlight. According to TM Roh, the CEO of Samsung’s mobile division, the South Korean tech giant’s own large language model, or LLM, will be used in a further enhanced version of Bixby that will be unveiled this year.

Through a translator, Roh added in Korean, “We’re going to advance Bixby with the application of Gen AI technology.”

In 2017, Bixby made its debut alongside the Samsung Galaxy S8 smartphone. Among the many features of the voice assistant are suggestions for restaurants and real-time translations. With the Bixby Vision function, users may scan objects in front of them with their phone’s camera to get information about them from Bixby.

Artificial intelligence that can produce material, such as images or answers to queries, is known as generative AI, or Gen AI. The AI model that powers generative AI, known as an LLM, is trained on massive volumes of data.

But according to Roh, Samsung will continue to support numerous voice assistants on its products. For example, the newest Samsung devices come with Google’s AI helper.

Just over a month has passed since Apple said Siri, its assistant, will receive an AI update. Roh has now confirmed its Bixby upgrade. If Siri needs more answers, she will be able to use OpenAI’s ChatGPT.

The Bixby update is a component of Samsung’s larger campaign to promote AI capabilities across its line of products. In an attempt to persuade consumers to switch to more expensive smartphones, the Samsung announced some new AI features along with two new foldable devices on Wednesday: the Galaxy Z Fold6 and Z Flip6.

According to Roh, “We are reinforcing and bringing more AI capabilities to our products,”

“As consumers use more AI capabilities they can actually feel the convenience and benefits they bring. I believe strongly that these Galaxy AI, mobile AI are strong motivations and drivers for the purchase of new products.”

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Samsung Unveils its Generative AI-Powered Galaxy Fold 6 and Flip 6 Smartphones

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Samsung unveiled its newest foldable smartphones on Wednesday at its Unpacked presentation in Paris, France. The Galaxy Z Fold 6 and Galaxy Z Flip 6, which run Android and are powered by Google (GOOG, GOOGL), are a major point of differentiation for Samsung in its protracted competition with Apple (AAPL) for supremacy in the global smartphone market.

Similar to Apple, Samsung is positioning its generative AI capabilities as a key differentiator for these two phone models. The Z Flip 6 and Z Fold 6 are priced at $1,099 and $1,899, respectively, which is $100 higher than their predecessors and places them firmly in the premium smartphone segment. In comparison, the starting price of Apple’s bigger Pro Max model is $1,199, while that of the 15 Pro model is $999. The starting prices for Samsung’s S24 and S24+ are $799 and $999, respectively. $1,299 is the price of its top-tier S24 Ultra.

The Flip 6 and Fold 6 from Samsung are being marketed as more than just foldable phones. Its Galaxy AI platform is presenting them as potent, generative AI-capable gadgets. The software offers a variety of generative AI functions, from real-time translation and conversational capabilities to photo editing tools and productivity alternatives. Samsung unveiled it earlier this year alongside its S24 lineup.

The company claims that among Samsung customers, artificial intelligence is becoming increasingly popular. According to the tech giant, 77% of S24 users utilize its AI capabilities once a week. The most used ones are Samsung’s Edit Suggestions and Google’s Circle to Search. With Circle to Search, you may take a picture of an object or text and use it to translate or do an online search. As the name suggests, Edit Recommendations offers generative AI text recommendations for emails and text messages that are being written.

According to Samsung, the distinctive shapes of the Fold 6 and Flip 6 make them particularly useful for utilizing Galaxy AI functions. The Interpreter app now has a new conversation feature that lets you communicate with someone in multiple languages. Your comments are automatically heard and shown on the cover screen and main screen of the phone.

Let’s say you are conversing in English with someone who speaks French exclusively. The Flip 6 can be folded like a makeup compact, or the Fold 6 can be folded so that it rests on the table like a tiny laptop. Then, the conversation feature will show your words on the external screen and your friend’s words on the main screen. The goal is to enable smooth, real-time communication between you. Google’s foldable smartphone, the Pixel Fold, has a feature comparable to this one.

Additionally, Google’s Gemini app, which uses its own AI algorithms, is pre-installed on both phones. Gemini may be accessed by simply saying “Hey, Google” or by swiping on the corner of the screen. Gemini offers a wide range of services, such as assistance with idea generation for tasks such as job assignments, travel schedules, locating locations on Google Maps, and more.

In terms of efficiency, Galaxy AI now offers a new PDF translation feature for the Samsung Notes app, in addition to editing suggestions. This feature, appropriately enough, can translate your PDFs on your phone while maintaining the document’s layout. It’s likely that you’ve attempted to open and translate a PDF in the past, only to have the formatting completely collapse and become unreadable. Translations into PDFs ought to help get rid of that.

With the exception of a few minor adjustments, the Z Fold 6 and Z Flip 6 are essentially the same designs as the Z Flip 5 and Z Fold 5 from the previous year. To feel more like a typical rectangular smartphone when closed, the Z Fold 6 has a slightly larger 6.3-inch cover screen. Even though it’s only a 0.1-inch increase, the greater display real estate should prove to be a nice upgrade, given it was one of my complaints with the phone.

Together with a new ultra-wide-angle camera, the Z Flip receives the same primary camera as the company’s flagship S24. Additionally, Samsung claims that since the phone’s battery is identical to that of the S24, customers will no longer have to forgo overall functionality in favor of the Flip over its mainline flagship.

A 50-megapixel primary camera, a newly developed 12-megapixel ultra-wide-angle camera, and a 12-megapixel telephoto camera with a 3x optical zoom and a maximum 30-x digitally enhanced zoom are all included in the Fold.

The Qualcomm Snapdragon 8 Gen 3 CPU and 12GB of RAM are standard in the Z Flip 6 and Z Fold 6. While the Fold has 256GB, 512GB, and 1TB of storage, the Flip also has 256GB and 512GB.

There are other foldable smartphones available than Samsung’s. Motorola and other Chinese smartphone manufacturers, like Huawei and Xiaomi, also sell foldable smartphones. However, Samsung’s Galaxy AI platform might guarantee that those shopping for foldables continue to think of it first.

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