Digital Edge Videos
“Treasurers: Data Protectors of the Digital Frontier”
Please read important information at the end of this program. Recorded on 3/14/2022
[TITLE CARD]:
Digital Edge
Treasurers: Data Protectors of the Digital Frontier with Joan Gelpi
Bank of America logo
I am Joan Gelpi, Head of Data & AI, Global Transaction Services at Bank of America
Risk, it comes in many forms for treasurers in all organizations. Whether it be foreign exchange, interest rates, credit or liquidity, managing all of the potential risk comes with the territory.
But as data is created at a quantum pace, treasurers are now facing increased threats from cyber criminals.
More than 2.5 quintillion bytes of data are created every day.
[Lower 3rd ID]:
Joan Gelpi, Head of Data & AI, Global Transaction Services at Bank of America
And yes, while Big Data has been a boon for most businesses, it has definitely come with its own set of challenges.
[Text on screen]:
2,500,000,000,000,000,000 bytes of data every day
The problem? Cyber criminals are innovating too, and finding ways to exploit security gaps.
Treasurers must be vigilant and embrace intelligent data processes, advanced technologies, and investment in new skills training. Easier said than done, I know.
But staying ahead of cyber criminals is no longer just an IT problem. Data strategy needs to become a top priority for treasury management.
[Graphic iconography highlighting]:
· Structured and unstructured data
· Artificial intelligence
· Machine learning
· Natural language processing
Thanks to increased computing power, treasurers can access oceans of both structured and unstructured data in an instant.
With advanced data analytics and sophisticated tools like A.I., machine learning, and natural language processing, treasurers can now automatically detect patterns that point to fraud.
Together, these technologies can make Treasury Management Systems better at identifying anomalies in payment flows.
[Text on screen]:
· Regression analysis is used to spot fraudulent credit card payments.
· Natural language processing lets treasurers process non-structured data more effectively
For example:Regression analysis is used to spot fraudulent credit card payments.
And natural language processing lets treasurers process non-structured data more effectively.
However, even big organizations with treasury departments large enough to operate as data detectives need to upgrade their talent in two critical areas:
Data science and data-quality management.
[Text on screen]
Data science …
Data quality management
In both cases, treasury departments should focus on talent with data literacy, notions of statistics and technology experience. Why?
In order to fight fraud, today’s treasury departments must be skilled in. Compiling data sets and cross-referencing information to quickly identify trends.
In fact, all organizations should invest in both the treasury and IT departments. And have them work in tandem to develop data architecture and data engineering protocols, to form a universal data standard that benefits the entire company.
[Text on screen]
Develop Data Architecture
Data Engineering Protocols
From Universal Data Standard
Managing data certainly presents a new set of challenges for treasury organizations, but not an impossible one to overcome.
[Image on screen]:
Cover of Digital Edge ’22 report
If you would like to learn about how digital transformation is impacting treasury departments, see our Digital Edge report. If you are curious as to how Bank of America can help call your Bank of America specialist.
[Image on screen]:
Bank of America logo
[Disclaimer Card]:
Neither Bank of America nor its affiliates provide information security or information technology (IT) consulting services. This material is provided "as is,“ with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this material, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, quality and fitness for a particular purpose. This material should be regarded as general information on information security and IT considerations and is not intended to provide specific information security or IT advice nor is it any substitute for your own independent investigations. If you have questions regarding your particular IT system or information security concerns, please contact your IT or information security advisor.
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
Investment products offered by Investment Banking Affiliates: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value
© 2022 Bank of America Corporation. All rights reserved.