Preparing for embedded and data-driven banking payments

• In a world where we understand customer behavior better than ever, how can banks effectively modernize to not only improve operations and save money, but also position themselves intelligently and maximize their return on capital?
  
  
• What use cases are there for AI and embedded finance in banking payments and why is it important to start preparing today?
  
  
• How can banks and financial institutions plan SaaS platform migrations to not only address current needs but also prepare them for future trends?
  
  
• Companies are further along the path to adopting SaaS platforms and their benefits. What can banks and financial institutions learn from corporate treasury teams?

According to a study by Bottomline, in 2023 three out of five banks have a strong or extremely strong interest in moving to a single SaaS platform to manage their payments ecosystem. It’s clear that banks and financial institutions have accepted the value of SaaS, but that’s only half the battle. The decisions made now as part of migration planning will impact their ability to capture future trends such as embedded finance and AI use cases.

To overcome vulnerabilities and achieve their payments modernization goals, banks and financial institutions must start planning now to integrate new AI-driven use cases. The main reason for this is to centralize the standardization of messaging and payment channels, but modernization is not as easy as simply choosing a SaaS platform or upgrade. Banks need to consider how scalable their upgrades are for the inevitable AI revolution in payments.

How can banks set and plan the course for the future? In today’s world, data is synonymous with information, and next-generation technologies like AI and embedded finance are helping banks better understand and centralize the wealth of data at their disposal. Institutions need to ensure scalability as they modernize, and this is where they can learn from the corporate sector. Companies are further along the path to adopting SaaS platforms and their benefits. So how can banks and financial institutions follow their lead?

Register for this Finextra webinar, hosted in collaboration with Bottomline, to join our panel of industry experts discussing how banks and FIs can modernize holistically, which AI use cases will be most pressing in this space, and how a single SaaS platform can help future-proof their strategies.