GenAI and the Consumer Purchase Journey

How Payment Providers Can Use GenAI to Personalize and Accelerate Commerce

Report by David Morris  | UPDATED: Mar 27, 2024
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Executive Summary
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Table of Contents
Executive Summary
GenAI-powered innovation can provide payment providers with new revenue streams
Personalized marketing offers burnish the power of two-sided networks
Virtual assistant personalization could ignite conversational commerce
Personalization and less friction at checkout will boost purchase conversion
Insider Intelligence Interviews
Sources
Media Gallery
About This Report
Payment providers are tapping genAI to personalize marketing offers and virtual assistants while streamlining customer checkout. These tools could help providers monetize transaction data and help merchants drive sales.
Topics
Payments
Artificial Intelligence (AI)
Financial Services
United States
Table of Contents
Executive Summary
GenAI-powered innovation can provide payment providers with new revenue streams
Personalized marketing offers burnish the power of two-sided networks
Virtual assistant personalization could ignite conversational commerce
Personalization and less friction at checkout will boost purchase conversion
Insider Intelligence Interviews
Sources
Media Gallery

Generative AI (genAI) tech can personalize marketing offers and virtual assistants while improving customer checkout. Payment providers looking to bring their own tools to market should closely watch early movers and assess their revenue-generating opportunities.

Key Question: How can genAI-powered tools affect the consumer purchase journey and provide opportunities for payment providers?

Most Wanted Innovations Online vs. in Physical Stores According to Consumers Worldwide, Q2 2023 (% of respondents)
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Key Stat: Consumers worldwide crave personalized product recommendations and services, as well as a frictionless payment experience, per a Q2 2023 Klarna survey. GenAI can help payment providers meet demand in both areas.

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    Table of Contents

    1. Executive Summary
    2. GenAI-powered innovation can provide payment providers with new revenue streams
    3. Personalized marketing offers burnish the power of two-sided networks
    1. Virtual assistant personalization could ignite conversational commerce
    2. Personalization and less friction at checkout will boost purchase conversion
    3. Insider Intelligence Interviews
    1. Sources
    2. Media Gallery

    Charts in This Report

    Most Wanted Innovations Online vs. in Physical Stores According to Consumers Worldwide, Q2 2023 (% of respondents)Customer-Facing Functions Have Highest Rate of GenAI Investment Among Business Leaders
    Reasons US Consumers Are Interested in Trying Generative AI Conversational Commerce, 2023 (% of respondents)How Interested Are US Adults in Using Cashierless Checkout Technologies* at Stores? (% of respondents, by demographic, Dec 2023)

    Interviewed for This Report

    Ori Bauer
    Dynamic Yield, Mastercard
    CEO
    Interviewed March 7, 2024
    Ken Moore
    Mastercard
    Chief Innovation Officer
    Interviewed March 4, 2024

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    First Published on Mar 22, 2024

    authors

    David Morris

    Contributors

    Suzy Davidkhanian
    Principal Analyst, Retail & Ecommerce
    Carina Perkins
    Senior Analyst
    Yoram Wurmser
    Principal Analyst

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