Artificial intelligence (AI) performs tasks that were previously performed manually by bank employees, administrative departments, accountants or bookkeepers. This includes data entry, verifications, taxes, payroll, audits and banking. A step further are analyzes, forecasts or decisions of financial forecasting, cash flow, accounts receivable policy, which are fully automated using AI-based technologies. Furthermore, AI is increasingly used to improve the customer experience for both financial services and accountants.
According to a large study by TCS, Artificial Intelligence for the financial sector helps reduce production costs by 13% and they note on average! a turnover increase of 17%. An enormous efficiency battle! Artificial Intelligence and Robotic Process Automation RPA is going to change the financial sector, consultancy.nl concludes and Artificial intelligence will also have an enormous influence on the financial sector in the future!
In 2017, only 10,000 people worked in the artificial intelligence industry worldwide, 95% of whom worked for 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 processes so much, rules have already been set by the US government to restrict acquisitions of American AI-related companies by Chinese companies (and this was for Trump.) The Dutch cabinet also sees that it is very important for our country to be at the forefront of technology in artificial intelligence. That is why training has been launched in recent years and she wants to double the investment in artificial intelligence and is allocating about 1 billion euros to achieve this.
The cabinet has also drawn up a special action plan for intensive public-private partnerships and investments for artificial intelligence. Nevertheless, several large companies indicate that most companies are missing the ‘boat‘ with artificial intelligence and Robotic Process Automation and are sounding the alarm. We are not moving fast enough! Time for action!
Supplai understands that every company has and works on a core ERP system. The terms artificial intelligence (AI), artificial intelligence (AI), robotic process automation (RPA) and perhaps machine learning or deep learning (read more in our blog) can therefore be an elusive and difficult to understand technique. Because how do you connect this to each other?
We believe that you should set up your organization step by step, process by process, to use robotic process automation and artificial intelligence and thus improve your business processes. Our solutions therefore also connect seamlessly with your existing systems. Think of it as a new app on your phone! We just add something to it. In the text below, let us inspire you with examples with artificial intelligence for the financial sector about how your company can look like with AI in the next 5 years.
Many duties for the accountant are repetitive. That is why so many improvements can be made in this corner of the financial sector through artificial intelligence and Robotic Process Automation. A lot is therefore written about how artificial intelligence for the financial sector will change the industry. For example this article from accountingtoday.com. AI performs the mundane, manual tasks that used to be performed by accountants. This includes data entry, verifications and fraud detection. Forbes expects these tasks – including those related to tax, payroll, auditing, banking – to be fully automated by 2020 using AI-based technologies.
You have a lot of contact with customers, information must be accurate and a lot is done by feeling. Take, for example, this Japanese insurer that wants to transfer 90% of its administrative tasks to artificial intelligence and Robotic Process Automation!
There are many repetitive processes involving data in the finance department. Here artificial intelligence is well suited to analyze large amounts of unstructured data or to take tasks off your hands. Some examples:
There are many other examples to come up with. Don’t let Artificial Intelligence replace your employees, but improve them!