What is the future of Artificial Intelligence and Machine Learning in the Finance area?

What is the future of Artificial Intelligence and Machine Learning in the Finance area?

These innovative technologies go beyond planning and enter into all processes: they accelerate closing, improve reconciliation, facilitate communications and report production Underwriting.

It is the financial industry that is said to be benefiting most from AI in processes thanks to the advantages offered by cognitive computing, chatbots, machine learning and hyper-processing services with which companies are able to meet their needs and those of customers, looking for smarter, more convenient and safer ways to save, invest and manage their money.

Artificial intelligence depends completely on data , and it is precisely from the scanning of the latter that it obtains the possibility of formulating an assessment on credit offers, which in this sense obtain true historical significance.

Artificial intelligence can thus take the place of a human analyst very quickly.

With this technology, experts can use existing data to identify trends, identify risks and ensure better future planning.

As mentioned, these innovative technologies must be explainable, only in this way can CFOs understand their potential and functionality.

Therefore, different types of data will have to be gradually entered into the machine. This data will improve the efficiency of the logical models of AI and this will allow software to be more aware and able to create correlations and, in turn, this will create greater trust in the technology on the part of the Finance area .

In fact, by offering AI more detailed operational data, such as external variables, unstructured information and customer behavioral analyzes, the machine can refine its forecasts . Consequently, the finance area’s confidence in technology improves, and in turn the effectiveness of business decisions .

The Finance area can achieve these results by starting the Digital Transformation process right now by structuring a roadmap of the steps that must be taken.