5 New AI Features Boosting Finance Productivity

New finance-geared artificial intelligence products are coming out fast and furious.

The term “use cases” is buzzing around corporate finance circles, mainly applying to new artificial intelligence tools released by technology companies in early 2024.

It’s no wonder, given the productivity boosts companies are seeing from AI. Take JPMorgan Chase, which recently noted that 90% of its clients used the investment banking giant’s AI cash management tool. Or how about Klarna? The digital “buy now, pay later” outfit says its AI assistant powered by OpenAI is doing the equivalent work of 700 full-time customer service agents.

That’s just for starters. Let’s take a look at the top 5 new AI featyres that are helping companies be more productive – and for cheap.

1) The Open AI for Business API

Price: $20 monthly subscription

Who’s it meant for: Everyone. Covers everything from simple tasks like generating an email response to building unique data processing applications.

Open AI isn’t exactly new, as it first launched ChatGPT in November, 2022.

However, the OpenAI API, introduced in November 2023, is adding new features all the time, and companies are putting these tools right to work.

It’s no doubt one of the most important AI tools on the market, as anyone can build pretty much whatever they want on the Open API. In fact people have built some incredible things such as the ones listed here.

Austin, Tx.-based Kruze Consulting says 57% of its client base (representing some 800 clients) are currently paying for Open AI services. That’s significantly up from the single-digit numbers Kruze saw in 2022, the company reports.

“When OpenAI introduced its paying plans early in 2023, the growth of paid clients skyrocketed,” Kruze added. “This is one of the fastest, if not the fastest, penetration that we’ve ever seen of any tool into the client base.”

Kruze says clients are leveraging the OpenAI API in several ways.

  • Subscription-based

Startups are leveraging OpenAI’s $20 monthly subscription for various operational tasks.

“These include writing marketing copy, assisting in light coding, Excel modeling, and image generation,” Kruze notes. “This versatile application signifies OpenAI’s role in offering cost-effective and efficient solutions for diverse business needs.”

  • For data processing

OpenAI’s API is being utilized by startups for converting and organizing data.

“This application is crucial in improving data management processes, enhancing accuracy, and enabling data-driven decision-making,” Kruze reports. “These users sometimes ramp up and then drop billing, as once they get their data into shape, they don’t need as much API usage. However, others use a consistent amount of data, as the data processing is core to keeping their service running.”

  • As integration in products

Incorporating OpenAI’s API into products allows startups to enhance their offerings.

“Features such as chatbots or personalized content generation are becoming increasingly common, providing a competitive edge in the market,” the company adds. “Others use it to power the creation of art or text. These are important use cases, as they let the startup offer a genuine AI feature or product.”

Kruze vice president of financial strategy Healy Jones calls his company’s canvassing of client Open AI impressive, from an outcome point of view.

“This is the steepest adoption curve that I’ve ever seen — over half of our client base using a new technology in a very short period,” Jones noted. “I’m pretty blown away.”

2) Deloitte’s AI Chatbot

Price: No price as it is an internal feature.

Who’s it meant for: So far it is being used by 75,000 Deloitte employees with the goal to boost productivity.

Introduced in October 2023, Deloitte’s AI chatbot rollout internally, according to staff in Europe and the Middle East.

The company plans to have its team members use the new generative AI chatbot to write emails, create PowerPoint presentations, and create new software codes, the FT said. The AI bot can also act as a virtual assistant in responding to queries, helping employees with tough accounting and finance problems, and generally making staffers “more productive,” the company said.

Deloitte simultaneously released “DARTbot,” an internal chatbot that generally supports nearly 18,000 of Deloitte’s U.S. audit and assurance professionals “in their daily tasks and decision-making processes,” the company said.

That release, originally tested in Deloitte’s UK offices, will be expanded via the company’s “PairD,” a Gen AI-powered AI tool, the company reported on January 8. This is also a continuing sign that big companies now have the resources to build their own generative AI tools and platforms and are eager to deploy them.

“The rollout highlights how the professional services industry is increasingly adopting generative AI to automate tasks,” the Financial Times recently stated. “Big Four rival PwC is using AI chatbots in its legal and tax divisions to speed up the work of its employees by summarizing large documents and identifying compliance issues. Law firm Allen & Overy has also created an AI contract negotiation tool that drafts new agreements that lawyers can then amend or accept.”

3) Microsoft’s New AI Tool Suite

Price: Microsoft doesn’t provide pricing on their website and the cost will depend on how many applications and users you will have. 

Who’s it meant for: Microsoft Dynamics 365 Finance is built for CFOs and finance professionals.

Microsoft has been prominent in artificial intelligence—it bankrolled Open AI and its signature ChatGPT AI communications toolset with $13 billion.

In early December, 2023, the Seattle, Wash.-based company set its sights on the corporate finance sector with a new suite of AI-fueled business finance package, designed to merge artificial intelligence with widely used business software.

Microsoft said it’s rolling out the “latest advancements” in its enterprise resource planning portfolio that help CFOs activate business insights “at every level” of the company. Here’s what the new AI rollout, dubbed Microsoft Dynamics 365 Finance, brings to the table.

More robust and streamlined data. Microsoft says its D 365’s business performance analytics capabilities are designed to solve the burgeoning challenge of poor data quality, reconciliation issues, and data source integration.

  • Easy-to-use AI tools

Corporate finance can be a puzzle for companies without a decent plan to handle financial planning and analytics (FP&A) and corporate performance management solutions. Microsoft says those issues come with a “steep learning curve, lack a user-friendly design, and are difficult for users to navigate.” The new CFO software suite offers “easy to use” tools to empower corporate finance teams.

  • Better business outcomes

Business performance management is often an overlooked feature with current financial management and enterprise resource packages – that’s another issue Microsoft says its new AI suite resolves.

“Typically, these tools need to be purchased separately, which minimizes who can use them,” the company states. With Dynamics 365, Microsoft says CFOs can “lower their total cost of ownership” while boosting financial performance outcomes.

4) Revolut’s Billpay

Price: The new Billpay feature won’t be an additional cost to current Revolut clients. 

Who’s it meant for: Anyone using banking services, financial planning, and investing. 

This AI-powered digital payment application promises to cut accounts payable timelines by 80%.

Billpay was announced in February with an estimated release date in the second half of 2024 by UK-based Revolut. The digital payments provider, which has 500,000 business customers, says Billpay enables accounting team members to take invoices from company databases, pull the needed payment information, and process the approved invoice payments in record time.

“With Billpay, we’re aiming to reduce the time our customers spend on accounts payable by more than 80%,” said James Gibson, Revolut Business general manager, in comments to Financial News London.

Billpay solves many problems for CFOs who want to speed up the payment process but prioritize accuracy and efficiency.

“We want to make life easier for CFOs by automating the finance functions,” Gibson added. “Large organizations are our target, especially companies that manage hundreds and thousands of monthly invoices.”

Billpay wouldn’t cost current Revolut business clients any additional cash, as it will come embedded within a company’s existing account. The company will also sweeten the Billpay offer with other digitally-based accounting features.

“We will also give customers access to interbank FX rates and international payments, so paying global suppliers is simple,” Gibson told Financial News. “Billpay will sit alongside our existing expense management solution, so our customers can easily manage spending across their business.”

“Billpay will leverage AI to help businesses time and money in several ways, from learning how to best match receipts with transactions to automatic identification of unusual bills or transactions to help identify and eliminate unnecessary spend,” Gibson added.

5) JPMorgan’s New Cash Management Tool

Price: Part of JPMorgan’s client services so no official price tag on the website. 

Who’s it meant for: Finance teams of JPMorgan clients that want to create more efficient financial processes. It analyzes, sorts, and categorizes company cash flows and aids customers in building financial forecasts.

JPMorgan Chase chief executive officer Jamie Dimon hasn’t been shy about promoting artificial intelligence. He has previously described AI as having a “tremendous impact” on sectors like finance and healthcare.

“It is crucial to have AI,” he said in January. We already have 300 cases against risk fraud, credit marketing, movement of money trading, and hedging. It will change a tremendous amount of stuff in health care alone. It may come up with new compounds. It could do a better job diagnosing diseases and preventing diseases.”

JPMorgan Chase is walking the walk with AI, building products around the technology that promises to boost productivity and curb costs for its client companies.

Take the titan’s new AI-powered cashflow management tool, which the company says has already cut manual tasks by 90%.

“We are going to keep investing into this solution because we see that we’re starting to really crack this workflow,” noted Tony Wimmer, director of data and analytics at JPMorgan’s wholesale payments unit, in a March 4 interview with Bloomberg. Wimmer told Bloomberg the cash flow tool is already being used by 2,500 company clients, with more in the pipeline.

According to JPMorgan Chase, the new cash flow tool is “an intuitive AI interface” that analyzes, sorts, and categorizes company cash flows and aids customers in building financial forecasts.

In finance circles, it’s not just JPMorgan Chase. Bank of America recently released its AI CashPro forecasting software package, while RBC offers NOMI, another financial forecasting tool, for its corporate customers.

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