Putting AI to Work
MAKE IBP DECISIONS 100X FASTER
Each block has a timestamp and is attached to previous blocks, forming a chronological chain that is permanent and immutable.
Trends supporting the adoption of artificial intelligence
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Blockchain technology case study
Complex, multi-system dependent processes
The verified transaction is combined and linked to other confirmed transactions, forming bundles of records known as blocks.
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Robotic automation case study
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Cloud Computing and Storage
Artificial Neural Networks
Video: "Now is the Time to Think About Change"
BNY Mellon’s broker-dealer service plays a pivotal role in the government clearance and tri-party repo markets, so resiliency is a top priority. The goal was to protect itself from tail events that could result in data loss or corruption.
BNY Mellon decided to create BDS 360, a third, separate system with which it could reconcile clients’ transactions and balances in its primary systems. BDS 360 is built on blockchain technology. The data structure’s immutable and traceable characteristics provide a separate and correct record of transactions and balances which BNY Mellon can use to cross-validate those recorded by its primary systems. BDS 360 does not replace BNY Mellon’s primary systems, but is used in conjunction with them.
BDS 360 is used to detect position breaks in the primary clearance and tri-party systems. In addition, it was a cost-effective and quick way to create an additional layer of protection.
By 2023, artificial intelligence will account for 30% of all corporate audits.
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SIMPLE, REPETITIVE TASKS
Account reconciliations for Allianz’ cash pool were very manual and took too long to complete.
Allianz built a robotic program that automatically reconciles cash pool accounts without human intervention efforts. For the reconciliation, the robot connects to three cash pooling systems and compares and calculates a variety of data. The robotic program was coded to replicate exactly the steps that a human would take to perform this highly manual task to reconcile these accounts.
The Allianz robotic cash pooling program replaces the 6-8 hours of manual effort to reconcile the cash pool balances with an automated process that takes just 5 minutes. In addition to the reduction of time spent on this process, reconciliation are run more frequently, ensuring a higher quality of data.
Robotic Process Automation: Bots to the Rescue
Here are the three you should start paying attention to:
try out these new technologies
Prepare for Disruption
A transaction is submitted and cryptographically broadcasted to all participants on the network.
Awareness and Engagement
Artificial intelligence (AI) amplifies cognitive abilities, providing solutions to problems where the complexity is too great, the information is incomplete, or the details are too subtle and require expert training.
AFP Guide to Fintech: Breaking Down the Barriers
API and Modularization
Blockchain’s algorithms of cryptography confirm that the submitted transaction is valid.
Buy-in from senior management
Only 2% of organizations have implemented AI, and 54% do not plan to.*
Increased popularity has allowed for greater collaboration amongst developers
Blockchain and Distributed Ledger Technology: A Solution to the Trust Problem
Putting RPA to Work
Allianz Embraces Robotic Cash Pooling
Graphical Processing Units (GPUs) have dramatically increased computers’ processing power
Researchers like Geoffrey Hinton spent decades refining neural networks to allow computers to mimic human learning
The idea at the core of the recent AI resurgence has been around since the 1940’s
Podcast: Blockchain, AI and Fintech Discussion
A TYPICAL BLOCKCHAIN TRANSACTION PROCESS
Making integrated business planning (IBP) work effectively almost always is a challenge.
Artificial intelligence can help organizations, and particularly their financial planning and analysis teams, make better IBP decisions as much as 100 times faster than before—even on an enterprise level. What separates artificial intelligence from traditional enterprise resource planning is that artificial intelligence platforms can include natural language processing and teach themselves to adjust in real time.
For example, a sales executive for a manufacturer might notice that a retail store is having trouble keeping a competitor’s product in stock. Most companies will have some kind of user interface screen where the executive can fill out a form, or require her to send an email through her company’s chain of command. artificial intelligence enables the executive to make a quick note and trust that the platform will “know” who else needs the data and get it to them instantly.
Better tools exist for manipulating and analyzing data
Managing through fuzzy rules and using unstructured data
Download the Whitepaper here for 6 practical steps to get you started.
Putting BLOCKCHAIN to Work BNY MELLON LEVERAGES TO PROTECT DATA
One study by the University of Oxford predicted that 47% of U.S. jobs are at risk of automation.
A shared transaction database that provides a transparent and secure way to efficiently record and transfer information. Using a distributed ledger, it offers participants a decentralized record-keeping solution that is encrypted, digitally synched and shared across the network.
The Rise of the Intelligent Machine
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The explosion of native, structured data has provided neural networks the massive training sets they need to function
Integration With other technologies
Different bots depending on level of complexity
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Artificial Intelligence case study
Only 1% of organizations have implemented Blockchain, while 51% have no plans to do so.*
Only 6% of organizations have implemented Robotic Process Automation, and 55% do not have plans to implement.*
So what’s holding the treasury and finance community back from adopting emerging technologies?*
Observers believe the government will start collecting taxes using blockchain by 2021.
Provides cheap access to more storage and computing capacity
The use of sophisticated computer software that automates routine and standard tasks normally performed by humans, without the need for constant human supervision.
Repetitive, rules-based tasks that rely on structured data
As the gatekeepers to the financials and the managers of corporate risk – CFOs and Treasurers play a critical role in advising their CEOs and board members on the opportunities and risks associated with leveraging emerging technologies.
Companies have adopted a “plug and play” approach that facilitates rapid experimentation
AND THE FINANCE FUNCTION
Yet only 11% of organizations are prepared to deal with their impact.*