Fintech Prioritizes Fraud Prevention Over Marketing in AI Use Cases

Snapshot: A new report from Discover Global Network, unveiled at this year’s Money 20/20, explores how fintech companies prioritize AI use cases. 

The report, based on a survey of 2,706 business leaders, reveals that fraud prevention and payment optimization dominate AI adoption, with 62% of businesses ranking fraud detection as their top AI application. Despite AI’s potential in marketing, only 30% of businesses prioritize it, possibly due to higher immediate ROI in security-related coverage. With AI’s advanced capabilities needed to counter growing fraud sophistication, companies appear more focused on customer safety and operational efficiency than marketing expansion. 

Lack of AI expertise in marketing may also play a role, highlighting an opportunity for marketers to advocate for AI’s role in customer engagement and targeting. Marketing could see increased AI integration, especially in highly competitive sectors as industry implementation grows.

Key quote: "Fintechs walk a tightrope between consumers who expect instant and convenient payment experiences and merchants that demand seamless integration and security. As a leader in financial services and in our fourth year of surveying thousands of decision-makers within the payments ecosystem, this study should help fintechs with their persistent balancing act.” Jennifer Cruz, SVP, US Acceptance & Credit Issuing, Discover Global Network

Download the report:  Discover Global Network