Rapid Growth of Transaction Banking and Treasury Use Cases
Banks have been using AI for many years, deploying basic chatbots for customer service, for example. But there are far more sophisticated areas where the technology is being applied today. Indeed, numerous use cases for this technology exist in the corporate-to-bank relationship space that can benefit both sides of the relationship.
The hype around AI technologies has leapt to a whole new level in the past year. Recent progress on chatbots, making them much more responsive, and the arrival of ChatGPT – a form of generative AI – have introduced the topic of AI to a larger audience and opened their eyes to its true potential.
Crucially, however, many AI technologies are not new, they have been used successfully by financial institutions for some time. In fact, banks have already launched several successful initiatives, notably in the transaction banking space, offering a number of use cases that leverage AI.
Gautier Mouzelard, Global Head of Industrialisation for Trade Finance, Acquiring and KYC, BNP Paribas, outlines: “Within the world of transaction banking – and therefore treasury –the large number of client interactions, high volume of data, repetitive transactions, and operational teams involved in the day-to-day process, bring us perfect opportunities to add value with AI technologies.”