Artificial intelligence (AI) is percolating from the B2C arena into the B2B service ecosystem, as both banks and mid-sized companies are reaching for new AI tools to widen and enrich how they communicate and collaborate efficiently along the financial supply chain.
AI Agents: A Game-Changer for Business Banking
The traditional labor-intensive nature of corporate banking is facing a shift due to the introduction of AI. Banks rely on large teams to manage complex financial products and extensive client relationships. However, AI is changing this paradigm by streamlining operations and automating repetitive tasks such as data entry, reconciliation, and compliance, thus significantly increasing service accuracy and efficiency. AI is also essential in improving decision-making processes by analyzing data to provide insights into client behavior, cash flow risk, and market trends. This ability empowers banks and mid-sized companies to make better-informed decisions regarding the solutions to offer and risks to manage. Moreover, AI-powered assistants improve customer service by providing immediate responses 24/7 to routine queries and escalating complex issues to human agents.
Empowering Mid-Size Companies with AI Agents
In the collaboration between mid-sized companies and banks, AI agents are being leveraged to add intelligence to their financial operations.
- The strategic imperative requires creating customized approaches by analyzing internal and market data, identifying patterns in customer operations, outlining future scenarios and formulating appropriate strategies.
- Effective implementation is facilitated by aligning operational plans, generating designs for custom products and services, conducting continuous test & learn experimentation, and providing a collaborative platform for ecosystem integration.
- In day-to-day customer operations, AI agents will help to smooth onboarding and KYC, automate routine tasks, leverage feedback and information captured through customer interactions, provide an agile response to each customer need, and continuously learn to enhance value delivery to businesses, as well as minimize credit risk and prevent fraud, money laundering or other operational risks.
- Internally, AI agents will help banks organize the effort within each customer service team, facilitate just-in-time knowledge management, and achieve an integrated equilibrium of effectiveness, costs, and compliance.
This tech-enabled joint effort aims to reinforce the B2B relationship by accelerating and de-risking financial operations, while ensuring high quality service:
- Efficient Cash Flow Management
AI tools optimize working capital and improve liquidity by predicting future financial needs. - Automated Invoicing and Payments
Streamlines financial operations and reduces manual errors. - Risk Mitigation
Early assessment and proactive management help protect both bank and business assets.
A New Era of B2B Partnership
The adoption of AI agents is transforming operational processes but also redefining the relationship between banks and mid-sized companies through the following three elements:
- Proactive Service: AI-powered systems anticipate client requirements and act to ensure support for their satisfaction, strengthening the partnership.
- Data-Driven Insights: A deeper understanding of each other’s needs and abilities enables the adaptation of financial products and services.
- Collaborative Innovation: Integrating AI systems enables optimal exploration of new business opportunities and co-creation of solutions.
This shift is facilitated by a deeper understanding of each other’s needs and abilities, leading to the creation of financial products and services that adapt to the changing needs of corporate customers. JPMorgan Chase is an example of a bank that is effectively leveraging AI to benefit mid-sized business customers.
But B2B banking is poised to change its spots significantly in all markets and products.
“AI allows banks to automate complex B2B processes, enhancing operational efficiency, while simultaneously offering personalized services through advanced data analysis, significantly improving customer satisfaction and fostering long-term relationships.”
– Rafael Vigueras, Globant Finance Studio.
The Future of Corporate Banking
Looking ahead, the evolution of AI is expected to bring further innovations to the corporate banking sector. AI systems are projected to have memory capabilities, enabling them to maintain context and remember previous interactions or data points while generating new outputs. Banks will leverage their experience in compliance and data security to build safe, intelligent systems.
Integrated financial ecosystems are starting to develop and evolve through collaboration between banks, fintechs, and mid-sized companies. These companies will demand a role in co-designing comprehensive solutions for their financial needs.
The adoption of AI agents is driving the transformation in B2B banking by automating tasks, enhancing decision-making, and improving customer service. Banks and mid-sized companies that embrace this technology-enabled approach will be well-positioned for growth in the coming years, enabling continuous, data-driven interaction between them as they leverage AI. This will also allow for automation, more personalized services, proactive problem-solving, and deep strategic collaboration that enhances operational efficiency and delivers superior customer experiences. B2B customer service teams from the bank will still drive the shots, but AI agents will give them far superior firepower.
Visit Globant’s Finance Studio to learn more about what is happening in the financial services industry and how AI is impacting its evolution.
