Citi Perspectives Fall 2023: Transforming Treasury

Naveed Anwar Global Head, Digital and Data, Citi Treasury and Trade Solutions | 9 Leveraging AI: AI will personalize treasury and power data-readiness teams Working seamlessly with large lines of data Compliance is a great area for firms to start with. Standards and governance are more important than ever across the financial industry, and AI provides firms an opportunity to add extra anomaly detection capabilities to their existing first-line/second- line constructs. But while AI and machine learning have the potential to revolutionize many industries, it is important to remember that they are just tools, and the reliability of information and the ability to comply with regulations are still paramount. “The biggest challenge that everyone has is how to keep their data secure and compliant,” Anwar said. “Identifying data governance and data standard rules so that every application that gets created is built on the same data standard is crucial too.” As financial institutions continue to invest in these technologies and digitalize historical processes, they must also invest in compliance and data governance to ensure they can take full advantage of what the technology can do. And while AI and data analytics can help treasurers and CFOs make better decisions and stay competitive in today’s real-time world, it is important to remember that the finance team operates as a team — and there is always the need for a human in the loop. Originally published by PYMNTS in July 2023.