Is AI the future for financial management systems?

Artificial Intelligence (AI) is set to transform the way that we work.

It has multiple benefits for any industry, from improving efficiency to making services more scalable. AI may well be the future for financial management systems if its predicted impact on wider business is anything to go by.

Assessing risk

AI has the potential to have a huge impact on the ability of organizations to assess risk. This is driven by the vast volumes of data that an AI can process, which can produce far more in-depth and thorough results than existing systems, particularly those powered by humans. AI can apply automation to areas that require intelligent analysis and clear-thinking and the artificial intelligence behind chat bots has the potential to revolutionise customer service responsiveness and consequent satisfaction levels.

Improving fraud protection

The use of AI in fraud detection can provide a much more intelligent and better informed approach to protecting people and systems. AI can use past behaviours to make judgments about potentially fraudulent transactions or issues, flagging up those that historic systems simply may not have had the data to spot. AI is a system that learns too, so fraud prevention using AI is something that evolves, grows and improves with every event or issue that arises.

Robo-advisors

Machine advisors are predicted to be one of the key trends in the financial services sector over the next few years and we could see this within other sectors as well. More cost effective and efficient than the human equivalent, a robo-advisor could help to deliver competitive support to customers without the use of cast additional resources or spend. The evolving generation of robo-advisors can bring together the twin elements of machine calculation and human insight, which provide enhanced customer services, as well as better performance too.

Prediction

There are many elements of the financial accounting world that rely on the ability to make predictions that are as accurate as possible. AI has a lot to add here, as the ability of machines to crunch numbers vastly outstrips what human brains can do. Plus, machine learning means that AI evolves and learns as it processes which provides the opportunity for methods and systems to become increasingly more accurate and to produce better results. Machines can be taught to look for signs and problems that humans might not pick up on, resulting in better safety measures and more efficient ways to do business.

Finance management

We have already begun to see AI providing smarter solutions for finance management, from helping individuals to save, to making suggestions about loans or credit best suited to a potential borrower. An AI employs data to provide advice or direction that can be used to correct the “flaws” in the human approach to money, whether that’s corporate loans or personal savings.

As AI in the finance industry evolves, so too does the way that this interacts with your Financial Management System (FMS). If you’d like to find out more about SunSystems FMS and what this could offer your business please get in touch with FinanSys today.