“How fast can I”- the next word is interchangeable, but the consistent mindset these days. With the world operating at our fingertips, speed and transparency are no longer a convenience, but a customer expectation. If you don’t meet these two demands, you will lose—it’s that simple.
One area still plagued with friction in our ecosystem is bank account balance management. More than 80 percent of consumers say it is very important to know immediately how much money they have in their bank accounts, with most reporting frustration with “pending charges”. Pending charges are a necessity for some businesses like hotels and rental car companies, but a gaffe for others due to the inherent delay between when a payment is accepted and the point where it ultimately clears.
By unlocking the power of artificial intelligence, Visa can help financial institutions enhance their balance management process and meet customer expectations without making costly infrastructural changes. Visa’s Smarter Posting uses AI to deliver a customized score for each transaction as part of the authorization process – predicting the likelihood that a transaction amount will remain consistent from the time a cardholder pays to the time they receive their statement.
And that gives financial institutions the added intelligence they need to provisionally update the account balance that a cardholder sees, creating a much more streamlined and transparent experience.
