AI as an enabler

"What did the mommy tomato say to the baby tomato? Ketchup!"

Heard that in a session recently and it resonates. Maybe it's time to create a digital twin to help me sort out some of the work while I play catch-up? All jokes aside, this year in particular, I do feel like things are happening at supersonic speed. I can't believe it's October!

Now ... onto two of my favorite topics: small business and artificial intelligence.

Small businesses are the backbone of our economy: SMEs are 90% of all firms, 70% of the workforce, and 50% of GDP worldwide. When they thrive, our entire economy prospers. So how well do banks understand what the SMEs need and how best can they compete and succeed in the rapidly evolving landscape?

IBM just released a new report titled: "Banking for SMEs: The voice of the makers ", which serves as a great companion read to another report: Banking for small and medium enterprises , published recently by IBM IBV in collaboration with the Banking Industry Architecture Network (BIAN). (Thank you Paolo Sironi !)

Here are the four themes discussed in this new report:

• Go beyond branches, blending human and digital engagement.
• Become an ecosystem catalyst, expanding services beyond banking.
• Refine credit risk management with new data and AI.
• Help SMEs to save time and add critical business value.

"Digitalization should not be interpreted as digital replacing branches. I think human touch will always be important." —?Gokhan Koca, Global Head of SME Banking, BBVA

That is absolutely one of my favorite quotes from the report. The topic of branches has been hotly contested for quite a while now, with many predicting a cashless and branchless future. But often times, what we forget in these conversations is the simple fact that we are interacting with humans, not robots. While what we do in the branches may change, we still need human interaction —?enhanced with tech.

"Technology can create new forms of banking proximity that benefit all parties. The winning approach is a balanced approach that offers alternatives to fit different expectations." —?Gokhan Koca, Global Head of SME Banking, BBVA

_____

If you are gearing up for Money20/20 later this month, be sure to join us at the following sessions and stop at IBM's conference space in Meeting Room MR 2202.

October 27 at 10:20 AM PT — Generative AI: The New Accelerator for SME Banking with Shanker Ramamurthy, IBM Consulting & Steve Van Wyk and Banking Industry Architecture Network (BIAN)

October 28 at 10:00 AM PT — Technology & the Future of Financial Services with Gary Cohn, Chairman IBM

October 29 at 10:00 AM PT — Reimagining Treasury & Cash Management? with Matthew Angelstad, IBM Consulting & Kartik Kaushik, RBC Capital Markets

October 29 at 1:55 PM PT —?Consumer Complaints: Reduce Risk and Improve Compliance through AI-Based Analysis with Maya Wilson, IBM Promontory

You can find all the details here as well. See you soon!

_____

In this week's One Vision — FinTech Fuse!

It is no longer a question of whether financial institutions need AI, but more a question of what use cases we should focus on first, and how we can best scale the technology.

In this special episode of One Vision — FinTech Fuse! I chat with John Duigenan , General Manager, Global Financial Services Industry with IBM Technology , and Shanker Ramamurthy , Global Managing Partner Banking & Financial Markets with IBM Consulting , on what to expect at the upcoming Money 20/20 USA conference in Las Vegas.

From scaling generative AI across the financial services enterprise, to trustworthy AI best practices and top use cases for GenAI, the agenda is packed with insights from IBM experts with deep knowledge in modernization, digital transformation, and emerging technologies. Join us where fintech meets responsible AI, and let’s shape the future of banking together.

_____

As always, thank you for reading. If you enjoy my posts ...

?? Ring it on my profile so you don't miss the next one.

? Subscribe to this LinkedIn newsletter "The FinTech Prose" and share it with your network

?? Hit like and comment to let me know your thoughts.

? Drop me a review on Beyond Good and The Metaverse Economy on?Amazon.

_____