We attended Finovate West Digital and the CEE20 Conference to show how Strands AI-driven solutions allow banks to focus on business, rather than on implementation processes.
Last week, Strands’ CEO, Erik Brieva, had the pleasure to kick off the CEE20 Conference with his presentation AI in Banking: Opportunities for the banks and use cases, which was followed by a panel discussion on the topic. The event, organized by the SME Banking Club, virtually gathered business bankers and FinTech experts from all over the world to discuss the latest digital transformation trends in the SME banking segment.
On the same day, Strands’ Head of Product, Claudio Cungi, attended Finovate West Digital, an event which focused on how the FinTech ecosystem is responding to the consequences of the Covid-19 pandemic. Claudio took part in the exciting Quickfire Showcase, where he had 10 minutes to demo Strands’ BFM solution.
Both events were packed with top-notch educational conferences and insights, but, in case you missed them, we had a chat with Erik and Claudio and recapped the main questions they got asked.
What are the benefits of using AI-based financial management solutions?
Erik Brieva: Artificial intelligence generates deep customer insights that are valuable for both the bank and customers. It enables banks and merchants to anticipate customer needs and proactively suggest the next best actions. At the same time, AI helps financial institutions to empower people to better manage their life and business, and make financial decisions in a smarter, more transparent and independent way.
How is the Covid-19 pandemic affecting the use of financial management solutions?
Claudio Cungi: Access to easy finance management tools for everybody is a must in this era. Especially in the SME banking segment. Covid-19 is directly affecting business continuity, with business operations reducing, supply chain dries up and demand plunging. If they want to adequately serve their SME customers, banks have the great challenge of making financial management simple to SME owners. They need to leverage their digital channels and give SMEs the chance to easily monitor their cash flow, payments and invoicing; and showing them easy-to-understand projections and recommendations.
What are some of the challenges banks face when implementing an AI strategy? And how can they overcome them?
Erik Brieva: The way I see it, banks usually face two big challenges that need to be addressed before jumping into the AI train. From a business perspective, they need to know what is the desirable outcome of their AI strategy. What problems do they want to solve? What are their pain points? From a technical perspective, the main challenge is time. How long will it take for a bank to hire a big team of AI experts and analysts and build their own platform? And are they willing to wait that long?
What’s the big deal about SaaS FinTech solutions?
Claudio Cungi: SaaS financial management solutions help banks to focus on the creation of new journeys and experiences for their customers. They empower them to combine their capabilities with those of third-parties, and deliver the advantages of the latest financial technology to their customers. Like Erik mentioned, plug and play solutions allow the banks’ IT teams to focus on satisfying their own business needs, rather than on maintaining and implementing an AI-based infrastructure. To sum up, 'as a service' financial management platforms are cost-effective, scalable, reduce time to market and facilitate third-party integrations.
“To make the most of their data, banks need to implement an AI platform that is integrated with their core systems, provides out-of-the-box and pre-configured rules, algorithms and actionable insights, and has the capability to extend with new algorithms and rules to generate more insights.”
Erik Brieva, Strands CEO
Do you work in a financial institution and want to empower your SME customers? If you are interested in finding out how Strands can help your bank, or if you would like to get a Free Demo of our AI-powered Business Financial Management solutions, please fill out this form and one of our Sales Reps will get back to you as soon as possible.