How AI is redefining corporate finance
CONVERSATIONS around AI driven automation or other automation solution in the financial sector often center around, rightfully the consumers and how it will transform the operations and workforce within the space. However, what does it mean for the financial workers in practice?
It should not come as a surprise to many at this point, the extent of which the financial services industry have implemented and come to rely on emerging technology such as AI and robotic driven process automation or RPA.
As digital transformation rapidly changes the daily functions of bankers and financial professionals, it is also crucial that the human workforce in this space continue to adapt to the transformation and work in tandem with the automated environment to optimal productivity.
Here are some of the ways how AI-powered tech is redefining some of the functions of the financial sector.
#1 | Robotic retrieval
In response to the increasing number of data request, insurance brokerage company Willis Towers Watson, for example, deploys robotic solutions to perform the task of retrieving tax invoices if queried by the tax authorities.
The organization’s tax team could assign the robots to carry out the function ahead of time virtually free from errors, to optimize queries response time.
Moreover, robots could be put to work at off-peak hours when the human workforce isn’t even working. They could arrive at work just to be greeted by retrieved invoices ready to be reviewed.
#2 | Chatbots as first-line responders
Many banks recently have started implementing AI for customer-facing function in the form of chatbots. One such bank to integrate the technology successfully is Malaysia’s CIMB Bank.
In pursuing a goal to improve its customers’ experience, CIMB leveraged AI and natural language programming (NLP) to augment its contact center agents with chatbots that use predictive capabilities to answer customer queries.
The bots could resolve primary customer transaction without human intervention and escalate the calls that it cant handle to human personnel.
#3 | Insightful drivers
One of the most significant benefits of AI enabled automation in the financial services sector is its enhanced capability to provide valuable insights on trends and pattern which drives the industry.
AI allows organizations to analyze data at an unprecedented level to reduce guesswork along the way, enabling the financiers and bankers to deliver maximum value on clients’ investments.
So, as AI and other futuristic technology become more entrenched and deployed for more significant operations within any financial organizations, it is imperative that executives and professionals in the industry aware that these technologies are in the end, tools to help increase efficiency and reduce errors.
The human workforce will still be making decisions and use their experience to drive the business forward.
And thus, while integrating AI creates a more sophisticated workplace, it will not replace the industry’s employees, but empower them to deliver better services to consumers.
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