Artificial intelligence (AI) has been part of the daily news agenda for several years, and there are enormous opportunities for this technology.
Perhaps the most well-known AI tool, ChatGpt has over 400 million weekly active users worldwide. And to give some context about the pace of adoption, ChatGpt was only published on November 30, 2022.
The pace of change within AI is very fast, the potential applications of the technology are very diverse, and there are laws, regulations and guidelines early in development, making it difficult for an organization to know exactly where to start.
Balance
Within financial services, it turns out that it’s all about putting the right balance. Think about how you use technology innovation, if it is right, not right, and, importantly, how it benefits your clients, clients and the company’s workforce. We comply with relevant rules and regulations and keep up to date with the latest developments in the field.
As expert invoice investors, we focus on the role of AI, which helps to reduce the administrative burden on our staff, allowing them to do their best, build and manage relationships with clients, and provide excellent service.
We want it to be faster and easier to do business with us. If AI can be used to free up some time for staff, and, importantly, free up time for customers and clients, AI makes sense for the right tasks. It’s not a suitable tool for all tasks. And while there is overall surveillance of everything AI does, we have already seen the benefits this technology can offer.
Internal use
The key is, as a business that takes pride in its technology and innovation, we were able to bounce and build our own AI tools. For example, we have created and deployed our own contract review tools that eliminate manual efforts in document review. This means that the contract will be reviewed under the guidelines set forth. In fact, it takes AI to another level by converting scanned documents into text using OCR (optical character recognition) to information and allowing it to be placed at your fingertips.
Data Integration
To help consolidate data, we could also create systems that automatically extract relevant data from sources such as corporate housing, credit committees, open banking sources, and cloud accounting platforms. This has historically been a set of tasks requested by funders, done by clients and can usually take quite a while to complete, but it has been automated.
These are just a few of the numerous use cases we have already developed. These are not only to save time, but also to reduce the impact and effort your valued clients need. This also helps remove inefficiencies and streamline processes and workflows more.
Customer Journey
Customers see the benefits of AI activities. As part of your fundraising application, you can now automatically fill out your data, reducing the time you spend filling out your forms. This can only be seen as profit. And we expanded this into an onboarding journey.
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Interestingly, I have seen a real change recently in my confidence in dealing with AI. The possibilities of AI are important.
This makes it always available (the machine won’t sleep), and is actually recognized as an improvement in NPS (net promoter score) by those who have actively deployed.
Sometimes every client wants to have as little interaction as possible, as possible. There is still a lot to do in this area, but we have seen many companies invest heavily in AI customer service. You can see why this is the case.
Our AI Journey
We use AI and we strongly believe that the wider technology can deploy resources to areas where they need them, allowing our teams to focus on their strengths.
We know that AI has great help and is only damaging the surface. There are many things you can do, but I want to do it with AI, but it’s important to take it one step at a time. We made it easier for our clients, and made the business easier for our team, improved their roles for our team, reduced time spent on repetitive tasks, and enhanced data entry through automation and GEN AI support.
Clear Roadmap
There is also a clear roadmap and business investments. These plans include ensuring that risk assessments and processes are objective, consistent and meet criteria. This means providing a consistent, general approach to risk management, appetite and processes.
As we gain more information, it will also become a major contributor to our future decision-making, but we still see people as the ultimate decision-makers.
When we start debating and implementing AI, we have initial hesitation and disgust, fearing that AI will replace people and make roles redundant.
But from our perspective, we were able to clearly demonstrate to our team that AI can do our best to spend more time and provide valuable personal touches with clients and prospects.
We are extremely excited to compete in the AI journey and believe that it is limited only by imagination in terms of its possibilities.
Ant Persse is the CEO of Optimum Finance
