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The Green SheetGreen Sheet

The Green Sheet Online Edition

February 27, 2023 • Issue 23:02:02


Let's not fear AI

With the rise in AI have come predictions that it will replace countless human workers across all industries, including payments. But I'm not worried. Take The Green Sheet. When I think of the industry experts who have contributed their unique knowledge and perspectives to our magazine through the years, I do not believe ChatGPT or other AI technology can offer what they do.

Yes, AI can provide the information our contributors have presented in various forms, but no software can reproduce Natasa Cvijanovic's verve, the nuances of Adam Atlas, Allen Kopelman's wit, the affability of Jeff Fortney, Dee and Emily Karawadra's charisma, Nick Cucci's optimism, Jeff Shavitz's helping hand, the compassion of the late Biff Matthews, and so many others.

And when it comes to our staff, I think of the brave, no-nonsense approach of our founder, Paul H. Green, the say-it-like-it-is appeal of senior editor Patti Murphy, the unbridled enthusiasm of senior staff writer Dale S. Laszig, the shapeshifting pen of Laura McHale Holland, editor in chief. Bots simply can't compare. Sure, software can help spot errors, but even then, it's the human eye that typically catches the distinction between "two" and "too."

Like many other people, I see AI as a useful tool for all types of writers including journalists, copywriters and those tasked with building rapport with customers through various marketing and PR campaigns. And since AI systems can analyze vast amounts of data and generate reports with astonishing speed, often with stunning accuracy, this can aid in research, saving human writers time they can devote to crafting their work. Interactive AI can also be used to help brainstorm for new ideas and approaches to the tasks at hand.

AI is for the feet on the street, too

AI can be harnessed to help, not replace ISOs, merchant level salespeople and other professionals working in the payments and fintech spheres, too. It's AI's ability to swiftly analyze large amounts of data that is most striking. This can be put to use in many ways.

AI can analyze current customer data and identify new opportunities, helping ISOs and MLSs target new prospects more effectively; it can analyze transaction data immediately, which can help merchants minimize chargebacks and reduce fraud; when managed well, it can automate routine customer service tasks and resolve minor issues, giving customer service representatives more time to take care of cases that require that special human touch; in underwriting, AI can also look at the data and pinpoint potential negative aspects of merchants that humans might miss; and it can gather and analyze sales data to help ISOs and MLSs in their strategic planning. Indeed, some payment companies already use AI for these purposes.

There may come a time when AI grows so powerful, it will be able to replicate functions that only humans can now do effectively. But if we're smart and caring, and build genuine relationships with our customers and partners, I believe we'll be able to harness AI and not see it push us aside. So, if you're on the fence about AI and automation, give it a try, and let me know how it goes. end of article

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