Evan Goldberg, Founder and Executive Vice President at Oracle NetSuite, recently emphasized the innovative impact of AI on manual workflows in the financial services sector. As companies transition beyond basic cloud migration, they are embracing advanced automation that streamlines everyday operations.

A prime example is the deployment of AI-driven tools like NetSuite’s Financial Exception Management agent, which significantly reduces inefficiencies associated with manual data entry and invoice processing. According to Mastercard, 73% of organizations leveraging embedded finance report substantial drops in manual workloads, enhancing operational capabilities from improved customer interfaces to automated compliance checks. These advancements convert extensive datasets into actionable insights, safeguarding profits and streamlining procurement in the expansive $100bn+ sector.

Furthermore, automation is reshaping banking processes by handling vital tasks such as data entry and financial report generation more effectively. For instance, systems are designed to process large volumes of transaction data in real-time, resulting in increased productivity and reduced manual processing times. Notably, Maxim Afanasyev from Google Cloud highlighted ongoing development of AI tools in collaboration with Starling Bank and Ecobank, aimed at enhancing customer interactions and broadening access to financial services.

Robotic Process Automation (RPA) combined with AI also aids banks in extracting and analyzing document insights efficiently, enabling real-time actions based on data evaluations. Oracle NetSuite’s Financial Exception Management agent is crucial in identifying discrepancies, allowing for proactive adjustments before they affect profitability.

Moreover, payment integration with procurement platforms facilitates better cash flow management and strengthens supplier ties, as noted in Mastercard's research. A forthcoming roundtable, "Reimagining Financial Services Through the Power of AI," will discuss the transformative role of Generative AI in improving operational efficiency and customer communication within this vital sector.

AI in Asia: Reimagining Banking Operations with Agentic AI

As we move into a new era of banking, multiagentic systems are revolutionizing operations in Asia by seamlessly integrating technology, processes, and human resources. Agentic AI is poised to redefine banking operations over the next decade, prompting leaders to explore its potential for optimizing workflows, enhancing customer satisfaction, reducing costs, and boosting productivity.

Crucially, successful implementation of agentic AI requires a fundamental change in organizational mindsets and workflows. McKinsey research identifies ten domains within banking operations ripe for innovation, particularly through nine multifunctional agentic AI “operations transformers.” These reusable AI agents can be trained for specific institutional knowledge and are adaptable for various use cases with minimal effort.

The potential applications are extensive. AI is anticipated to have the most significant impact on operational functions, which represent approximately 60 to 70 percent of a bank’s cost base. For instance, a global bank has successfully utilized AI to streamline its Know Your Customer (KYC) processes, drastically reducing documentation requirements and enhancing the onboarding experience for clients.

This technological shift is also driven by substantial investment in AI, with the financial services sector spending $35 billion globally in 2023 and predictions pointing towards nearly $100 billion by 2027. Additionally, a supportive regulatory environment in Asia is paving the way for greater AI adoption, encouraging financial institutions to innovate.

Moreover, multiagentic systems enhance productivity by automating complex workflows, surpassing the capabilities of traditional AI models. Banks have a unique opportunity to leverage agentic AI now, unlocking significant efficiencies and improving customer experiences, which can lead to lasting competitive advantages. By embracing a business-first mindset and prioritizing clear strategic goals, banks can fully capitalize on the transformative potential of AI in their operations.

Fifth Third Bank is taking a significant step toward modernizing its banking services through a multi-year partnership with intelligent finance platform Brex. The collaboration will introduce "Brex Embedded," a proprietary API-driven infrastructure that will enhance Fifth Third's commercial card offerings. This partnership is set to unlock $5.6 billion in annual commercial card payment volume, using AI-native automation to overcome the traditional banking hurdles.

By leveraging Brex's leading technology, Fifth Third is avoiding the challenges of developing its own spend management software. Instead, it will transform standard financial products into intelligent, software-led solutions that streamline complex workflows. The "Fifth Third Commercial Card powered by Brex" will be the default choice for the bank’s Commercial Banking clients.

Clients will benefit from an array of Brex's financial software tools, including:

• AI Agents: Offering automation in end-to-end workflows to accelerate book closures while minimizing manual errors.
• Spend Management: Allowing real-time visibility into expenses and automating receipt matching.
• Global Scalability: Enabling issuance of corporate cards and efficient expense management across international borders.

Tim Spence, Fifth Third's CEO, emphasized the necessity of evolving banking platforms to foster business growth and efficiency. He stated, "Financial platforms must power growth," showcasing the value of integrating Brex’s AI-driven innovations. Pedro Franceschi, CEO of Brex, highlighted the shift from traditional corporate cards to a full-stack intelligence platform, which now serves a diverse clientele, including over 300 public companies.

This partnership signifies a pivotal change in regional banking, as Fifth Third aims to eliminate the disconnect between banking transactions and accounting data. By implementing Brex's solutions, the bank seeks to combat "spreadsheet fatigue" and move toward a more automated, interconnected financial landscape for clients nationwide.

Intelligent Banking: A New Standard for Experience and Trust

By Gareth Gaston, Chief Product Officer, Candescent

In the rapidly evolving landscape of financial services, the concept of "Intelligent Banking" is emerging as a transformative standard that blends human empathy with advanced AI capabilities. This innovative approach transcends traditional banking by embedding intelligence into customer experiences, creating a seamless and anticipatory environment.

Concrete applications of AI in Intelligent Banking include succinct contextual summaries that enhance customers’ understanding of their financial standings, conversational banking interfaces that answer queries and facilitate transactions, and autonomous agents that proactively manage tasks on behalf of customers, available 24/7. These capabilities allow financial institutions to not just respond to customer needs but to anticipate them, creating a deeper level of engagement and trust.

With a wealth of data at their disposal, financial institutions often face challenges in deriving actionable insights. Intelligent Banking harnesses AI to convert this data into meaningful outcomes, simplifying decision-making and enhancing customer interactions. By integrating AI capabilities within the core banking experience rather than as superficial add-ons, institutions can ensure consistency and relevance in every customer engagement.

The benefits of this evolution extend beyond operational efficiency; they promote a keen understanding of customer needs and foster lasting relationships grounded in trust. By prioritizing experience through an intelligence-driven approach, banks and credit unions can compete effectively against larger players and innovate within their communities.

Ultimately, Intelligent Banking represents a paradigm shift where technology and human insight work together, not only transforming customer relationships but enhancing overall banking reliability and service quality. This strategic focus positions financial institutions to thrive in a future that is not merely digital but genuinely intelligent.