AI News, The Rise of Digital Disruption

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S&P Global Ratings believes the country's banking sector is poised for substantial upheaval on the back of fintech developments--both in the products banks offer and the way in which they deliver those products.

In our view, technological developments can give banks the ability to more meaningful differentiate themselves and offer customers improved ways to navigate a complex financial landscape.

We expect customers will benefit from increasingly personalized product offerings, as growing availability of data allows banks to see customer financial profiles across multiple institutions and industries, leading to cross industry partnerships and investments.

In our view, change on this scale comes with inherent risks, from the operational challenges of moving to new core banking systems, to the responsible management of newly available customer data.

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The second bailout of a private Russian lender in less than a month is raising concerns about further potential rescues, but the risk of a wider financial crisis will likely be limited, market observers say.

21 that it approved a rescue plan for one of the country's largest privately owned lender by assets, B&N Bank, after the latter requested a bailout, three weeks after the biggest, Otkritie Financial Corp.

Gadeev said problem assets, along with liquidity problems, played a part in the bank's need for help because it would have been unable to sell off assets to restructure.

Russia's economy has been impacted by falling oil prices, rising inflation and Western sanctions following the country's annexation of Crimea, with knock-on effects for the banks.

B&N Bank shareholder Mikail Shishkhanov said in a statement that difficulties faced by the banks taken over by B&N were more serious than initially expected due to current economic conditions.

But some other banks that took over problematic lenders as part of the central bank's financial sector cleanup could face troubles, according to Raiffeisen's Gadeev.

21 that the state would take 75% of B&N during a three-to-eight-month recovery process, while the remaining 25% would remain in the hands of the current owners.

Next gen treasury? It’s your call

The sectors of technology, media and telecommunications are among the most dynamic and for treasurers operating in these intertwining sectors, staying ahead of the curve is essential.

The active participation at MWC of companies from not just the traditional mobile tech and infrastructure sub-sectors, but increasingly from associated sectors such as automotive, social media, e-commerce, FinTech and gaming, is testament to the potential transformational impact of 5G.

African MNO giants MTN and Orange announced in November 2018 the pan-African JV, Mowali, enabling mobile wallet payment interoperability between MNOs, it brings together 100 million mobile money accounts and mobile money operations in 22 sub-Saharan African markets.

This is seeing the rise in adoption of tools such as virtual accounts, and companies leveraging payments and receivables-on-behalf-of (POBO and ROBO) structures to truly deliver efficient in-house bank structures.

There is renewed focus too on working capital management, with sector players deploying trade solutions such as supply chain finance and sales financing solutions (to support sales growth) to great effect.

With innovative technologies facilitating the growth of new trading models, such as direct-to-consumer, and the expansion of instant ‘micro-payments’, there is increased pressure on treasurers to support the underlying businesses evolving needs.

Citi is taking it further, states Lee, partnering with the fintech HighRadius for the delivery in 2018 of Citi Smart Match, a sophisticated auto-matching reconciliation tool for receivables that leverages artificial intelligence and machine learning.

Recently Citi announced the development of a Digital Consumer Payments Business to enable institutional clients to collect from consumers through a wide variety of payment methods (including cards, e-wallets, Request-to-Pay and Open Banking), reflecting the growing shift towards direct B2C sales.

Citi Global Trade Uses AI to Digitise Compliance in NextGen Project

EY and SAS collaborated to improve risk and compliance processes Citi announced its NextGen project, an initiative with EY and SAS, using artificial intelligence (AI) to develop an advanced risk analytics scoring engine.

“We process 9 million transactions annually, and the NextGen project will help us optimise our processes from the back office to the front, by expanding the use of digitisation, automation and advanced analytics.” “This real-time solution will help us to be able to more efficiently detect transactions with potential compliance concerns up front,” said Valeria Sica, Global Head of Trade Services for Citi Treasury and Trade Solutions.

“This solution assists in managing and comparing a large number of data points across current and prior transactions, which will provide more context and usable data to aid the decision maker in reviewing global trade transactions, which has traditionally been a very manual process across the industry.” Citi Global Trade continues to digitise its platforms and processes to optimise the latest innovation available.

Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.

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