BLOGAtlas Vector Search voted most loved vector database in 2024 Retool State of AI report — Read more >>

Celent Report: Harnessing the Benefits of AI in Payments

Unlocking a range of workflow and product enhancements

In areas such as risk, fraud, and compliance, the use of artificial intelligence (AI) has been commonplace for years. The success of these initiatives, and the potential to unlock further benefits, is driving increased investment in this area in 2024, with generative AI (gen AI) attracting particular interest.

Financial tech analyst Celent, commissioned by MongoDB and Icon Solutions, has created a report that investigates how AI is currently being used in the banking industry, as well as some of the key use cases for AI adoption in payments to improve operational agility, automate workflows, and increase developer productivity.

Report highlights:

  • Advanced analytics, intelligent automation, and AI technologies lead the investment agenda in 2024.
  • 58% of banks are evaluating or testing generative AI in some capacity while a further 23% have projects using this technology in their roadmap.
  • Banks believe the product enhancements they could not deliver in the past two years due to resource constraints would have supported a 5.3% growth in payments revenues.
  • A lack of developer capacity and technology limitations are the two biggest inhibitors to payment product innovation.

We hope you find the Celent report useful. If you would like to watch Celent, Icon Solutions, and MongoDB discuss the key findings, you can watch the webinar.

About the analyst:

Kieran Hines is a principal analyst in Celent’s Banking practice and is based in London. His research focuses on the impact of technology-driven change in both the retail and corporate banking sectors, with an emphasis on the role that open banking, data and analytics, and cloud technologies have in transforming customer propositions and the long-term value chain in banking. An experienced analyst with close to 20 years in the industry, Kieran works closely with banks, vendors, and payment processors on their technology and business strategies.

Email Me the PDF

More like this

View all resources

MongoDB Architecture Guide

MongoDB enables you to meet the demands of modern apps with an application data platform built on several core architectural foundations


Who Owns Security in the Cloud?

At MongoDB, our overriding mission is to make data easier to work with. This can’t happen if data becomes compromised for any reason


Application-Driven Intelligence: Defining the Next Wave of Modern Apps

The digital economy demands smarter applications and faster predictive insights

Read it later?
Please provide your email and we’ll email this to you