AI is the future of finance. In fact, any business.
Generative AI can create new content in the form of copy (or text), imagery, music, audio and video. It is able to do this by learning the patterns of existing data – then generating new data that has similar characteristics.
How does this help businesses?
One of the most popular uses of Generative AI is within customer service teams, where it can be used to assist them when working with customers.
Earlier this year, world leader in AI computing NVIDIA published a report showing the top applications for AU in finance (excluding China). The most common uses were Natural Language Processing (NLP), Fraud Detection and Conversational AI.
The report also asked the respondents to state the results of applying AI in their finance companies. The majority of companies had experienced significant benefits including almost 50% seeing an improved customer experience.
Other benefits were creating operational efficiencies, creating a competitive advantage and that it opened new business opportunities and revenues.
AI is becoming increasingly useful, especially for those in finance.
For example, banks can use this technology to help with tasks such as quicker document analysis, finding the necessary documents and files in seconds, and providing the required information to customers immediately while on a call.
We are lucky to have one of our exhibitors, Simon Devine from Hopton Analytics, speak at our next financeSHOWCASE about how:
‘AI is changing the world at a rapid pace and the Finance function is no exception.’
Learn how the AI revolution is going to impact business from the office of the CFO to the shop floor. We will examine the potential impact of generative AI on your business model, fraud and fraud detection, productivity, data accuracy, regulatory compliance, audit, forecasting, and more. This session is critical to help you prepare for the AI revolution.
Get your free tickets to the next financeSHOWCASE, held at Edgbaston Cricket Ground, 19th November. Register here
