Citibank NA yesterday said that it would next year introduce more corporate services equipped with artificial intelligence (AI), big data analysis and other technology to Taiwan, following the launch of payment outlier detection this year.
“Seventy percent of Citi’s global clients all have a digital transformation strategy, and all of them are being affected by technology in terms of operating model or transaction model,” Rajesh Mehta, regional head of Treasury and trade solutions for the Asia-Pacific region, told a media briefing in Taipei.
“Technology is affecting everything, so we have to change the way to engage with our clients as well,” Mehta said.
Photo: Kao Shih-ching, Taipei Times
Citi has deployed AI, data analysis and machine learning into its services to offer integrated solutions for corporate clients and help their businesses expand, he said.
The bank last month launched payment outlier detection — which uses advanced analytics, AI and machine learning to identify payments that do not conform to clients’ past payment patterns — in 90 nations, including in Taiwan, Mehta said.
The service issues real-time alerts to clients asking them to approve such payments via Citi’s electronic banking platforms, benefiting clients by enhancing their control over payments and reducing risk, the bank said.
Citi next year plans to introduce a “payment gateway” service to Taiwan, which would enable companies to collect funds from a wide range of payment tools by establishing direct connections with the companies offering the services, Mehta said.
Companies that sell directly to consumers often must adopt different payment methods in new places, such as Alipay (支付寶), WeChat Pay (微信支付) or Apple Pay, but they do not need to worry, as Citi would ensure they are all accepted, as the bank has established connections with payment companies, Mehta said.
Citibank Taiwan Ltd (台灣花旗) would also introduce a smart match service next year, providing a more efficient and automated cash application process, he said.
Trade has changed around the world, with Citi’s clients having to move or expand to new places, Mehta said, adding that the bank uses big data analysis to help people transfer and track payments, and comply with regulations.
Firms want to diversify their production bases in multiple nations to avoid tariffs amid a US-China trade dispute, but it would not be an easy decision, as companies would still want to find talent and solid infrastructure, Mehta said.
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