Harnessing Predictive Analytics: Transforming Payment Behavior in the Digital Age

Author(s)	Kumar Shanmugasamy
Country	United States
Abstract	This paper delves into the transformative potential of predictive analytics, powered by artificial intelligence (AI), in forecasting payment behavior within the digital payment’s ecosystem. Predictive analytics, using machine learning models, analyzes historical payment data, identifies patterns, and anticipates future consumer actions. Financial institutions leverage these insights to enhance payment processes, improve fraud detection, reduce payment defaults, and offer personalized services. The study also examines a case where AI-driven analytics successfully reduced late payments and improved customer satisfaction. Ethical challenges such as data privacy, model bias, and regulatory compliance are addressed. The findings underscore the significant role of predictive analytics in optimizing digital payment systems and enhancing the overall customer experience, paving the way for a more seamless and satisfying digital payment journey.
Keywords	Predictive analytics, payment behavior, Artificial intelligence (AI), Machine learning, fraud detection, payment forecasting, digital payments
Field	Computer > Artificial Intelligence / Simulation / Virtual Reality
Published In	Volume 6, Issue 6, November-December 2024
Published On	2024-11-19
Cite This	Harnessing Predictive Analytics: Transforming Payment Behavior in the Digital Age - Kumar Shanmugasamy - IJFMR Volume 6, Issue 6, November-December 2024.

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