Square Introduces AI Features Including Website and Restaurant Menu Generator Tool

Square, the financial services platform, is taking a bold step into the world of generative AI. After announcing plans to integrate AI features earlier this year, Square has unveiled 10 new generative AI capabilities focused on customer content creation, onboarding, and setup. These features are available as of today, with some being part of Square’s beta program.

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A Year of Challenges for Square

Square’s decision to invest heavily in generative AI comes at a time when the company is facing significant challenges. Block, Square’s parent company, has seen declining revenues from its Cash App peer-to-peer payments service. The buy now, pay later service Afterpay, which Block acquired in 2021 for $29 billion, has posted substantial losses. Additionally, Block’s Bitcoin revenue has fallen in line with the decline in cryptocurrency prices last year.

Square faces growing competition on multiple fronts, including from Fiserv’s Clover, Toast, and Stripe. Investors have taken notice of these challenges, with Square stock retreating around 30% so far in 2023. As former Square head Alyssa Henry prepares to leave her role, founder Jack Dorsey is set to take the reins.

Generative AI: A Key Differentiator

Square’s investment in generative AI is a bid to stay ahead of the competition and establish itself as a leader in the financial services industry. The company believes that its new capabilities will put it at the forefront of technology, enabling seamless and intuitive applications of AI.

Saumil Mehta, Square’s head of point of sale, says: "Square is uniquely positioned to be the technology partner that enables the most seamless, intuitive applications of AI."

The 10 New Generative AI Capabilities

Content Generation: Square can now generate customer content, such as product descriptions and announcements.
Onboarding: The platform can create personalized onboarding experiences for customers based on their preferences and behavior.
Item Suggestions: Square suggests items for sellers to adopt based on insights about their business.
Announcements: Square Team Communication can generate and send out announcements to let employees know about new products and upcoming promotions.
Message Suggestion: Square Messages can suggest sophisticated AI responses, personalized with customer names.
Product Recommendations: The platform suggests products for customers based on their purchasing history and preferences.
Order Suggestions: Square can recommend orders for customers based on their past purchases and behavior.
Payment Processing: The platform can automate payment processing for merchants, reducing errors and increasing efficiency.
Invoicing: Square can generate invoices for customers based on their purchase history and preferences.
Account Management: The platform can help manage customer accounts, including updating contact information and tracking purchases.

Conclusion

Square’s decision to invest in generative AI is a significant step forward for the company. With its 10 new capabilities, Square aims to establish itself as a leader in the financial services industry. While some may question whether these features will be effective, one thing is clear: Square is ambitious and willing to take risks to stay ahead of the competition.