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When the pandemic thrust the world into a work-from-home reality, many businesses were unprepared to take their operations virtual. From paper-based payroll to manual collections, automation and digitization of operations could have alleviated many pain points, streamlined operations and increased efficiencies to keep business moving.The financial services industry is among those harnessing the power of artificial intelligence and machine learning to help customers reduce fraud exposure, execute faster payments and provide data-driven business insights.

Though artificial intelligence and machine learning sound futuristic, the capabilities are widely available now and can enable significant improvement in business operations, said Pat Pastore, PNC regional president of Cleveland.Chris Ward, PNCs executive vice president and head of data, digital and innovations for PNC Treasury Management, said artificial intelligence and machine learning drive the three important Is of the economy immediacy; interconnectivity; and interruption.

To that end, digital innovation, he said, helps companies make decisions faster, create integrated experiences and interrupt their own business or that of their competitors.

CASH FORECASTING

Until now, the cash forecasting process has been a manual, labor intensive, time-consuming process.

PNCs Cash Forecasting solution, for example, leverages artificial intelligence, machine learning and a companys historical data to produce a 31-day rolling cash forecast.

The module can help treasurers predict future cash flow, reduce version control issues, plan for a gap or surplus, and ultimately, provide better insights on current and future cash positions. Ward said the solution can be tailored, integrating with a companys existing systems as a standalone offering, or combined with PNCs PINACLE corporate online and mobile banking platform.

REAL-TIME PAYMENTS

In the business-to-business payments space, Ward said more than half of payments are still made by check. That can be a problem under crisis conditions.

The RTP network from The Clearing House, the first new payment system in 40 years, is a real-time payments platform for account-to-account transactions. What sets RTP apart from other payment systems, Ward said, is that it delivers payments 24/7/365, providing immediacy and interconnectedness.

AI and machine learning-enabled technologies are crucial for monitoring and analyzing transactions in the fraction of a second necessary to facilitate real-time payments, Ward said.

RECEIVABLES AUTOMATION

Receivables automation enables companies to streamline the receipt of payments from customers, reduce costs and maximize cash flow. Ward noted that as the pace of business increases and companies continue to embrace efficiencies, automating the often complex receivables process allows companies to consolidate traditional checks and all electronic payment formats into a single remittance stream.

With access to virtual batching, integrated remote deposit capture and workflow management, companies can minimize exceptions and operate with greater efficiency.

THE FUTURE

Pastore said competition is increasing every day and businesses are searching for ways to improve operations. This has only been compounded by the pandemic.

PNC has advanced technology to help companies become more efficient and, in turn, competitive.

From an industry perspective, Pastore and Ward said to expect increased adoption in the coming years as more businesses leverage advanced technology to make decisions and resolve problems.

This technology is so important, because even without AI and machine learning, people would still be trying to find ways to move money faster, Ward said.

PNC and PINACLE are registered marks of The PNC Financial Services Group, Inc. (PNC). RTP is a registered trademark of The Clearing House Payments Company, LLC.

2021 The PNC Financial Services Group, Inc. All rights reserved.

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Leveraging digital innovation to work smarter and streamline business - Crain's Cleveland Business