How AI is impacting finance and internal financial systems

💡 1 CASE STUDY

Artificial Intelligence: Revolutionizing Finance for Highest Efficiency

The application of artificial intelligence is transforming the financial sector in many beneficial ways. AI tools are being used by financial institutions to enhance efficiency, reduce costs, detect fraud, and improve customer service.

A major advantage of AI in finance is its ability to rapidly analyze massive datasets beyond human capabilities. This allows banks to spot trends, model risks, and generate predictive insights to guide investments and strategy.

Here are a few examples:

1. Cash flow forecasting - AI tools can analyze sales data, expenses, and capital expenditures to generate cash flow projections.

2. Contract analysis - By scanning contracts and extracting key terms, AI can ensure optimal terms and conditions.

3. Auditing - AI can continuously monitor transactions, inventory, payroll, etc. to identify reporting errors or anomalies.

4. Budgeting - AI-powered software can analyze your spending patterns and automatically categorize transactions to provide insights for better budgeting.

AI is transforming business finance, through data-driven insights and automation. As the technology improves, AI has the potential to optimize financial management and planning across the board.

🛠️ 2 TOOLS

Dante-ai.com(🔗 link)

Dante-ai is an application that allows users to build and train an AI chatbot in a few minutes. Enterprises can use documents and visual materials to train the chatbot on functions, as well as white labeling the AI for their business.

Submagic.co (🔗 link)

Submagic assists users with generating quality captions for both short & long-form content. The tool automatically creates descriptions and emojis for content in addition to captions, saving users time. This tool is used by the most popular YouTube personalities to aid in engagement.

🥽 3 TRENDS

LinkedIn just released new AI tools (🔗 link)

LinkedIn just unveiled a few different artificial intelligence tools for its users. The platform has > 950 million active users and is currently backed by Microsoft.

A few of the AI tools being released:

Recruiter 2024 - This tool relies on generative AI to provide better search processes for recruiters. Users can prompt various job parameters and candidate details to improve the search results and find better individuals to recruit.

LinkedIn Learning - Users will be able to use this chatbot tool to gain insights on the page they’re viewing and current tasks. It can act as a “learning coach”, by providing suggestions for the user to improve skill sets and tips for daily work.

Dall-E 3 now available for free in Bing Chat (🔗 link)

Microsoft just announced a massive update to Bing Chat, integrating DALL-E 3 into its functionality. The AI-powered imaging tool will increase Bing’s ability to generate realistic images from prompts.

Users will be able to write a simple text, and an accompanying picture will be produced based on the chat. They will have the ability to refine the style, size, and composition of images through detailed prompts.

Microsoft also plans to integrate DALL-E 3 into other applications like Paint.

AI systems in Europe currently set for strict regulations (🔗 link)

European Parliament's new AI act could stifle artificial intelligence growth across the region. United States policymakers and tech leaders claim the regulations will favor larger companies while limiting the opportunity for smaller entities in the space.

The act is focused on transparency around material that’s used to train language models. The EU is hoping this regulation will assist in limiting the growth of harmful misinformation and dangerous aspects of the tech.

One fear is that the bigger companies will be able to have the resources to cover regulatory compliance, while smaller companies won’t have enough funds to survive. With the US strongly opposing the AI act, it will be interesting to see how this procedure progresses.