• Matt Williamson, SVP & Industry Principal, Global Banking and Payments at Endava


• 19.12.2024 10:30 am
#SmartPayments #ConsumerExperience

“Smart payment solutions are reshaping the way consumers manage their finances and make purchases. The introduction of dual cards, including Enfuce's 2-in-1 debit and credit card with Mastercard, offers unprecedented flexibility and convenience. This innovative solution allows users to switch between debit and credit payments seamlessly, optimising their spending based on their financial situation and preferences. For example, dual cards allow one to seamlessly switch between debit for day-to-day expenses and credit for larger purchases or emergencies while abroad.  

Looking beyond dual cards, intelligent features like recommendation algorithms and dynamic payment selection are set to enhance the consumer experience. These systems analyse various factors to include purchase location, currency exchange rates, and individual spending habits to suggest the most cost-effective payment method for each transaction. This not only saves users money but also simplifies the decision-making process at checkout. For example, when shopping online, the system might recommend using a card with no foreign transaction fees for an international payment, or highlight a rewards card for groceries to maximise cashback. 

The integration of these smart payment solutions into financial apps and digital wallets is fostering a more personalised and efficient frictionless payment ecosystem. By automatically selecting the best payment option - factoring in fees, exchange rates and potential rewards - these systems are helping consumers maximise their financial resources.  

As we look to 2025 and beyond, the evolution of these technologies promises even more sophisticated, user-centric solutions. With the ability to adapt to individual needs and market conditions, they are set to empower consumers to make smarter financial decisions, tailored to the realities of everyday life.” 

Could AI agents be our ticket to financial freedom? 

“Agentic AI is transforming personal financial management, opening the door to accessible and sophisticated financial advice for all. Through advanced data processing collated across multiple sources and machine learning, it is delivering valuable financial insights across critical areas, empowering individuals to tangibly achieve their financial goals with personalised strategies.

From goal setting to investment management and expense optimisation, Agentic AI acts as a super-smart 24/7 financial advisor, offering tailored financial guidance without the astronomical fees. Imagine you're a 28-year-old struggling to save for a home while managing student loans - this intelligent solution could analyse your spending habits and suggest micro-adjustments, for example redirecting £50 from unnecessary subscriptions into a high-yield savings account. But it's not just about cutting costs. These AI agents create personalised investment strategies that adapt in real-time, automatically rebalancing portfolios during market volatility or flagging tailored investment opportunities.  

The most compelling aspect of agentic AI lies in its potential to democratise access to financial planning, making high-quality advice available to those who’ve previously been excluded due to cost. However, this revolution isn't without challenges. Considerations around data privacy, regulatory compliance and the need for human oversight are vital to ensure trust and long-term success.  

As the technology matures, agentic AI could become an indispensable partner in personal finance, enabling smarter decisions and accelerating paths to financial freedom. This is more than technology - it’s empowerment for everyone.”