Jacob Leick
Director of Product Management – Commercial Banking

Focusing on the expanding roles of strategic treasury management and artificial intelligence (AI) reveals the influence of technology on an already rapidly changing industry.

Strategic Treasury Management Takes Center Stage

Banks will be focusing on strategic treasury management in 2024. This concept extends beyond payables, receivables and liquidity to include information management and fraud prevention, enhanced payables and receivables experiences, finding ways to optimize liquidity and fortifying the defenses of both a financial institution (FI) and its clients against fraudulent transactions.

As the frequency of cyberattacks increases, banks are stepping up with security solutions like positive pay and dual authorization to safeguard their clients’ assets. This approach not only addresses the immediate challenge of fraud prevention, but it also underscores a broader commitment to enhancing overall operational efficiency and security.

Verizon Business’s 2023 Data Breach Investigations Report cites small businesses as a favorite target for cyberattacks. Eighty percent of those small businesses are likely to seek assistance from their banks when fraud occurs, meaning banks need a response plan in place before they get that call.

Offering premium sub-user management – dual authorization on transactions – card controls and advanced notification of payments are also highly important to business account holders.

Action Steps for Financial Institutions:

  • Onboard automated clearing house and check protections, like positive pay, for originators.
  • Utilize dual control for risky activities and transactions by requiring approval from another authorized employee.
  • Set up advanced notifications to payees for all business payments.
  • Educate business account holders about what to do when they experience fraud.

AI: Beyond Automation to Personalization and Insight

Banks will also focus on the expanding role of AI in 2024. Beyond merely automating routine tasks, AI can now be used to enhance personalization and provide in-depth insights. FIs can leverage AI to improve customer service, streamline sales and marketing efforts and accelerate product research and development. This shift towards AI-driven operations is poised to redefine interactions between banks and their business clients, making them more efficient, personalized and insightful.

The coming year will likely see many FIs begin implementing AI in commercial banking. Not only can AI automate repetitive tasks and free up resources for more strategic work, but it can also reduce expenses and increase back-office efficiency.

Given a little more time, the industry will see AI integrated into a growing number of use cases, including:

  • Customer Service enhancements like self-service options, quicker response times, and improved sales experiences.
  • AI-driven sales and marketing strategies like audience segmentation, content creation and curation, website personalization, SEO optimization and more effective lead generation.
  • Processes to streamline software and IT – from inception and planning to coding and testing.
  • Accelerated product research and development analysis, tailored to each organization’s unique needs.

The banking industry is at a significant crossroads. More than trends, the innovative uses of strategic treasury management and AI will define the future of operational excellence and customer satisfaction.

As banks continue to navigate these changes, the commitment to digitalization and adaptability will be key to meeting the evolving needs of their clients.


Jacob Leick

Director of Product Management – Commercial Banking

Jacob has spent the past 10+ years working in the Financial Services Industry with deep focus on Financial Product Management.