Naveed Anwar, global head of digital platforms and data at Citi Treasury and Trade Solutions, said during a conversation with media representatives that in the current environment, treasurers and CFO need data for everything they do.
The economic sector, as a result of the active introduction of advanced technologies, is gradually transforming into an industry that is based on data. Enterprises must take into account modern innovations, otherwise, they will remain on the periphery of development. Advanced technologies make it possible to integrate solutions into the business environment at a pace that a few years ago seemed like a fantastic speed that exists only in the space of fiction.
Naveed Anwar noted that there are many problems associated with data, which are somehow faced by decision-makers in the Ministry of Finance. According to him, the rapid increase in the arrays and variety of internal information over the past few years has led to a drop in quality and a decrease in the level of accuracy. At the same time, he noted that data integration and the need for real-time access have actualized the issues of security and compliance.
Naveed Anwar said that the coronavirus pandemic has become a catalyst for digital transformation. The corresponding process has continued, and at the current stage has manifested itself in the technological modernization of the Treasury, in which some actions of financial directors are moving into the digital dimension.
Naveed Anwar stated that most Treasury departments do not have their own IT department or technology team. He expects this situation to improve as the skill gap is bridged. Also, according to him, those responsible for decision-making should gain new knowledge in the field of technology so that their activities are more effective. Naveed Anwar is convinced that artificial intelligence cannot replace the human mind.
Citi CEO Jane Fraser says that new technologies complement human ingenuity and can increase productivity by eliminating routine tasks, which allows you to focus on higher-class work.
Naveed Anwar believes that in the modern world, in which speed is the determining factor for the success of activities, artificial intelligence is of particular importance. According to him, an effective digital program begins with the definition of manual business processes and actions automated with the help of advanced technologies.
Naveed Anwar says that understanding the data lifecycle is particularly important. He noted that this understanding has a value at the time of combining arrays of information and determining the degree of accuracy of materials.
Continuing the discussion about AI in the financial sector, Navid Anwar stated that artificial intelligence is important as a mechanism for personalized recommendations for automating everyday responsibilities. According to him, advanced technology can ensure compliance with trade rules and reporting requirements by analyzing trade transactions and identifying potential violations of norms.
Naveed Anwar says that in the context of ensuring data security and compliance with standards, it is crucial to define the rules for managing arrays of information in such a way that each application is focused on the same criteria.
Artificial intelligence and analytics can improve the efficiency and expediency of decisions of treasurers and financial directors, but many experts are convinced that advanced technology will not cancel the need for a person who understands what is happening around them.
As we have reported earlier, Citi Expects Generative AI to Benefit Search Engine Industry.