New chatbox solutions solve queries automatically not just record the question like the old telephone answering machine we have on CTMfile’s office phone line. Chatboxes and advanced solutions now offer corporate treasury departments huge opportunities to safe time and resources in answering day-to-day admin questions about treasury transactions.
Plain old chatboxes are very useful but
We are all familiar with a supplier’s or a bank’s website popping up a ‘Can we chat’ BOX to help prospective users. But what if it appeared on your corporate treasury department’s or the payment factory’s website? This is exactly what is happening as more and more internal company websites are providing Chatboxes to support their users:
- A payment factory uses a Chatbox to solve 60-70% of their queries, e.g. has supplier X paid, when will I receive payment, etc.
- Corporate treasury department has Chatbox to answer normal queries including many queries that can be answered automatically, e.g. what is the inter-company netting settlement date, etc.
Much of the data is available somewhere in the company’s internal website, but many colleagues prefer to contact the department direct which is where chatboxes come in.
Who administers the chatboxes vary: some IT department insist on doing it as part of running a company-wide chatbox system, while in other companies the corporate treasury department or payment factory do it. There is no clear evidence as to which approach is best, but what is clear is that having a chatbox system linked to the department saves a lot of time and frees up staff to spend time on the more complex problems where their unique skills apply.
In January 2018 we wrote about the use of digital assistants in the EMAGIA Global Order-to-Cash platform their DA is called GIA, see, which is built to empower finance executives and finance staff, focused on amplifying their human productivity and strategic value addition to their organization — empowering individuals in their job functions. They gave their digital assistant an image:
Source and Copyrights: EMAGIA
Digital assistant can be very powerful and can have a big impact.
Over the summer BofA Merrill rolled out their AI-driven virtual financial assistant Erica, which has surpassed 6 million users and completed more than 35 million client requests. It has just introduced new features in the mobile app, including several new Erica insights that offer clients personalised, proactive guidance to help them stay on top of their finances.
Corporate treasury department digital assistant
Imagine having an advanced digital assistant for your corporate treasury department which:
- Answered all the day-to-day questions and minimised admin
- Advised on how to use your netting system, etc.
- Advised on what working capital improvement opportunities in the company, etc.
- Advised on what are the key corporate treasury issues in the company and when colleagues should involve the corporate treasury department.
CTMfile take: Chatboxes, and digital assistants offer the corporate treasury department the opportunity to both minimise their admin and ensure that the whole company uses them strategically. Is this a dream or an increasing reality?
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