How tokenisation and AI is shaping transaction banking modernisation

And Ivan, again, I was wondering sort of, um, you know, what are the challenges really when it comes to digitizing operations, um, you know, operational processes?

I perceive it that most organizations, uh, when they commence their digitization journey, obviously the digitization teams, they focus on process efficiency, uh, and how they could optimize existing technology, modernize technology, and improve their workflows.

Uh, but one of the key challenges, uh, I think, is the compliance and the regulation.

Because whilst they want to proceed with all of this data, they want to proceed with a different technology and the AI automation, for example.

But because they are all regulated businesses, they have to adhere to certain compliance and regulatory frameworks.

So I think that is one, uh, big challenge.

The second one is that, um, when you are trying to do digital transformation and integration with different platforms, uh, it's not just about integrating with one platform, 'cause there is no ecosystem at the moment-

Mm

...

even though we would love to have one.

So it is about considering how do y- uh, how many different integrations you have to do, and how can you then, uh, connect all of those different participants on, uh, within that ecosystem or desired ecosystem.

And they all operate at slightly different, uh, pace.

So, uh, selecting the right components across that desired ecosystem, uh, which adds to your project timescales, uh, still remains very difficult to execute.

So I think tho- those two definitely.

Farzaneh, did you want to add anything?

Yeah, I think, um, this is, this is a very complex que- question, right? When you look at the, the board as it is today, the finance as it is today.

Even for a simple payment transaction, uh, that you have, uh, there is this fragmentation that you have even internally within-

Mm

...

the same organization.

So you have one system for screening, then you, you have one system for AML, KYC, and transaction monitoring.

And sometimes the fraud is detected after the fact because the systems are not synchronized in a, uh, uh, in a, I would say, in a simultaneous way.

And when we are talking about payments, we are moving more and more to instant.

Instant has no, I would say, time-

Mm

And Ivan, again, I was wondering sort of, um, you know, what are the challenges really when it comes to digitizing operations, um, you know, operational processes?

I perceive it that most organizations, uh, when they commence their digitization journey, obviously the digitization teams, they focus on process efficiency, uh, and how they could optimize existing technology, modernize technology, and improve their workflows.

Uh, but one of the key challenges, uh, I think, is the compliance and the regulation.

Because whilst they want to proceed with all of this data, they want to proceed with a different technology and the AI automation, for example.

But because they are all regulated businesses, they have to adhere to certain compliance and regulatory frameworks.

So I think that is one, uh, big challenge.

The second one is that, um, when you are trying to do digital transformation and integration with different platforms, uh, it's not just about integrating with one platform, 'cause there is no ecosystem at the moment-

Mm

...

even though we would love to have one.

So it is about considering how do y- uh, how many different integrations you have to do, and how can you then, uh, connect all of those different participants on, uh, within that ecosystem or desired ecosystem.

And they all operate at slightly different, uh, pace.

So, uh, selecting the right components across that desired ecosystem, uh, which adds to your project timescales, uh, still remains very difficult to execute.

So I think tho- those two definitely.

Farzaneh, did you want to add anything?

Yeah, I think, um, this is, this is a very complex que- question, right? When you look at the, the board as it is today, the finance as it is today.

Even for a simple payment transaction, uh, that you have, uh, there is this fragmentation that you have even internally within-

Mm

...

the same organization.

So you have one system for screening, then you, you have one system for AML, KYC, and transaction monitoring.

And sometimes the fraud is detected after the fact because the systems are not synchronized in a, uh, uh, in a, I would say, in a simultaneous way.

And when we are talking about payments, we are moving more and more to instant.

Instant has no, I would say, time-

Mm