At the MAG Payments Conference 2024 in Orlando, industry experts gathered to discuss the transformative power of AI in the payments ecosystem. The panel, "Payments Intelligence – The Path to Progress and Profit", featured insights from Roenen Ben-Ami (
Justt), Doriel Abrahams (
Forter), Jordan Harris (
Fraud Boxer Podcast &
iHerb), and Cleber Martins (
ACI Worldwide).
The session explored how AI, far from being a mere buzzword, has become an essential tool for merchants seeking to combat threats, understand trends, and increase revenue. However, the panelists emphasized that AI's true potential lies in enhancing human performance rather than replacing it entirely.
The Foundation of AI Success
Roenen Ben-Ami, co-founder and Chief Risk Officer of Justt, set the tone by stressing the importance of laying a solid foundation before implementing AI solutions. He stressed that AI is a technology to use in your stack of technologies. Ben-Ami recommended building a solid foundation before implementing AI.
This sentiment was echoed by other panelists, who highlighted the importance of clean, high-quality data. Panelists pointed out that, for many organizations, partnering with AI experts might be more cost-effective than developing in-house capabilities. Furthermore, working with a solution provider leverages the abundance of data that solution providers have behind the scenes to support your own data.
Overcoming Integration Challenges
A poll conducted during the session revealed that the biggest challenges in integrating AI into existing processes were lack of expertise and integration with existing systems. To address these concerns, the panelists emphasized the importance of collaboration between domain experts and data scientists.
Roenen Ben-Ami explained that collaboration between domain experts and data scientists is essential because domain experts know the methodology, while data scientists bring the scalability and higher quality.
AI's Impact on Operational Efficiency
The potential for AI to dramatically improve operational efficiency was a key theme. AI implementation can significantly reduce the number of full-time employees required for certain manual tasks. This efficiency gain allows businesses to reallocate those human resources to more strategic responsibilities.
Ben-Ami highlighted this point, explaining how Justt's AI-driven solutions help merchants achieve similar efficiencies in chargeback management, freeing up resources to focus on core business activities.
The Human Element in AI
Despite AI's power, the panelists unanimously agreed on the importance of human oversight. In a poll, nearly half of the audience participants believed that while AI can be an assistant, there must be a human in the loop for all decisions.
Ben-Ami highlighted the evolving nature of AI implementation, indicating that trusting AI comes down to two pieces - the level of risk, and the level of pressure you have when deciding to use it. A common a-ha moment is when merchants realize that AI isn't just making their company more scalable, it's also performing better than the human when they were doing the task manually. This philosophy underpins Justt's approach, combining AI efficiency with human expertise to deliver superior results in chargeback management.
Looking Ahead
As the payments system evolves and merchants continue to integrate AI into their payments strategies, continuous improvement and testing is important.
The session concluded with a poll ranking the benefits of AI in the payments ecosystem. Operational efficiency topped the list, followed by improved customer experience, revenue growth, increased security, and innovation.
As the payments landscape continues to evolve, it's clear that AI will play an increasingly crucial role. However, as this insightful panel demonstrated, the key to success lies not in AI alone, but in its strategic implementation alongside human expertise and oversight.
About Justt
Justt provides AI-powered automated chargeback management for merchants. By combining the power of AI and domain expertise to generate dynamic arguments that tailor each response, Justt helps merchants win more disputes effortlessly, without using templates, and scales to respond to any volume or complexity.
To learn more about how Justt can process and dispute 100% of your chargebacks, please contact:
