When ChatGPT entered the fray in late 2022, the financial industry began trembling. We now had a tool that could create full research papers, draw insights and analytics, and automate routine tasks. A recent report by ResearchAndMarkets highlighted that Global AI in banking is set to grow to as much as $64.03 billion by 2030 with a CAGR of 32.6%.
As companies look to incorporate AI into their finance, here are a few trends that we’re seeing:
Whether it’s automating payments, creating intelligent data entry systems, or fully streamlined workflows, there’s always something you can do to incorporate AI-powered software into your operations. Tools like AppZen and Stampli work to reduce the time it takes to get approvals, improve accuracy, and reduce costs so businesses can allocate resources more efficiently.
Split-second decisions make a world of difference in finance. A couple of seconds could be the difference between a day celebrating profits or one anxiously worrying about a bull cycle. Use AI to generate real-time data insights and leverage predictive analytics to simulate different scenarios and outcomes. Tools like NetSuite, Prophix, and Tableau are all useful decision-making insights that have seen a rise in usage over the past year.
Security and Compliance
In the same way that marketing teams have gathered more data points on their consumers, finance teams have also begun to collect information on customers and their transactions. Tools like IBM Trusteer and ComplyAdvantage are used to detect and prevent fraud and ensure compliance with regulations and internal policies.