Does your Payment System talk to you?
Your Payment System is the Heartbeat of Financial Operations in your bank
Payment systems or payment hubs are the lifeblood of a banking ecosystem, orchestrating the flow of transactions that form the backbone of financial operations. They ensure the seamless transfer of funds, uphold the integrity of transaction data and contribute to customer satisfaction by facilitating prompt and accurate transactions. Their importance in maintaining regulatory compliance and ensuring the bank's financial health cannot be overstated.
Yes, but it keeps secrets from you
Despite their pivotal role, traditional payment systems often fall short in offering insightful analytics. The built-in analytical tools, if present, usually feature a set of predefined, rigid metrics that hardly evolve with the changing informational needs of the bank. The static nature of these analytics often leaves pertinent questions unanswered, hindering the bank's ability to make data-driven decisions in a timely manner.
Make it talk, using Generative AI
Generative AI opens the door to dynamic, responsive analytics within payment systems. By leveraging machine learning and natural language processing, Generative AI can transmute raw transactional data into a wealth of actionable insights. It goes beyond static charts, offering a range of visualizations like graphs, timelines, and interactive analytics that can be tailored to the specific inquiries of the bank. The beauty of Generative AI lies in its ability to not only provide numbers but to narrate the story behind those numbers, making complex data easily comprehensible.
The Payment HUB of the future must have a Conversational Interface
Imagine a scenario where the payment hub becomes an analytical companion to the bank, ready to delve into transactional patterns, forecast trends, or answer complex queries at a moment's notice. It can even open a whole new dimension of AML investigation. By integrating a chat interface powered by Generative AI, the payment hub transforms into an interactive analytical tool. This is what aplonHUB has done. It includes an AI-driven chat that is fine-tuned and trained to answer all your difficult questions. It turns the payment hub into a dialog-driven analytics engine paving the way for a more futuristic banking ecosystem.
And generative AI in financial services is not just a trend, it's a strategy that's already been implemented by financial titans.
JP Morgan: Embarking on an AI-driven financial advisory journey, JP Morgan is developing a ChatGPT-like tool aimed at enhancing investment decisions through advanced analysis of financial securities such as stocks, bonds, and commodities.
American Express: Harnessing the power of AI to predict customer behavior over time, American Express aims to refine its financial planning and decision-making processes, fostering a better understanding of customer needs and preferences.
Deutsche Bank:In collaboration with Google, Deutsche Bank is testing Gen AI and Large Language Models (LLMs) to provide new insights to financial analysts. This initiative is geared towards enhancing operational efficiency and accelerating execution, ultimately aiming to deliver enhanced value to stakeholders.
Bloomberg: Innovating in financial analysis, Bloomberg has established BloombergGPT, a dedicated model for dissecting financial information. This model assists in risk assessments, gauging financial sentiment, and explores the automation of accounting and auditing tasks, paving the way for more accurate and efficient financial reporting.
Everybody is on board
However, this innovative technology is not only for the financial titans. AI is not a new concept in the Banking arsenal. According to CCG Insights (Sep 2023) 73% of Banking C-Level Executive said they are very interested in (or already are) leveraging AI tools. Additionally, rather than automating job roles, 93% of executives say they expect generative AI to augment employees across functions - IBM IBV survey to Financial Institutions CEOs.