AI For Finance: Top AI Tools For Finance Professionals

Artificial intelligence or AI tools refer to software applications that utilize AI to carry out tasks that generally require human intelligence. Precisely, these tools can automate repetitive tasks, obtain insights from vast datasets, and streamline operations using natural language processing, computer vision, and machine learning. This, in turn, allows individuals and organizations to make data-backed decisions quicker.

With artificial intelligence gaining traction, the adoption of such tools is growing across different industries, including finance. Indeed, companies are now leveraging AI in finance to make improvements in different areas, for example, customer service and decision-making. If you are willing to dive deep into how AI tools for finance professionals are proving to be an absolute game changer, you are in the right place. 

In this article, we will discuss some of the best AI-based tools that are making a positive impact on individual and organizational performance. Moreover, we will also look into the benefits of AI in finance. But first, let us start with how AI is taking center stage in the finance space. 

Amidst accelerated technological advancements revolutionizing industries worldwide, AI’s growing adoption in the financial sector stands out. Indeed, the growing adoption of AI represents a shift in how finance companies carry out their operations. Indeed, banks, brokerage firms, investment banks, etc., are now leveraging finance automation tools powered by AI to boost performance and remain competitive. Not only do these tools play a key role in enhancing customer experience, but they also help implement robust security measures, perform real-time calculations, and make accurate forecasts and predictions. 

In addition, AI tools for finance professionals assist in obtaining key insights for decision-making and measuring performance, among other things. Simply put, AI-driven technologies are playing a pivotal role in helping finance companies better understand customers and markets. Moreover, AI in financial services is allowing organizations to interact in a manner that replicates human interactions and intelligence at scale. 

Let us look at some of the best AI tools for finance professionals in detail. 

#1 - ChatGPT

ChatGPT is an AI-based chatbot that has garnered enormous popularity worldwide for its user-friendliness and flexibility. Finance professionals may use it to carry out research related to markets or companies, brainstorm ideas, generate reports, emails, etc. The tool generates responses incredibly fast and has the capability to analyze financial data quickly. 

Features

Let us look at some key features that make ChatGPT a useful tool for people looking to leverage AI for financial analysis. 

• It helps analyze financial statements and any kind of textual information, for example, analyst reports, news articles, and social media posts. 
• ChatGPT can perform data analysis, provide visualizations, and resolve queries concerning financial metrics. It can generate quick responses based on the data utilized to train it. 
• One can use this application along with predictive models to develop narratives related to financial projections.
• This tool can also help generate investment summaries, which can be quite useful for financial advisors who have to give their clients easily understandable information concerning potential investments.

Pricing

OpenAI offers three plans for ChatGPT: Free, Plus ($20/month), and Pro ($200/month).

Noteworthy Review 

“The net promoter score of ChatGPT Enterprise was through the roof. This was by far the company-favorite solution.” – Brice Challamel, Head of AI Products & Platforms, Moderna

#2 - Domo

Developed in 2010, Domo is a popular cloud-based business intelligence platform providing comprehensive solutions related to data visualization, data analysis, and data management.  It allows companies to accumulate data from different sources before transforming, cleansing, and presenting the same by means of interactive reports, charts, and dashboards. 

Features

Some key features that make it a useful tool for companies looking to utilize AI in financial services or any other area of finance are as follows: 

• Domo offers a centralized platform that helps in making data-backed decisions. 
• It automates manual data accumulation and cleaning processes, thus saving resources and time. 
• The collaboration and sharing features of this platform improve cohesion among relevant team members. 
• The cloud-based platform can integrate with various data sources, thus allowing organizations to adapt to change quickly.

Pricing

Domo’s pricing is consumption-based. This means organizations have to pay per their usage. 

Noteworthy Review 

"One of the challenges we had in the past was when we tried building our own BI systems, it would require specialists who would have to code things and do all of the work. If a customer wanted to make a change, add filters, or do something new, it required me to go through a development cycle that would be long and drawn out. Now the people who build my Domo cards are the same people who used to build Excel spreadsheets.” — Jason Roberts, VP of Operations, Randstad Sourceright

#3 - Booke.AI 

This tool uses AI to carry out the automation of bookkeeping within an organization. It has the capability to fix coding errors and uncategorized transactions. As a result, it improves client communication and saves a significant amount of time for team members. 

Features

Some noteworthy features of this AI tool for finance professionals are as follows: 

• Its advanced error-identification technology ensures accuracy. 
• The tool streamlines collaboration with clients and helps get faster responses. 
• It can connect to popular bookkeeping software like QuickBooks and Zoho Books.

Pricing

There are two plans — Bookkeeping Platform ($20/month) and AI Bookkeeper ($50/month) 

Noteworthy Review 

“This bookkeeping tool with AI features has seriously helped me streamline my work. The automation is great, but I'd love to see some better error detection. I've still managed to save around 40% of my time on tasks, though!” — Monica Adams, Financial Consultant

#4 - Vena Insights 

This tool enables organizations to make informed decisions regarding various financial aspects, like workforce planning, budgeting, and forecasting, via the use of advanced machine learning and artificial intelligence.

Features

Some features that make Vena Insights a sought-after tool when it comes to AI for financial analysis are as follows:

• For users, creating dashboards is a straightforward process using Vena Insights. They can build customized dashboards and visualize financial data in a manner that they deem fit.
• Vena Insights allows users to make better decisions because of the anomaly detection feature and predictive analytics offered by this tool. 

Pricing

Vena has two pricing plans. Interested individuals can get in touch with the sales team to know about the price. 

Noteworthy Review

According to Dominic D Bernardo, the Director of Operations at Cumming Corporation, Vena allows for 2-way communication and removes the issues with audit control, workflow, and version control. 

#5 - Stampli

This AI-driven tool streamlines a business’s accounts payable process. This helps ensure that the finance team carries out work efficiently. This tool works with an organization’s existing enterprise resource planning or ERP systems to ensure an integrated and seamless solution for its invoicing requirements. 

Features:

Some key features of this finance automation tool are given below:

• It tracks every action on individual invoices in real-time, offering control and insight concerning financial operations.
• This tool can provide predictive insights that aid in invoice management optimization. 
• Stampli allows for interactive invoice management that boosts transparency and collaboration among team members. 

Pricing

Organizations can contact the sales team of Stampli to get a quote. 

Noteworthy Review 

“Stampli has saved us 30-35 hours a week in productivity gain, which has allowed our team to focus on strategy, growth, and moving our Company forward. This is worth 10X the investment we have made in this software!” — Metthew Anderson, CFO, Superior Masonry

Let us look at the benefits of using AI in Finance:

• It helps in automating workflows and processes. 
• AI can perform repetitive tasks and save time.
• A key reason for using AI for financial analysis is the minimization or elimination of manual errors in different aspects, like data processing, customer interactions, and analytics. 
• AI in financial services allows for the faster processing of information when compared to the time taken by humans.
• AI tools allow customers to manage their finances at their convenience from any location.

Some noteworthy challenges associated with AI tools for finance professionals are as follows:

• Too much dependence on specific tools related to AI for financial analysis can limit a professional’s flexibility. 
• AI software can be prone to cyberattacks, which can result in financial losses or data breaches. Since finance professionals handle sensitive information, using such AI tools with caution is essential. One should trust reputed tools only. 
• Companies often need to organize training programs to ensure that their staff have the necessary training to use certain tools. The implementation of such programs requires time as well as money.
• Programmers’ bias can result in discrimination or prejudice. 

AI tools for finance professionals are transforming the way organizations carry out their operations. With automated processes, valuable data-driven insights, and improved decision-making via AI-based solutions, organizations are benefiting from improved personalization, accuracy, and customization. As the tools keep evolving, there will be new opportunities for finance companies to boost growth.