Innovative AI or Data usage in Payments
An award for a project that involves Data and/or AI tools, products and processes, which has resulted in tangible benefits for the end-user and the organisation, brought clear improvements, increased the organisation’s efficiency and competitiveness, and is commercially viable.
The innovative AI or Data usage initiative may be part of a payments services/product/process or part of a supporting product. Judges are looking for organisations that can demonstrate and measure the use of Data/AI as part of enabling the payments process.
This category is open to businesses, technological platforms and solutions that through the usage of payments data and/or the creation of AI or ML models are delivering innovative payments services. It is also open to any business that either uses transaction data, provides services enabling the use of data, or carries out manipulation and/or analysis of the data in the Payments Industry to deliver added value or beneficial products and services. As well as any business that uses Artificial Intelligence in Payments Services, this would encompass both customer service solutions, behavioural profiling, fraud applications and loyalty programmes.
If the initiative has an AI should clearly explain what type of AI that has been developed, according to AI and ML definitions, and provide measurable benefit results based on its’ implementation.
Benefits should be categorised under one or several of the following main benefit categories: Cost Reduction, Revenue Increase, Customer Growth, Market Expansion, Differentiation, Profit optimisation, Risk Reduction, Customer Experience Improvement, and Quality Increase.
- The initiative must have been operationalised in one or several Asia Pacific markets.
To make a submission please provide the following information:
Nominee or nominator
- Entry name
- Name of nominating organisation
- Name(s) of nominated organisation(s)
- The nature of the business relationship between you as the nominator and the nominee company’s solution description
Your entry is done digitally via APAC Payments Excellence Awards Website, by submitting a written description of your value proposition/solution/initiative using selected category criteria. Each criteria in your submission will be evaluated and scored by judges in your Category Judge Panel. Each criteria have a 300-word limit.
Provide as much information as you can and quote the source of that information, to describe the solution, success measures and what was achieved. Note that no attachments are allowed, and website links will not be seen as part of a submission.
Innovative AI or Data usage in Payments Judge Criteria
Describe your Innovative AI or Data usage in Payments case study under each criteria section.
- Solution description
Describe the initiative or solution, including the issue/problem statement, goals and what type of Data analysis or AI has been developed. Is it part of a payment’s services, product or process? Was the solution offered to a single provider in the market or a wide range of companies?
What challenges did the existing solutions encounter? How did you identify the problem statement? How did you conceive the solution, approach towards building the solution, improved solution, or disruptive solution, use of emerging technologies, etc? Are there any inventive or innovative aspects that have been developed to bring the product or service to market? How has your initiative improved the delivery of the service or product? How does the solution stand out from its competitors?
How did you build, test and launch the solution? Via partnerships and collaboration? How did you build customer awareness and set it up for uptake and adoption, customer support, time to execute, etc?
- Result and outcome
How has the use of data or AI delivered a better solution, insights or results to customers, consumers, and stakeholders? What goals were achieved? Provide measurements and proof of the result.
Evidence of success – metrics
Please provide as much information as you can and quote the source of that information. Such information might include the following, but this is not an exhaustive list, and in each case, the judges will be looking for evidence that supports your claims about the key benefits of the initiative/solution/process:
- Evidence, and statistics of the successful delivery of the solution over time.
- Evidence of tailoring products and services and the results of that investment.
- Feedback from users or other stakeholders about their experience of the services. offered
Please note that data is treated confidentially and not disclosed outside the immediate Category Judging Panel and the APAC Payments Excellence Award team.
Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition and machine vision.
To be defined as innovative we are looking for the creation, development and implementation of a new product, process or service, which has improved efficiency, effectiveness, access or competitive advantage. The entry is detailing something totally new or has a new approach to an existing challenge.