AI Transforms Banking, Spend Management, and Payments
Welcome back to this week's edition of APxAI, your bitesize roundup of the latest headlines covering AI innovation for AP professionals.
Here's what we have been reading this week:
?? The Power of AI for Robust Banking Architecture
?? How to Unlock Purchase Management Best Practice in 2024
?? AI-Driven Spend Management Slashes Costs by 20%
?? Digital Payments Bring Real-Time Data Insights
The Power of AI for Robust Banking Architecture
European banks must accelerate their journey to recompose architecture, with AI and GenAI as strategic differentiators. According to McKinsey, Generative AI has the potential to deliver significant new value to banks to the tune of $200-340 billion. This involves moving away from legacy systems to cloud-native, microservices-driven structures.
Key strategies include leveraging AI for data insights and cyber security, integrating AI in banking operations, and employing the strangulation pattern for phased transformations. Emphasising data cleanliness and robust security frameworks will be crucial. Adopting these modern technologies helps banks enhance efficiency, security, and customer satisfaction in a digital-first landscape.
How to Unlock Purchase Management Best Practice
Effective procurement management is essential for maintaining financial health and operational efficiency. Modern systems integrating AI-driven automation offer benefits like enhanced visibility, cost-saving opportunities, and improved user experiences. By adopting robust purchase management systems, businesses can streamline workflows, reduce administrative burdens, and foster better supplier relationships. Key practices include:
These advancements lead to greater transparency, accountability, and financial control, helping businesses achieve strategic goals.
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AI-Driven Spend Management Slashes Costs by 20%
AI-driven spend management is cutting costs by 20% for businesses, enhancing productivity, and speeding up market responses. Companies like Fidelity Investments and T. Rowe Price are leveraging this technology for significant savings and operational efficiency. Automated sourcing processes now take minutes instead of months, allowing procurement teams to focus on strategic initiatives. CFOs are encouraged to integrate AI-driven systems with minimal disruption, engage key stakeholders, and utilise data analytics for continuous improvement in procurement strategies.
Digital Payments Bring Real-Time Data Insights
B2B companies are increasingly moving from paper-based to digital payments, integrating these systems with accounting and ERP software. This shift enhances data analytics for spending insights, demand forecasting, and fraud detection. Key innovations include fleet expense automation and API-enabled instant payments, along with the growing use of virtual cards. AI is also improving outbound sales strategies, showcasing a trend towards more efficient and secure payment processes.
Kloo is your one-stop solution bringing the latest in AI innovation for Accounts Payable, providing visibility and control over spend and empowering finance teams with operational efficiency. ??
Interested to see how GenAI can transform your AP? Book a demo with us.