Your digital money trail: How AI is changing financial privacy
By Mukesh Pandey, Founder & MD, Rupyaapaisa.com
The digital payment system leaves behind a lot of information. Be it a payment made via a UPI transaction, acquiring something with a credit/debit card, a subscription to an online service or a loan secured through an app, it generates data about our spending behaviour. All of this data is extremely valuable for both banks and technology companies nowadays, as more and more services move online. AI is good and complicated when it comes to financial privacy. On the one hand, it helps to identify fraudulent transactions and customise services. It can perform all of this in a matter of seconds.
Every payment tells a story
To start analysing financial data, one might find that it is not that bad to make a grocery purchase using UPI or settle a restaurant bill with a card. In case a person makes a few transactions,...
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