Discover Financial Services DFS recently struck a strategic partnership with Google Cloud to bring generative AI or gen AI technology to its customer care centers. The technology is expected to improve agent productivity, and enable delivering faster, personalized and efficient resolutions, enhancing customer experience.

Per the deal, DFS will leverage Vertex AI, Google Cloud's AI platform, to equip its around 10,000 contact center agents with gen AI-driven tools. This will help the agents to analyze complex policies and provide information according to customer needs. Utilizing this advanced technology is expected to reduce search time for the agents.

The newly integrated generative AI capabilities with Discover Financial's Action tool commenced rollout early this year. Initial outcomes indicate that agents can slash call handle time and enhance policy search time by up to 70%. Hence, upon full implementation throughout the company, it is expected to deliver substantial productivity gains.

The partnership with Google Cloud highlights Discover Financial's digital transformation efforts, which is necessary to stay abreast of the growing digital trend. Along with utilizing in-house resources, DFS frequently resorts to third-party vendors to pursue technological advancements. These initiatives help to bring down its operating costs, provide an impetus to its margins and enhance sustainability.

For e.g., last August, PULSE, a business unit within DFS, enhanced its partnership with Fair Isaac Corporation FICO, a global analytics software provider, to offer advanced technology to financial institutions, enabling them to detect evolving frauds more easily. Other companies in the payments space, like Mastercard Incorporated MA and Visa Inc. V, are also dependent heavily on technological advancements to improve their product suite, customer experience and security.

Mastercard collaborates with several partners to develop payment solutions backed by AI. Harnessing the power of AI, it strengthens its fraud detection prowess, customer service, and marketing. Another payment giant, Visa is committed to technological innovation, evident in solutions like Visa Token Service, Visa Checkout and Visa In-App Provisioning. These reinforce its leading position in the evolving payments landscape.

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