HCLTech Report Highlights AI Challenges in Payments Industry

HCLTech has released a new report highlighting the rapid adoption of AI in the payments industry, with 99% of organizations utilizing AI technologies. However, the report, announced in a press release, also reveals significant concerns among executives, with 91% expressing worries about AI-related risks and 60% finding current AI fraud detection tools ineffective.

The research underscores the industry's move towards an AI-enabled, autonomous future, yet it also points out the challenges of trust, regulatory preparedness, and outdated infrastructure. Notably, nearly half of the organizations surveyed lack formal AI policies, and issues such as hallucinations, synthetic fraud, and data leakage are prevalent concerns.

Despite the push for innovation, the report indicates a gap between ambition and readiness, with only 17% of organizations fully operating autonomously, although over half expect to achieve this within the next 18-24 months. The findings emphasize the need for responsible AI governance and infrastructure modernization to meet evolving customer expectations and maintain competitiveness in the payments landscape.