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Navigating the AI Wave: Innovations in Commercial Payments
As the financial landscape evolves, corporate treasurers are increasingly recognising the transformative potential of Artificial Intelligence (AI) in commercial payments. At HSBC, we are committed to guiding our clients through this journey, envisioning a future where AI seamlessly integrates into payment solutions, making transactions smarter, faster and frictionless.
A recent HSBC survey1 revealed that 86% of decision-makers expect Generative AI to unlock new opportunities for their businesses. Despite the promise of Generative AI, many organisations struggle with readiness due to legacy technology and data architecture. Our report outlines the top pain points in the payments system, including the need for simple, accurate, and frictionless transactions, real-time data for strategic decision-making, and robust fraud prevention measures. Addressing these challenges with AI can lead to significant improvements in efficiency and client satisfaction.
Navigating the AI Wave: Innovations in Commercial Payments
Manish Kohli
Head of Global Payments Solutions
Corporate treasurers are becoming more aware of the power of AI and the potential impact to their business. Yet for the value of AI to be realised, various changes are required in their organisations. At HSBC, we are committed to supporting our clients through this transformative journey. We envision a future where AI technology is seamlessly integrated into our payments solutions to create value for our clients, making transactions smarter, faster, and frictionless.
The commercial payments sector is ripe for disruption, facing challenges from digital-native competitors, rising customer expectations, and the need for regulatory agility. As clients demand more reliable and responsive service, cash management providers must go beyond competitive pricing to gain a competitive edge. Additionally, the dynamic regulatory environment requires providers to adapt quickly to new rules, such as the ISO 20022 initiative, which aims to standardise financial information globally.
Amit Mallick
Digital Payments Lead, Europe, Accenture
Integrating payments with Generative AI will revolutionise how businesses operate by driving efficiency in working capital management, creating intuitive customer experiences and reducing costs through automation. By harnessing the power of AI, we're not just streamlining transactions but also transforming them into intelligent interactions. This is setting a new standard for innovation in financial services and payments.
To successfully adopt AI, organisations must focus on building a modern digital core, fostering strong ecosystem partnerships, and maintaining a client-centric approach. This strategy will enable them to leverage AI effectively, driving innovation and creating tailored solutions that resonate with clients.
As we navigate this transformative journey, ethical considerations surrounding AI use are paramount. HSBC has established an AI Centre of Excellence to address concerns such as bias, compliance, and security, ensuring responsible implementation of AI technologies.
Download the report to learn more. Contact your HSBC representative to discuss how HSBC can help you as you look to leverage AI in your business.
Navigating the AI Wave: Innovations in Commercial Payments
