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Business banking tech provider Bottomline Technologies introduced its Digital Banking IQ Intelligence Engagement Suite, a set of services that includes payments, cash management, risk and fraud management, relationship development, client onboarding, and account opening.
Business Insider IntelligenceThe solutions use AI and machine learning to provide banks with a more in-depth analysis of their customer relationships.
The suite also connects bank with open banking APIs - which could help them streamline open banking adoption. The US banking industry is slowly moving towards open banking without the level of regulatory push that there is in the UK: EY ranked the US fourth in its Open Banking Opportunity Index.
But without regulatory guidance, financial institutions will largely have to develop guidelines themselves, per EY. Developing a solution that enables banks to "collaborate and innovate" through these APIs could give Bottomline an early mover advantage among banks that want to accelerate their adoption of opening banking.Bottomline's relationship-focused solution could improve banks' ability to serve customers and compete with each other.
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