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How is this topic relevant on Finextra?

TBH how many human bankers do any "careful and rigorous economic reasoning" these days anyway? I wonder if any bank is planning to use Gen AI / LLM for such activities in the first place. Banks moved them to regulatory mandate and CBS, FD&P, HFT, and other software systems years ago. Whenever I ask my (human so far) RM to explain e.g. a certain TDS entry on my bank statement, his / her stock answer is, "It's according to RBI mandate" or "That's what FLEXCUBE says".  

(Disclosure: I'm ex-employee of FLEXCUBE company.) 

Never expected Visa to enter the loyalty management space but here we are: Visa unveils Web3 customer loyalty platform.

Never expected Visa to enter the loyalty program space. Adding to Blockchain Loyalty Programs - Sizzling Or Fizzling?.

I wonder if ChatGPT Banking will just be a rehash of Alexa Banking or will it answer sophisticated questions like "How much did I pay my CA last year?"

While the technology is above my paygrade, the hardware requirements seem to be underwhelming, considering that e.g. SAP HANA sites use many TBs of RAM, which are affordable even for SMBs, let alone large financial institutions.

On a side note, I recently stumbled on to this research paper on distributed inferencing of LLM over Internet: https://arxiv.org/abs/2312.08361.

Winners will be Banks, PayPal, Visa, MasterCard and their respective shareholders.

Copy-pasting my comment from another post: 

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Banks will thank regulators / PSR for giving them the chance to delay payments and earn float income under the pretense that they're "carrying out extra due diligence on the authenticity of the payment".

PayPal, Visa and MasterCard will thank regulators / PSR for giving banks the opportunity to deflect A2A payments to to PayPal and credit card under the pretense that PayPal and credit card provide greater scam / fraud protection, as Santander has already started doing (Source: Finextra). 

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Losers will be PSPs of A2A RTP / Open Banking payments.

Like most Drunk Under Lamp Post regulation, this one will also defeat its basic purpose.

@Finextra Member @ 10:37 +1.

That's what Zelle has done in USA: Changed an otherwise irrevocable method of payment to revocable in the event of APP Scam. Makes sense.

I see no reason why bank shareholders should pay the price for negligence of payors and / or populist Drunk Under Lamp Post regulation by government trying to curry favor with vote bank. 

Banks will thank regulators / PSR for giving them the chance to delay payments and earn float income under the pretense that they're "carrying out extra due diligence on the authenticity of the payment".

PayPal, Visa and MasterCard will thank regulators / PSR for giving banks the opportunity to deflect ecommerce payments from A2A to PayPal and credit card modes under the pretense that PayPal and credit card provide greater scam / fraud protection, as Santander has already started doing (Source: Finextra). 

Like most Drunk Under Lamp Post regulation, this one is also likely to have unintended - but highly predictable - consequences that will vitiate the basic purpose of the regulation.

There's no competition.

QR takes 15 seconds and requires good network signal, battery, etc. Contactless credit card Tap and Go takes 3 seconds and has no such dependencies. I rarely use UPI but I've experienced more failed payments in one year of using UPI than 35 years of using credit card.

Even before contactless, I used to generally avoid stores that didn't accept credit card. Now that's a hill that I'll die on.