Artificial Intelligence for the financial sector​

Artificial Intelligence for the financial sector

Artificial intelligence (AI) performs tasks that were previously performed manually by bank employees, administrative departments, accountants or accountants. This includes data entry, verifications, taxes, payroll, audits and banking. A step further are analyzes, forecasts or decisions of financial forecasts, cash flow, debtor policy, which are fully automated using AI-based technologies. Furthermore, AI is increasingly being used to improve the customer experience for both financial service providers and accountants. According to a large study by TCS, Artificial Intelligence helps to reduce production costs by 13% and they find on average! a turnover increase of 17%. A huge efficiency battle!

The financial sector is one of the early adopters of artificial intelligence. From stock exchange algorithms that take over stock exchange trading to accountants who use artificial intelligence to further innovate. This technology will also change the financial sector, concludes consultancy.nl. and Artificial intelligence will continue to have a huge impact on the financial sector in the future.

In 2017, there were only 10,000 people worldwide in the artificial intelligence industry, 95% of whom worked at the huge multinationals such as Google and Amazon. This means that only 500 people in the free sector worked on artificial intelligence. There are already a few more, but still too few to allow the other industries to catch up.

Because artificial intelligence will change business addresses so much, rules have already been put in place by the U.S. government to curb acquisitions of U.S. AI-related companies by Chinese companies (and this was for Trump ..)
The English parlement also sees that it is very important for our country to be a technological leader in artificial intelligence. That is why in recent years there have been training courses and she wants to double the investments in artificial intelligence and is allocating about 1 billion euros to achieve this. The cabinet has also issued a special action plan for intensive public-private partnerships and investments for artificial intelligence. Nevertheless, several large companies indicate that the United Kingdom is missing the ‘boat’ with artificial intelligence and are sounding the alarm. We are not going fast enough!

Time for action !!

Financiele accountant en artificial intelligence
The journey for most companies, which started with the internet, has taken them through key stages of digitalization, such as core systems modernization and mobile tech integration, and has brought them to the intelligent automation stage.

How do I start?

Supplai understands that every company has and works on a core ERP system. The terms AI, artificial intelligence, robotic process automation (RPA), artificial intelligence and perhaps machine learning or deep learning (read more about it via the links in our blog) can therefore be an elusive and difficult to understand technique. Because how do you connect this now?
We believe that you should organize your organization step by step, process by process, on the use of artificial intelligence and thus improve your business processes.
Our solutions therefore also connect seamlessly to the systems that already run at your company. Think of it as a new app on your phone! We just add something.

In the text below with examples with artificial intelligence for the financial sector, get inspired about what your company should look like within 5 years.

Accountant

Many duties for the accountant are repetitive. That is why it is precisely in this corner of the financial sector that so many improvements can be made through artificial intelligence. A lot is therefore written about how artificial intelligence will change the industry. For example, this article from accountingtoday.com
AI performs the everyday, manual tasks previously performed by accountants. This includes data entry, verifications and fraud detection. Forbes expects these tasks – including those related to taxes, payroll, audits, banking – to be fully automated by 2020 using AI-based technologies.

– If you want to have incoming invoices automatically read and placed in the system, you can do this with our algorithms
– AI entered data and data classification help you quickly analyze the data and provide insight into financial trends.
– AI can, in combination with forecasts for hired flex workers, make combinations with liquidity forecasts

 

Bank, financial institution or asset management

Unstructured and huge amounts of data? Is a decision often made by feeling or are things so complex that it is simply not easy? ABN AMRO has already started it and several companies in this sector are now starting it
– Then use algorithms to make appropriate analyzes for this. Both in the amount of data and taking into account the past.
– Predict certain risks based on a model trained with the available data. This makes risk management much more reliable.
– Prevent certain payment fraud with artificial intelligence algorithms

Bank, financial institution or asset management

Unstructured and huge amounts of data? Is a decision often made by feeling or are things so complex that it is simply not easy? ABN AMRO has already started it and several companies in this sector are now starting it
– Then use algorithms to make appropriate analyzes for this. Both in the amount of data and taking into account the past.
– Predict certain risks based on a model trained with the available data. This makes risk management much more reliable.
– Prevent certain payment fraud with artificial intelligence algorithms

Financial and management

There are many repetitive processes in the financial department that involve data. Here artificial intelligence is well suited to analyze large amounts of unstructured data or to take over tasks.
Some examples:
– Algorithms can help you determine your foreign currency overviews. When do you need which currency in response to debtors and creditors in your system
– Start steering even more on KPIs and let algorithms help you with this. Or to make unstructured data transparent and structured and / or even have analyzes made so that you only have to look at it!

We must have forgotten some examples.
This is also just a selection of what Artificial Intelligence can do for your organization.
One thing is certain, Artificial Intelligence within the financial sector is the future!

Contact us today for a free consultation and brainstorm!