Splitit CEO Says Payments Firms Must Build for AI, Not Just Use It
According to the CEO of Splitit, payments firms need to prioritize the development of AI-driven solutions rather than merely applying existing AI technologies. This perspective highlights a shift in how the payments industry should approach innovation and technology integration.
The call for investment in building proprietary AI systems reflects a growing recognition of AI's potential to optimize payment processes and enhance customer experiences. By focusing on building rather than just using AI, payment providers could gain a competitive edge and better address the evolving needs of merchants and consumers alike.
Key takeaways
- ▸Splitit CEO advocates for payments firms to develop proprietary AI systems.
- ▸The shift towards building AI solutions could enhance customer experiences.
- ▸Focusing on AI development may provide competitive advantages for payment providers.
Why this matters
As the payments landscape evolves, firms that invest in developing their own AI capabilities could differentiate themselves in a crowded market. This approach may lead to more tailored solutions for merchants and consumers, ultimately driving growth and satisfaction. Failure to adapt could leave some firms behind, vulnerable to competition from tech-savvy entrants.