AI Gears up Finance, Know How

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AI Gears up Finance, Know How

CFO Tech Outlook | Tuesday, May 21, 2019

FREMONT, CA: The rise of artificial intelligence (AI) is inevitably going to have a disruptive effect on businesses across every sector. The finance sector is no exception as AI set to revolutionize every industry. AI makes business agile and economical to operate. Smart AI-driven financing applications include client communication, predictive analytics, trade processing, and intelligent investment solutions. Before introducing AI into a business, it is essential to evaluate existing processes to determine which method should be automated to free up time for employees to focus on higher-value tasks. It is vital to hold discussions with your workforce to identify repetitive processes. Here is how AI can help the financing sector.

Educate your workforce

It is vital to involve the workforce in the initial planning stages of AI implementation. It is often recognized AI can be seen as a threat by employees with regards to being replaced and losing their job. Top five ways a company can prepare for the surge in AI.

Enhance your foundation

The rise in AI applications will produce a host of new requirements for data.  Complex data processing is required to assure that companies welcome AI with functioning arms. This shift can be expensive if outdated infrastructure must be updated to the standard required to facilitate AI operations.

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Set out a clear AI strategy

Financial services organizations need a clear AI implementation strategy from the outset. This is to ensure that AI is being developed and organized into processes. There is a transparent deployment approach, which includes a rollout plan for key stakeholders, like customers.

Look at other firms’ strategies

It is essential to determine parallels in the AI-led systems with other companies and learn from their mistakes. To ensure that your company is keeping abreast of its competitors, financial services companies should learn beyond industries and not just from competitors.

AI is a versatile and powerful technology but is not without its teething problems. To fully embrace the benefits of AI, companies will need to meet new processing and interconnectivity demands. The challenge is forcing them to look to cloud and data center partners for the purpose-built infrastructure that can underpin their AI ambitions.

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