As you read this article, someone is checking their online bank balance, ordering Thai Food, flowers, and maybe some new furniture. With such a recent shift from retail businesses to online stores and services, it’s apparent that there’s not enough human labor, let alone qualified, to keep with the minute-by-minute demands an online business needs. However, AI is more than up to the challenge. This article gives you a complete overview of how AI remains the digital right arm for online businesses.
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The Importance of AI for Online Businesses
Unlike retail stores, every online business must factor in cybersecurity, no matter how big or small. Because every interaction is virtual, there are seemingly infinite ways that cyberthieves can infiltrate your network and hold your business hostage for ransom. Discover the main ways that AI continues to be an invaluable resource for online businesses.
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Unparalleled Cybersecurity Defenses
Today, cyberthieves have become so sophisticated that relying solely on expert staff to manage online security is not enough. Through programmed models and behavioral AI, online businesses, in real-time, can shut down cyber threats to protect their entire networks and, ultimately, their brand’s reputations.
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1. More Sophisticated Registration
From online banking and online casinos to creating a new Amazon account, all these services require new members to register. However, AI immediately goes to work screening these new accounts in ways that trained professionals can’t.
Using biometrics, AI goes beyond the simple name and password system. Instead, these online businesses will ask for parts of your social security number and other personal questions and documents to verify you’re you. Also, prepare for AI to ask for photo identification and compare it with your current picture.
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2. Superior Account Verification
Even when members are successfully verified, AI assists online businesses in verifying that it’s really that member logging in. It’s far too common for members to share their usernames and passwords with others. Although it’s an innocent mistake, it can be the perfect opening for savvy cyberthieves to crack through the online business network and bring them down.
As a result, AI uses multi-factor authentication to help prevent this innocent mistake. Basic multi-factor cases include sending a text message to that member’s phone. Usually, the PIN expires, and if the member enters it wrong too many times, chances are that AI will lock them out of their account until further verification.
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3. AI Boosts Online Payments
Hopefully, it goes without saying that as a consumer, it’s a good idea to only deal with a reputable online business or service. That way, you can assume reasonable and basic consumer protections. One of those is secure financing. An online business worth its salt only integrates trustworthy and secure payment options like Visa and MasterCard. However, most online businesses nowadays offer PayPal, Zelle, Venmo, and even Bitcoin.
While these methods are heavily encrypted and secure, AI continues to help online businesses prove authenticity with these financial transactions. When making a transaction for the first time, AI on behalf of the online business will almost require you to verify your identity and account again. And through behavioral AI, an online business knows your normal payment methods and the ballpark figure you spin.
If a member should suddenly spend double or more, for example, or make a large purchase with a new payment method, AI usually asks for further verification to prove authenticity. This measure ensures confidence in members, which translates into brand loyalty and perhaps referring new members to the online business.
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4. AI Takes Over Customer Support
In the past, one of the biggest business costs has gone to customer support. But thanks to AI, for a fraction of the costs, online businesses save money thanks to chatbots. Chatbots have advanced so much that most online members prefer to deal with them rather than a human. Customer support is an underrated area that can make or break an online business. For that, AI boosts its stock.
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Conclusion
As more businesses and consumers shift from retail to online, the workload for online companies will only increase. That’s why these virtual businesses need to stay abreast of current technological trends, and especially with AI. AI is constantly evolving, so the smart online business evolves with it.
DISCLAIMER
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