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Evolution of the invisible bank: How partnerships with FinTechs are driving digital innovation
Journal of Digital Banking,
5
(1),
36-40
(2020)
Abstract
Business banking as we know it is changing in ways that could hardly have been imagined less than a decade ago. The introduction of next-generation technologies, such as application programming interfaces (APIs), artificial intelligence (AI), machine learning and robotics, is poised to deliver the ‘invisible bank’, where treasury and banking functions merge together seamlessly, bringing customer experience to a new level of convenience. This paper discusses the need to extend the reach of banking solutions beyond the bank’s own channels and technologies, incorporating them into day-to-day treasury management functions. In this way, the friction between corporates and banks is reduced — making it impossible to tell where the bank ends and treasury operations begin. By leveraging treasury data in a more contextual way, banks will be able to integrate banking functions and services into the daily duties of treasury professionals, delivering tremendous convenience and a greatly improved client experience. Digital technologies, such as APIs, are allowing banks and corporates to be more agile in connecting and collaborating with each other to bring innovations to market faster, meeting the needs of their customer base. In fact, Forbes reports that 80 per cent of large enterprises are already generating more than US$5m a year from APIs.1
Keywords: Business banking; next-generation technologies; application programming interfaces (APIs); AI; machine learning; robotics; invisible bank
The full article is available to subscribers to the journal.
Author's Biography
Mayank Mishra is responsible for Digital Connectivity and Client Experience for payments and other Treasury and Trade Solutions across the global footprint of over 96 countries. Mr Mishra’s priorities include driving innovation by regularly adding new solutions onto Citi’s award-winning platforms and providing a holistic and delightful experience to Citi’s institutional clients. Mr Mishra and his team are focused on embedding new technologies such as API, artificial intelligence and cognitive computing into CitiDirect BE and CitiConnect, Citi’s award-winning digital channels. These two platforms provide a wide range of solutions across payments, receivables, liquidity, trade and supplier finance, supporting all the Citi Treasury and Trade Solutions markets globally. Mayank Mishra is also responsible for Open Banking, Streamlining Corporate to Bank payment and information flows through strategic partnerships and integration with clients’ systems such as enterprise resource planning (ERP) and treasury management solutions. Mayank Mishra has over 26 years of industry experience, with over 14 years in leading digital transformation. He is currently also a member of the Fintech Advisory Board for MUMA School of Business, University of South Florida. Mayank Mishra holds a Master’s degree in Computer Science and currently resides in New York. He is an avid golfer and a tennis enthusiast.
