(11 July 2023 – Global) In an increasingly data driven economy, leading enterprises are exploring previously frontier technologies such as artificial intelligence (AI) to change the game at an unimaginable pace, Citi reports.
The enormous growth in internal data volume and variety in the last three years has led to quality and accuracy issues. Data integration and real-time access needs have emphasised the importance of data security and compliance as well as dedicated staff to care for broader data governance needs. AI can assist in identifying and mitigating risks in trade and treasury operations, while cutting-edge algorithms can analyse transactional data and detect patterns and anomalies for fraudulent activities.
The ability to obtain real-time analytics has never been more important yet legacy systems are not capable of meeting this growing demand. Most treasury teams do not have dedicated IT or technology support, something which Citi expects to change as finance departments work to bridge their skill gap.
“Treasurers and chief financial officers need data for everything they do. They need it available at their fingertips” commented Citi Treasury and Trade Solutions (TTS) Global Head of Digital and Data Platforms, Naveed Anwar.
“There are a lot of data-related challenges that decision-makers in the treasury department have. If the pandemic led to a digital transformation, now there’s a treasury transformation happening in the industry as well where CFOs are digitizing some of their processes but they’re also looking at the talent” Anwar stated in a recent interview with PYMNTS.
“There are new skills that workers and decision-makers will need to learn to make better decisions around data security, privacy, access management, data visualisation, and the coding tools that they have to have for making those decisions. In the world we’re living in, in which speed is everything, AI can be a real differentiator. AI can help clients ensure compliance with trade regulations and reporting requirements by analysing trade transactions and identifying potential compliance breaches happening in their environment” Anwar added.