AI and machine learning capabilities are growing at breakneck speed. Accounting and finance are among the multiple industries already heavily disrupted by these developments. AI in fintech continues to change how professionals in these fields do their jobs.
Over the next several decades, automation will change virtually every aspect of finance and accounting – from boosting efficiency during tax season to automating financial processes such as compliance reporting. And while it may take some time for full automation to take hold in these professions (research indicates that it could take up to 20 years), AI-based fintech solutions like Xero are already automating certain mundane accounting tasks, like data entry and bill payment processes.
How are NLP Models Like ChatGPT Changing Accounting and Finance?
Natural Language Processing (NLP) models such as ChatGPT have been adopted by the fintech industry for a variety of uses. NLP allows humans to interact with machines in natural and intuitive ways – making tasks simpler, faster and more accurate.
From a consumer perspective, this technology has enabled customers to better manage their finances through automated budgeting tools, smarter customer service features and enhanced financial planning services. For professionals in finance or accounting fields, these AI-powered models can boost accuracy when it comes to regulatory compliance, fraud detection and data analysis.
How Is AI Affecting Banking Customers and Accounting Professionals in 2023?
For example, UBS Investment Bank recently implemented an AI-driven solution using ChatGPT to automate generating reports on key metrics like pricing, market share and revenue. By using this AI-based platform, UBS was able to achieve a nearly 25% reduction in time spent on the task, reduce human error and save $2 million annually.
Another example is Bank of America's use of AI for improved customer service experience. With the help of NLP models, Bank of America has developed tools that can automatically answer customer inquiries via text or voice in real-time. This allows customers to access information quickly and accurately while freeing up resources so support staff can focus on more complex tasks.
In addition, Goldman Sachs also recently revealed plans to integrate NLP into its business operations with the launch of their “Marcus” platform which uses AI to provide personalized financial advice. Through the use of NLP, Marcus provides customers tailored advice on budgeting, taxes and investments that can be more accurate than some human-generated assessments.
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How Can Accounting and Finance Professionals Stay Up to Date with the AI Revolution?
It's important for finance and accounting professionals to stay on top of the changing landscape of AI and fintech. To do so, they can take advantage of online resources offered by organizations such as Financial Executives International (FEI).
FEI offers a variety of webinars, white papers, newsletters, and other communications that provide up-to-date information about trends in the industry. Professionals can also attend conferences and workshops related to AI technology specifically designed for finance and accounting professionals.
NLP models like ChatGPT have opened up a whole new realm of possibilities for the fintech industry. By leveraging AI-driven technologies, businesses can reduce time spent on manual tasks, improve accuracy,
cut costs and ultimately provide better customer service experiences. With the continued advancement in this field, it is clear that AI will continue to revolutionize the way we manage our finances in both consumer and professional contexts.
By staying informed and taking advantage of available resources, finance and accounting professionals can ensure that they remain at the forefront of AI technology in their fields.
With SkillsetGroup as your staffing partner, you can hire the best accounting and finance professionals with all the latest training in fintech and beyond. Tell us what kinds of professionals you need on your finance and accounting teams.
- Financial Executives International (FEI). https://financialexecutives.org/
- Xero. https://www.xero.com/us/
- Boschetti, F., Cortimiglia, M., & Giapponi, E. (2018). The Future of Work: Artificial Intelligence Will Change Life as We Know It in