AI, networking and career growth: Payments Forum 2024 preview

AI, networking and career growth: What to learn at Payments Forum 2024

Enjoy complimentary access to top ideas and insights — selected by our editors.

The way we work, live and conduct business looks a lot different than it did four years ago. Amid advancements in artificial intelligence and ongoing changes in the way Americans juggle their respective careers, personal responsibilities and economic pressures, businesses must remain agile to meet their shifting needs. Is your organization ready?

Within the payments world, Visa, Mastercard and PayPal are among the dozens of payment companies pouring millions of dollars into development that will embed generative AI and large language models into every corner of payment processing.

This month, honorees from American Banker's Most Influential Women in Payments 2024, as well as hundreds of other top executives, developers and investors in the payments industry, will gather to share their insights on the future of one of the most dynamic industries in financial services at 2024's Payments Forum, taking place on March 27-28 in Hollywood, Florida. (Don't have your pass yet? Click here to register for Payments Forum.)

Join us to gain additional insight on how AI is shifting the way the payments industry does business. For example, 55% of bank executives say automation will reduce their headcount by 2026, according to research from Arizent, American Banker's parent company. While the jobs most at risk of being replaced by AI include functions such as data entry and customer service, AI-driven automation is also expected to create jobs in data analysis, software development and machine learning, according to Arizent.

MoneyGram Chief Operating Officer Anna Greenwald recently told American Banker that for digital payments and financial services providers like MoneyGram, the effective use of AI "will be the difference between winners and losers in the next decade." While MoneyGram is in the early stages of its AI journey, Greenwald said that AI and back-office automation created million-dollar savings for the company in 2023, and she expects that number to grow in 2024.

Other discussions at Payments Forum 2024 will include changes to how people climb the corporate ladder, as several of the Most Influential Women in Payments plan to discuss how an evolving work culture has transformed the ways professionals manage and grow their careers. For example, networking and mentoring has changed for companies that are mixing remote and in-office work.

"Take opportunities to attend formal training programs, because you can always continue to learn and grow, no matter your role or title," advises Shamina Singh, founder of Mastercard's Center for Inclusive Growth. She recently told American Banker that she encourages women to create their own "personal board of directors" to act as guides, sponsors and advocates throughout their careers. At Mastercard, she leans in to support other women through the company's mentorship programs, leadership development and executive coaching.

For more on the topics, conversations, and industry-shaping insights you can expect from Payments Forum 2024, check out the latest and greatest coverage from our payments team.

Mastercard's Shamina Singh understands the importance of networks

Shamina Singh, Mastercard's EVP of sustainability, founded the company's Center for Inclusive Growth a decade ago, working to develop an inclusive formula called Strive to deliver specific types of help to certain small-business recipients that are already poised to grow.

"Networks power the modern economy," Singh said to Kate Fitzgerald, senior editor of payments at American Banker, noting that even in a poor community, small businesses with access to the right tools can thrive. "They need to go digital, they need capital, and they need a way to grow their business networks and know-how."

The program rolled out first in emerging economies including in India, Indonesia and Mexico. By the time Strive USA launched in 2022, Mastercard had fine-tuned the program so it "took off like a rocket," Singh said, noting that so far it's reached 5.5 million small-business owners worldwide and has drawn participation from hundreds of U.S. community development financial institutions (CDFIs).

Read more:

Mastercard's Shamina Singh: Bringing global resources to micro merchants

Payments executives are embracing AI

Payment companies are embracing AI and placing pressure on executives to come up with competitive strategies, while staying up to date with the technology.

"Love it or fear it, it is game-changing technology. It has many benefits that help with risk modeling, fraud detection and making fraud teams more efficient," Cathy Beardsley, president and CEO of Segpay, told John Adams, executive editor of payments for American Banker. "AI can help filter transactions and speed those that typically would need manual review."

When asked what technology could give them a competitive advantage in the next two years, 20% of bank executives said AI, 15% said generative AI and another 7% said data analytics, according to research from Arizent, American Banker's publisher.

Read more:

How payments executives are leading the AI revolution

Meet this year’s Most Influential Women in Payments

As the payments industry has changed with the implementation of technology including artificial intelligence, a hybrid workforce and real-time payments, the honorees for American Banker's Most Influential Women in Payments have taken a proactive approach to the technologies and trends reshaping their work life, while still emphasizing the importance of empathy and mentorship.

"The payments industry is so dynamic, with exciting innovation coming from unexpected places," Carol Juel, honoree and chief technology and operating officer at Synchrony, told American Banker. "When women lean into their curiosity, it often helps them ask the tough questions, build bridges across the company and industry, and create new opportunities for themselves and our business."

Read more:

The Most Influential Women in Payments, 2024

New research, deep insights and more at American Banker’s Payments Forum

Even before the gen AI wave of the past year, payment companies were already being upended due to a massive influx of capital to drive automation during the pandemic, followed by an economic correction, falling valuations and downsizing. Navigating the future will require creative investments and allocations of resources to win share.

Arizent will present new research detailing how bank and credit union leaders approach and invest in technology, the role of faster payments, and how these developments will affect customer attrition, loyalty and fraud risk.

Arizent Senior Industry Analyst Michael Moeser will be on hand to discuss the findings and take questions from attendees.

Read more:

What's on deck for American Banker's Payments Forum?