The Future Of International Payments With Azimo
Azimo and AI
The market for global money transfer is booming. With over 258 million international migrants in the world, there are more people working abroad than ever before. The rise in migration has been accompanied by an equally large increase in demand for international money transfer services. This has given birth to a new generation of digital FinTech firms that are focused on delivering affordable international transfers to consumers.
Leading the pack of digital money transfer providers is Azimo. Founded in October 2012, the firm’s goal is to make remittances “cheaper, faster, simpler and easier to understand.”
By combining a simple app design with low transfer fees, Azimo has made it much easier for workers to send money back home to loved ones from a mobile phone.
In recent years, Azimo has used AI to improve its user experience through smart pricing, natural language processing and dynamic delivery times. The company has also used AI-powered money laundering systems to prevent fraudulent transactions.
Smart pricing has allowed Azimo to charge lower fees and react to currency fluctuations by identifying the best deal for a customer at a given time.
Michael Kent, Azimo’s co-founder and executive chairman, told AI Daily that Azimo had been experimenting with using AI to alert customers about the best time to make a transaction. In a political climate that creates sudden fluctuations in the value of the pound, this is a really useful service.
Money transfer is a complex service with millions of variables, from the exchange rate to different currencies and payment methods around the world. AI unlocks opportunities for customers in seconds that would not otherwise be possible.
Dynamic Delivery Times
Azimo’s dynamic delivery times system analyses transfer data to give accurate predictions of how long it will take a transfer to reach its destination. The company’s proprietary AI will know, for instance, that transfers are often faster at certain times of day, and will let customers know.
This is groundbreaking technology that offline money transfer providers simply can’t compete with. Reliable, accurate delivery times create trust from consumers and reduce the anxiety associated with sending money abroad.
Natural Language Processing
Natural Language Processing (NLP) has helped Azimo to understand the emotional content of messages to its customer service team. This helps prioritise customer complaints and ensures that positive messages are directed to the relevant teams, giving employees insight into how their work makes a difference.
These AI strategies, combined with the app’s user-friendly interface and competitive pricing, have helped Azimo to attract more than a million customers.
According to Michael Kent, Azimo is also using AI to identify and stop fraudulent activity on its platform. Transfers that the machine identifies as suspicious are sent to a human team for manual review.
The more customers Azimo acquires, the more accurate its AI systems become. Data sets continue to increase, which gives the machine more material from which to learn. It’s a virtuous cycle that makes the company’s products smarter and safer.
Data storage at this level is a challenge. “The data sets are huge, which can happen pretty fast in this line of work,” said Mr Kent. The company has invested heavily in data processing and storage over the last three years, including Amazon Web Services (AWS) technology.
But Azimo’s story is not all about AI. In a market as competitive as online remittances, where switching to a rival service is easy, user experience is still king. “It is more important to have a solid service that consumers are willing to share, which is why we have a hugely successful referral program,” said Mr Kent.
A broader look at AI and automation
A common objection to AI is that it will lead to unemployment as human roles become obsolete in the face of smart technology.
But Azimo’s investment in AI has not diminished its need for great staff. In fact, according to Michael, the company expanded its workforce by 70% during the last year.
Azimo’s success is about more than its AI strategy, but there’s no denying that AI and machine learning have helped the company to grow. They are a great example to other fintech firms and to UK business as a whole.