The involvement of Artificial Intelligence in the Finance Industry will reach $64 billion by 2030. However, Sir Owais Mirchawala who has 20 years of experience in the finance industry
Sir Owais Mirchawala who has 20 years of experience in finance industry and an instructor of ACCA AAA Course, possess an opinion that Aritical Intelligence and Automation will help finance professionals to work efficiently and AI will enhance their capabilities.
From 2014 to 2024, AI firms increased by 688% in the United Kingdom, and a 1/6th ratio of companies regarding adopting Artificial Intelligence in their operations.
This data and information may increase the fear among finance professionals. In this article, you will get information, on how finance professionals enhance their capabilities so that they will not be replaced by AI and Automation.
AI and Automation in the Finance Industry:
It is necessary to understand the Automation and Artificial Intelligence role in the finance industry, Machine learning (ML) is usually referred to as artificial intelligence (AI), which is the computer systems’ imitation of human intelligence processes. Machine learning (ML) is a computer system’s capacity to learn from experience and advance without explicit programming.
Automation, on the other hand, is the use of technology to automate procedures or repetitive tasks that are normally performed by humans. This can involve the creation of reports, data entry, and even decision-making procedures.
With the advantages of greater efficiency, accuracy, and cost savings, these technologies are being utilized in finance for jobs including data analysis, repetitive tasks, risk management, and customer support.
Crucially, these jobs require data analysis and decision-making from that analysis; this is a domain where automation and artificial intelligence shine. The main application of AI in customer service is chatbots, which can operate around the clock without human assistance and utilize Natural Language Processing (NLP) to comprehend and reply to consumer inquiries.
This means that by taking over time-consuming and repetitive duties, AI is being utilized to improve and expand the talents and capacities of finance professionals rather than being simply focused on replacing human occupations.
Integrating AI and Automation with Humans:
Humans and technology are complementary The first step to future-proofing your finance position is realizing that automation and artificial intelligence (AI) are not threats to your profession but rather useful tools that you and your financial team can use together.
Embracing new technologies and looking for ways to incorporate them into your work processes is essential if you want to stay ahead of the competition. By doing this, you’ll present yourself as a priceless asset to any firm in addition to increasing your productivity and efficiency.
You may focus more of your time on strategic duties and decision-making by using AI to help with data analysis and forecasting. Opportunities for job advancement may arise as a result of your ability to manage increasingly difficult and important tasks.
Increased Efficiency in Finance Operations:
Enhancing productivity and efficiency is a significant benefit of integrating AI and automation in the financial industry.
By delegating repetitive and time-consuming tasks to these technologies, financial professionals can focus more on strategic and high-value activities. This shift can lead to a better work-life balance and increased job satisfaction.
Forbes reports that 70% of financial institutions use machine learning to predict cash flow events and adjust credit scores, which are traditionally complex and time-consuming tasks. This approach speeds up the process, reduces human error, and yields more accurate and reliable results.
The positions of Finance Professional in the future.
In actuality, artificial intelligence already plays a significant role in the financial sector and will only grow in popularity and evolution. Professionals in finance must therefore embrace the complementary nature of people and technology and adjust to these changes.
Some work may be automated or given to AI systems, but this does not indicate that human labor will completely disappear. In reality, new positions in the finance industry, like data scientists or AI integration specialists, are emerging that call for a blend of technical and financial expertise.
Finance professionals may prepare themselves for these new positions and continue to be important assets to firms in the ever-changing finance landscape by adopting continuous learning and upskilling.
Accepting the Financial Future
Automation and AI integration in banking present professionals with a chance to advance their careers rather than a danger. financial professionals may maintain their value in the ever-evolving financial industry by keeping up to date on the newest advancements, learning and developing consistently, and utilizing AI to increase productivity and efficiency.
Success in any industry requires adaptation and change, and the banking sector is no different. Professionals may continue to have a major influence and promote positive change in the financial sector by embracing the future of finance and collaborating with artificial intelligence.
To assist businesses get paid on time, Chaser is already at the vanguard of this shift, automating parts of credit management and integrating AI into the accounts receivable process. The recommended chasing times, payer ratings and late payment predictor are among the AI-integrated features.
To find out more about the nexus between technology and finance and how to remain ahead of the curve in this rapidly changing field, visit the Chaser blog. To understand how AI and automation are assisting companies like yours in reducing late payments with the least amount of time and effort, test Chaser for free.
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