Revolut Rivals Square, SumUp with New Terminal
Hey Payments Fanatic!
Revolut is ramping up its competition against Square and SumUp with the launch of a new payment terminal designed for larger businesses and retailers.
The London-based banking firm will debut the device, known as Revolut Terminal, in the UK and Ireland just in time for the busy holiday season as part of its strategy to expand its business-to-business offerings.
Since 2021, Revolut’s merchant acquiring division has been rolling out both online and offline payment solutions under its Revolut Business brand.
These new terminals will enable merchants to offer Revolut Pay, a checkout option that allows the FinTech’s 45 million+ global users to pay directly from the Revolut app.
Over the past year, Revolut has processed payments for more than 65,000 merchants, with the volume of in-person transactions growing fourfold.
“This is one of our big new bets as a company,” said Alex Codina, Revolut’s general manager for merchant acquiring, to City AM. Codina emphasized that Revolut Terminal is aimed at capturing a new segment of the market, promising streamlined operations and analytics tools that cater to businesses with multiple locations.
Let's see how this plays out…
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GOLDEN NUGGET
𝐀𝐫𝐭𝐢𝐟𝐢𝐜𝐢𝐚𝐥 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 is revolutionizing 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 and 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬, driving revenue, enhancing fraud detection, slashing costs & more👇
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐀𝐫𝐭𝐢𝐟𝐢𝐜𝐢𝐚𝐥 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞:
Artificial Intelligence (AI) is a field within computer science that focuses on creating systems capable of performing tasks that typically require human intelligence. This includes subfields:
► Machine Learning
► Deep Learning
► Generative AI
There are a multitude of different application fields for AI leveraging the subfields above:
► Natural Language Processing
► Robotics
► Computer vision
AI can be categorized into hashtag#NarrowAI, which targets specific tasks, and hashtag#GeneralAI, which aims for broader, human-like cognitive abilities. Currently, Narrow AI is more prevalent and applied in various industries, including banking and payments.
𝐇𝐨𝐰 𝐀𝐈 𝐢𝐬 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 & 𝐁𝐚𝐧𝐤𝐢𝐧𝐠:
► 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐄𝐧𝐠𝐚𝐠𝐞𝐦𝐞𝐧𝐭 — AI-driven personalized solutions and customer support enhance customer satisfaction and loyalty.
► 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 — AI automates routine tasks, reduces errors, and streamlines processes, leading to significant cost savings.
► 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 — AI provides sophisticated tools for real-time risk detection, compliance, and fraud prevention.
𝐑𝐞𝐚𝐥-𝐥𝐢𝐟𝐞 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 of hashtag#AI:
👉 Enhancement of customer support
👉 Predictive capabilities of AI in forecasting consumer finance credit defaults
👉Automation of annual report generation utilizing AI technologies
👉 Improvement of organizational data management speed and reliability with AI integration
𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 & 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐟𝐨𝐫 𝐃𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 👇
1️⃣ Revenue Growth and Cost Reduction — AI adoption in banking could lead to a 30% increase in revenue and a 25% decrease in costs
2️⃣ Practical Use Cases:
► Enhancing Customer Support — AI-powered virtual assistants manage 70-80% of incoming calls.
► Loan Default Prediction — Machine learning models predict loan defaults by analyzing diverse data sources, reducing credit risk.
► Streamlining Report Generation — Gen AI automates the creation of financial reports.
► Advanced Data Management — AI enhances data extraction and processing, improving the reliability and usability of data.
3️⃣ Organizational Transformation — Systematic approach is crucial to the implementation of an AI strategy.
By embracing AI, #Banks and #FinTech companies can not only streamline their operations and reduce costs but also create more personalized and efficient services for their customers. This is a competitive advantage 🚀
Source: Arkwright Consulting & DataArt
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