How AI Is Transforming Payment Risk and Fraud at Genpact

There are many potential uses for generative AI at financial services firms, but few are more promising than those in the areas of risk and fraud, said Kristine Demareski, vice president of payments at Genpact, which is already harnessing AI to increase efficiencies in analysts’ decision-making.

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Genpact’s AI-driven riskCanvas financial crime platform, which is being used in the APAC region, has helped fraud analysts improve efficiency and productivity by 60%.

“This is about using the power of a large language model to contextualize, infer and create the content that is part of the investigative process,” Demareski said. “This can be applied in many areas of payments, like the merchant services area.”

In this interview with Information Security Media Group, Demareski discussed:

• How use cases in generative AI differ from those in earlier forms of AI and machine learning;
• How generative AI is being used in the payments industry;
• The outlook for AI technology in 2024.

Demareski leads the growth of new business areas, the expansion of Genpact’s payments consulting practice and delivery of large-scale transformation programs.