“AI has the potential to make big waves in treasury technology. AI could reduce the grunt work for treasuries, freeing up time to make strategic decisions. “Another dimension where AI and machine learning helps, with proper human oversight, is risk management. This is particularly relevant where there is a lot of data that requires monitoring,” says Jacqui Kirk, co-head of Product Management, Global Transaction Services, EMEA at Bank of America.
According to McKinsey & Company, AI is already enhancing banking operations by providing real-time transaction monitoring and fraud prevention. Banks are also looking to transform the time-consuming reconciliations process with AI. Asian Banking and Finance magazine says that AI could make quick work out of reconciliations and some banks are already working on how cash management, fees and expense processes can optimised.”