Corporate Client Bots in Banking

"So far, we have largely focused on consumer clients. Let us take a closer look at scenarios where corporates deploy more sophisticated AI bots for their banking needs.

Key benefits of corporate bots in banking are:

🔸 Onboarding:

The onboarding process, including KYC and CDD, which is typically more complex in corporate banking than in retail banking, can be streamlined through AI. Current processes often involve multiple touchpoints and manual intervention. However, AI can automate these tasks, efficiently validating, understanding, and storing document content, reducing the need for manual processing and improving accuracy and speed.

🔸Feedback Loop:

The true voice of corporate clients is often obscured by limited feedback channels, rigid surveys, and generic market research. GenAI unlocks novel approaches as it empowers clients to express feedback in more natural ways and move away from static forms. This enables AI to extract insights that truly illuminate hidden needs and preferences, which fuels a virtuous cycle where client feedback directly shapes transformative, highly tailored products.

🔸Querying Own Payments Data:

Clients will be able to effortlessly interact with their data through a GenAI interface without the need for them to be proficient in data manipulation tools or be confined to a set of predefined data analysis features within an application.

Instead, they have the flexibility to ask questions in natural language, such as, ‘Who are my top suppliers and customers, based on payment value and volume, segmented by geography and payment methods?' The responses go beyond mere data; they are intuitive insights in natural language, accompanied by visualizations and the capability to explore ‘what if' hypothetical scenarios.

🔸Regulatory & Compliance Insights:

Graph LLM-powered tools could automate the monitoring and analysis of regulatory and compliance changes with the help of natural language processing algorithms. Relevant updates identified by such tools could then be used not only by the bank to adapt its processes and policies accordingly, but also form part of the advisory information that clients can benefit from while incorporating changes into their business. Banks' transactional processing flows would also benefit from ongoing compliance checking against such consolidated regulatory positions, flagging non-compliance early and allowing both the corporate and the bank to address the gaps and avoid penalties.

Over-reliance on AI bots may lead to vulnerabilities if the technology fails or is compromised. Navigating the complex regulatory landscape can be challenging, especially as regulations evolve to keep pace with technological advancements."

Author

AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

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