Trends Affecting Payment Providers: How AI is Driving Change in Payments

In this episode, we explore how NMI is actively leveraging AI to enhance both its operations and customer experiences. Phillip Goericke, NMI’s Chief Technology Officer, and Spero Langaditis, Director of AI and Automation, shared insights on how AI is being integrated across various aspects of the company. 

Philip discussed the role AI plays in streamlining coding tasks, improving customer support through AI-driven tools and automating underwriting processes. He emphasized that AI is helping NMI deliver more efficient, high-quality outputs, such as better documentation and customer interactions, while also simplifying complex tasks for users.

Spero added that NMI is focusing on using AI to not only improve internal operations but also to enhance the usability of their products. The goal is to make their software more accessible and easier to use, thereby reducing the learning curve for new users. Both Phillip and Spero highlighted the transformative potential of AI, comparing its impact to that of the internet, predicting that AI will continue to evolve rapidly, making significant strides in areas like fraud detection, personalized customer service and risk management within the payments industry.

Looking ahead, Phillip and Spero believe that AI will play a crucial role in simplifying payments and embedding them seamlessly into everyday business tools. This could lead to a world where AI-driven dynamic integrations replace the need for manual coding and maintenance, dramatically lowering the barriers to embedding payment solutions. 

They advise payments and software providers to start investing in AI capabilities now to stay competitive, emphasizing the importance of ethical AI practices and the ongoing education of employees in this rapidly evolving field. The future of AI in payments is filled with possibilities, and NMI is poised to be at the forefront of these advancements.

Listen to the full episode to learn more!