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Industry roundup: 2 June

Survey: AI adoption will fundamentally change the next generation of finance leaders

To explore the impact of technology on the future of the finance profession, Oracle partnered with finance expert Farnoosh Torabi to survey more than 9,000 consumers and business leaders across 14 countries.

The research found that younger employees are facing intense financial stress and anxiety caused by COVID-19. For example, 97% of Gen Z employees say that managing their organisation’s finances scares them, and more than half of younger employees (52% of Gen Z and 53% of Millennials) are losing sleep at night thinking about their business’ budget.

To deal with the increased financial anxiety and pressure to perform at work, Gen Z and Millennials are turning to robots for help: a whopping 91% of Gen Z employees say they’d trust a robot over a human to manage their organisation’s finances. The majority of Gen Z (79%) and Millennials (83%) even say they’d trust a robot over their company’s own finance team.

As AI and robots become more commonplace in business processes, the skills and competencies needed for a successful career in finance will inevitably change. Millennial and Gen Z employees expect companies to leverage the same technologies they’re accustomed to using in their personal lives and will favour businesses taking advantage of AI in finance over those who don’t. Millennial employees are four times more likely than Baby Boomers to want to work for a company using AI in finance. And 95% of Gen Z employees believe that organizations that don’t embrace technology will face risks, including falling behind competitors (51%), inadequate decision making (45%), and more stressed workers (41%).

 

Riksbank begins cooperation with external participants in e-krona pilot

By improving and expanding the usage of central bank money, central bank digital currencies (CBDCs) could enable central banks to meet future payment needs, foster innovation, and enhance cross-border payments. In Sweden, during the next phase of the e-krona pilot, the Riksbank will test the technical solution for the e-krona together with Handelsbanken and TietoEVRY. The e-krona pilot is therefore moving on from only having simulated participants to cooperation with external participants in the test environment.

Involving external actors as participants in the test environment will make it possible for the Riksbank to evaluate the integration between the participants’ existing systems and the technical platform for the e-krona pilot. The Riksbank will, for instance, be testing an integration of the payment flows developed during the first year of the pilot with the participants’ internal systems.

"Our role in the Swedish payment infrastructure is well established, and TietoEVRY is a natural partner when exploring how to integrate a digital currency with existing banking infrastructure," commented Christian Segersven, head of Financial Services Solutions and Industry Software at TietoEVRY. "We're very proud to bring our extensive know-how in financial services software and technology as well as our deep connections with Nordic banks in this exciting project. We are looking forward to supporting this journey towards an inclusive, digital currency that will open up for innovative and secure services."

 

Synovus introduces suite of receivables solutions

Synovus has introduced Accelerate AR, a fully integrated receivables suite designed to enable organisations to accelerate access to working capital and reduce exceptions with straight-through processing across all payment channels. The solution is provided with Deluxe, a retail and wholesale lockbox services provider.

"The proliferation of payment channels, and the constant change in preferences by the businesses and consumers who use them, have increased the challenge of effectively processing and posting payments deployment options," said Katherine Weislogel, Synovus head of Treasury & Payment Solutions. "Synovus Accelerate AR anticipates the rapidly evolving requirements of organisations to accelerate capture of payments, improve the cash conversion cycle, and make better business decisions."

The receivables suite includes the following services:

  • Synovus Accelerate AR Console, a portal that displays all accounts receivable activity and is the primary service module for the Synovus Accelerate AR suite. The console offers a range of flexible deployment options for lockbox and receivables solutions for clients to improve their business, reduce operational risks, and improve their cash flow and efficiency ratios.
  • Synovus Accelerate AR Match, a straight-through processing service that automatically matches incoming electronic and paper payments to open invoice remittance details using machine learning and sophisticated algorithms.
  • Synovus Accelerate AR Biller, which enables clients’ customers to quickly and securely view bills and make payments from a web browser or mobile device, including the option to select from multiple payment methods, save payment information for next time, or activate recurring payments.
  • Synovus Accelerate AR Aggregator, which consolidates payments, electronically delivers fund and posting data to clients, and results in fast straight-through processing.

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