APIs - application programming interfaces
Function: Coded to enable various, disparate software applications to communicate and collaborate.
Business case: Connecting programs or applications to allow for new digital workflows, such as disbursing funds through third-party platforms.
Example: Disbursing claims or rebates to customers via P2P mobile payments applications.
Read more: 3 emerging technology trends for bankers
AI + ML - artificial intelligence and machine learning
Function: Methods of programming that simulate the characteristics of human intelligence and knowledge when applied to data-based queries.
Business case: Using data, whether entered real-time or stored, to produce accurate and relevant analyses and assist users to resources.
Example: Chatbots for handling customer service.
Read more: How AI is transforming treasury management
RPA – robotic process automation
Function: Software, programmed to replicate human actions within an application, e.g. moving a cursor, opening different windows, copying and pasting data between fields, etc.
Business case: Executing intensive manual tasks with extreme speed and accuracy, reserving human intellectual efforts for analysis and decision-making.
Example: Migrating data between legacy and modern banking systems.
ERP Integration – enterprise resource planning
Function: Connecting primary business management systems (ERP) with other applications used in daily operations, such that the applications and the primary system are unified, or connected.
Business case: Connecting information and processes with primary business management systems to alleviate the time and cost-intensive burden of multiple screens and opening programs; real-time data transfer less susceptible to error, fraud.
Example: Integrated banking relationships within existing ERPs for seamless money movement, transparent data, real-time reporting and enhanced controls.
Read the PDF: Rapid ERP integration: Simplified business, minimal technical effort
Digitally different
Perhaps the most important and even common question in the minds of business leaders is always “what’s at stake?”
First, consider some real benefits of the digitally-enhanced customer experience:
- Buying products, receiving services and refunds faster and more securely -- from wherever they are, whenever they want.
Now imagine the impact on business-customer digital relationships:
- Transactions clearing faster for enhanced money management – funds applied in less than seconds for right-on-time, accurate bookkeeping and reporting – fostering trust and delivering the satisfaction of a “deal done, well.”
And, what about the possibilities for an enterprise and its workforce?
- Employees compensated up to days ahead of previous payroll capability; for CFOs and treasurers, decision-making informed with unmatched data access and real-time reporting dashboards, enhanced vendor relationships and payment terms, unlocking new possibilities in working capital management.
Digital delivery
U.S. Bank knows the “digital promise” is not unique. We’ve spent time becoming a different kind of partner by listening to actual client needs and understanding what makes them different so our digital approach truly stands out among our competitors.
What makes U.S. Bank the premier banking partner for digital transformation is a single-ended strategy: Make it easy for clients to connect with us and onboard solutions so they can make it easier for customers to connect with them.
But it’s not just what a banking partner should say to establish meaningful digital relationships with customers; rather, how banking connectivity happens is paramount.
That’s why U.S. Bank meets with prospects and clients wherever they are along their digital transformation journey – whether they’ve just begun or are ready to innovate ahead of the competition – and matches unique business stories with deep industry expertise to build a “digital bridge” to accelerate strategy.
Our partners can expect that connectivity with U.S. Bank is a way to connect them with their customers -- in ways their customers expect.