Making AI a reality in banking

Making AI a reality in banking
#AI #MachineLearning #Fintech #ML #Banking #tech

  • Extensive automation of business processes in international banking using artificial intelligence, robotics and machine learning, which I’m going to collectively call robotic process automation (RPA), is set to transform the way banks and financial services – firms do business – particularly in areas such as trade finance and similar complex…
  • The software robots will need to have access to the hundreds business – processing rules at the bank -the relevant common objects and components, in addition to the specific product-related objects and components.
  • This will be required so that entire business processes, from the relevant portal system for the bank’s customers, – through the mid- and back-office systems inside the bank, further on to the relevant business parties via the relevant channels (SWIFT, clearing houses etc.) around the globe, can be end-to-end automated…
  • To achieve this, banks need to scale back their reliance on legacy core banking systems and implement a modern IT platform built on international standards with all relevant business processing rules available.
  • This should include information and related – business processing rules about the customers, the customer accounts, the customer agreements, the banks, the bank’s accounts, agreements with banks, agreement between involved banks, GL accounts, the products, the commissions, charges and fees, interest, – the pricing rules, the clearing houses and clearing…

Extensive automation of business processes in international banking using artificial intelligence, r…
Continue reading “Making AI a reality in banking”