At Fortune Global Forum last month, Paypal CEO Alex Chriss discussed how the company is shifting its AI efforts to help small business clients.
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TechTranscript
00:00We've been using AI for a decade, as you can imagine,
00:03when it comes to risk and fraud and ensuring
00:05that we've got the data to make the right payment
00:07decisions for people.
00:09But one of the things that we think a lot about now
00:11is with 40 million small business merchants that
00:15use our platform to be able to accept payments
00:16around the world, there's really two paths
00:19that AI can lead us down.
00:21In order to be successful with AI,
00:23you need a tremendous amount of data.
00:25You need a tremendous amount of really good data scientists.
00:28Well, those are two things that small businesses don't have.
00:31So there is one path where the largest merchants in the world
00:34just get really, really good at personalization,
00:37really, really good at ads, really good
00:39to make sure that that Instagram feed is personalized to you,
00:42and the small businesses are left behind.
00:44We see that as our opportunity and our responsibility,
00:47to be honest, to be able to say, look,
00:48let's build a platform where we can leverage the scale
00:51that we have, the data that we have,
00:53and give to our small business merchants
00:55the opportunity to be able to personalize their data,
00:59find the right customer at the right time,
01:01price it in the right way, ensure
01:03that the purchase is done, and then
01:05have the follow-up with a smart receipt that says,
01:07hey, you're a new user.
01:08How would I like to bring you back and maybe give you
01:11a discount so that we can have a follow-up?
01:13And so all of the innovations that we're putting out
01:15are customer-backed and customer-focused,
01:17but leveraging AI and trying to democratize the data that we
01:20have, the data scientists that we have,
01:22the scale that we have, and put it
01:23in the hands of the small businesses around the world
01:26that really need it.