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Western Union to Use Artificial Intelligence Via Beguided

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Western Union Company’s (WU - Free Report) subsidiary SpeedPay has tied up with Beguided, Inc., a technology company providing business solutions to increased customer engagement.

Pursuant to the pact, Speedpay has fully integrated Avapay, a proprietary virtual reality based payment channel, into its platform. Speedpay will be able to offer its customers a customizable and efficient payments experience that utilizes Artificial Intelligence to power self-service platforms.

Speedpay by itself provides convenience payments options to customers via its suite of tools and solutions. The tie-up with Beguided’s virtual agent offering will enhance overall efficiency, freeing up time for live representatives to tackle more complicated customer service issues.

Speedpay’s new service is already available to its current and prospective customers. Avapay via its automated, multi-lingual solution collects client information and feedback plus processes payments quickly. The service is available 24-hours a day, thus increasing customer convenience.

Frequent use of technology and digital transformation has brought along with it this wave of Artificial Intelligence (AI). In fact, AI is going to be a game changer for the payments industry. At present, it is in use for the purpose of rendering personalized experiences to customers, reducing fraud, speeding up payments and providing better service.

In the payments industry, AI is used to automate digital and physical tasks, engage employees and customers using natural language processing chatbots, incorporate intelligent agents and machine learning as well as use algorithms to detect patterns in vast volumes of data.

Despite all these advantages, AI technology is not without its challenges. Still in infancy, the novel technique  has ample room for improvement. And as AI is adopted to complete more complex tasks, there remain gaps in its ease of use.

Year to date, the stock has lost 1.1% against the industry’s growth of 22.7%.

The stock carries a Zacks Rank #3 (Hold).

Investors interested in the miscellaneous services industry might take a look at a few better-ranked stocks like Euronet Worldwide, Inc. (EEFT - Free Report) , MoneyGram International Inc. and TCG BDC, Inc. (CGBD - Free Report) . Each of these stocks carries a Zacks Rank #2 (Buy).

Euronet provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers worldwide.  It came up with an average four-quarter positive surprise of 0.38%.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MoneyGram International, money transfer has seen the Zacks Consensus Estimate for current-year earnings being revised 11.3% upward over the past 30 days.

TCG BDC is a non-diversified closed-end investment company. It managed to pull off an average four-quarter earnings surprise of 5%.

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