Splitit CEO Says Payments Firms Must Build for AI, Not Just Use It

The leader of BNPL provider Splitit is signaling a major shift in how financing technology works behind the scenes. For retailers, this means the tools you use to offer payment plans are about to become much smarter. Instead of just using AI to write emails or code, financing companies are rebuilding their core engines to be 'AI-first.' What does this mean for your store? Expect higher approval rates and smoother checkouts. AI-driven financing systems can now analyze customer data in real-time to personalize offers. This helps more of your customers get approved for the specific payment terms they can actually afford. It also helps reduce fraud, which keeps your transaction costs lower. The goal is to move away from rigid, legacy systems that often reject good customers due to outdated scoring models. As these technologies evolve, the friction at the point of sale will continue to decrease, directly impacting your conversion rates and average order value.

Source: PYMNTS

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