Artificial Intelligence is rapidly transforming the finance sector, driving innovation in analytics, decision-making and operational efficiency. This evolution isn’t about replacing finance workers but rather enhancing productivity by harnessing AI to tackle repetitive, time-consuming tasks.
Justin Kabbani, an AI implementation coach and keynote speaker, explains: “It’s about getting rid of that 30% of the work people are doing that is mundane, and giving them space to get back to high-value tasks.”
From accounting to procurement and commercial finance broking, AI in finance has the potential to elevate your work and unlock new opportunities. In this article, we explore how AI can be used in finance and its implications for the industry.
AI in finance: core applications
Justin identifies several areas where AI can significantly enhance the finance industry. “Tools like Copilot or ChatGPT help finance teams handle tedious tasks, from generating insights to simplifying client evaluations.” Examples include:
- comparing inconsistently formatted datasets from different software systems
- quickly performing complete financial analyses, including generating graphs and tables and providing data-driven insights for financial planning
- evaluating new clients using discovery questions and providing rationale for decisions
- supporting first-stage evaluations of financial or business scenarios
- analysing large datasets to detect patterns consistent with fraudulent activity
- chatbots and virtual assistants that provide 24-hour customer service, reducing the operational costs of a business
- monitoring and ensuring compliance with financial regulations through automated audits
- forecasting market trends, cash flow and business outcomes
- automating invoice generation, approvals and payments
- automating tasks like note-taking during meetings or phone calls, then generating follow-up notes and action items
Justin says harnessing AI doesn’t have to be expensive or difficult. “A lot of the work I do is with off-the-shelf software, Copilot and ChatGPT. These can seem like simple tools, but my clients are applying them to problems and consistently saving hundreds of thousands as a result.
“For example, an accountant-client of mine uses AI to organise and categorise transaction data really efficiently, turning complex tasks into streamlined processes.
“Smaller firms can leverage simple tools like chat functions that translate and document client conversations in multiple languages, enhancing service for non-English-speaking clients.”
Justin reiterates that AI in banking and finance isn’t about replacing staff but rather elevating their roles so they can move from administrative or repetitive tasks to focus on creative and strategic work. “The real promise of AI is in helping us be more human by eliminating menial tasks and unlocking our cognitive potential.”
The challenges of AI in the finance industry
Justin also sees many challenges with AI, but not necessarily from the technology itself. “The biggest roadblock is data privacy concerns,” he says.
“However, Microsoft stands behind the security of information that is processed in the Copilot environment. And the ChatGPT Team and Enterprise versions don’t learn from user data by default and have attained SOC-2 compliance to give businesses further confidence to use confidential data. Companies often apply excessive security standards to AI tools in a way they wouldn’t with other pieces of software they’re using.”
Lack of training is also an issue that limits the potential of AI tools. “People also need to move beyond a 10-word prompt and invest in creating structured inputs that deliver meaningful results.”
The perception that AI adoption is expensive is another issue that is holding businesses back, says Justin. “We’re talking about taking those really menial tasks or administrative tasks and using a program that’s pretty affordable and really quite reliable.”
Harnessing and understanding AI
If you work for a financial firm or are a finance broker and are eager to learn more about AI technology in finance, Justin’s advice is to start from the top down.
“I think the most important way to embrace it and get the most out of it is to start with the CEO and executive team. They need to understand the tools, see their capabilities and experience it themselves. Even half a day of training is enough to get to a level of confidence and competence to use these tools. I think it’s realistic for a team or individual, with three days’ worth of training, to build up that level of competence to be using it on appropriate projects.”
In the years to come, Justin believes the future of AI in finance will involve integrating multiple datasets – such as Google Analytics and CRM data – to uncover unique insights.
Here are some other ways we might be using AI in finance in the future:
- AI will enable highly personalised financial services by analysing individual customer data. This will allow for tailored financial advice and products, improving client engagement and satisfaction.
- Fraud detection will become even better as AI not only identifies patterns that indicate suspicious activity but also takes action to block that activity in real time.
- Predictive analytics will become more sophisticated as AI analyses multiple indicators and datasets to anticipate risks such as economic downturns and geopolitical events. It can then offer strategies to mitigate potential threats.
Octet: your future-ready finance partner
AI is revolutionising the finance industry, offering powerful tools to streamline operations, enhance decision-making and uncover new opportunities. For businesses navigating this transformative era, having a smart finance partner like Octet can make all the difference.
With a deep understanding of business finance and innovative working capital solutions tailored to your needs, Octet is here to support CFOs, business owners, brokers and accountants. Discover Octet’s smarter supply chain finance solutions today to power your business growth.
Justin Kabbani is an in-demand keynote speaker and AI implementation business coach with more than 20 years of experience helping businesses and individuals harness the power of AI.
Disclaimer: These comments are only our views and should not be construed as advice. You should act using your own information and judgment. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgment as at the date of publication and are subject to change without notice.
