What is Artificial Intelligence in Finance

Artificial intelligence is a type of technology that enables machines to fulfil humanoid tasks through learning. Artificial intelligence, which provides the opportunity to carry out complex processes in a much shorter time and accurately, is used especially in sectors with complex and big data. For this reason, the use of artificial intelligence in finance is widespread.

Can I Report and Analyse with Artificial Intelligence?

Artificial intelligence technologies can be preferred for financial analysis and reporting. With financial analysis and reporting, the growth potentials of companies and sectors are accurately determined and strategies are created within this framework. Reporting includes the process of analysing financial indicators such as cash flow and credit risk ratio and turning them into reports. As a result of this reporting and analysis process, artificial intelligence can also make suggestions for financial actions.

How is artificial intelligence used in the finance sector?

The use of artificial intelligence in finance is widespread. Today, the rate of use of artificial intelligence in both banking processes and financial markets has an upward momentum. Especially in the stock market, buy-sell bots, profit-loss analysis bots are the main examples of the use of artificial intelligence in finance. Examples of the use of artificial intelligence in the banking sector are mobile assistant, portfolio management, cost analysis and savings.

What are the risks of not using artificial intelligence in finance?

According to the report titled ‘Money and Machines’ prepared by Savanta and Oracle, the rate of artificial intelligence usage by business leaders is 85%. According to the Money and Machines report, the risks and rates faced by organisations that do not redesign their financial processes within the framework of artificial intelligence are as follows:

- The risk of falling behind their competitors is 44%.

- The rate of employees facing stress is 36 per cent.

- False reporting rate is 36 per cent.

- The rate of decrease in employee productivity is 35%.

The advantages of using artificial intelligence in the finance department are to increase employee productivity, reduce stress, prevent false reporting and increase the company's competitiveness.

How does AI support continuous innovation in finance?

The finance department covers processes such as data collection, verification of collected data, data entry, and reporting. In cases where artificial intelligence is not used, each of these processes is performed manually. The fact that the processes are both multi-stage and high-volume causes the department to become more costly. The size of the data volume brings with it the slowdown of the department. The use of artificial intelligence in finance enables department processes to be automated. Processes such as data analysis and verification are completed in a much shorter time compared to the possibility of being done manually, thus increasing process efficiency.

What is Artificial Intelligence in the Banking Sector?

Artificial intelligence has started to be used in the banking sector in Turkey as well as worldwide. Banks that want to provide more effective and efficient service in the banking sector, which is a competitive sector, have included the use of artificial intelligence in their service processes in line with various needs. The use of artificial intelligence in the banking sector started with mobile assistants. Maxi, the artificial intelligence-based assistant of İş Bank, and Ugi, the mobile assistant of Garanti BBVA, are the main examples of this use. Mobile assistants provide the opportunity to perform most of the transactions that can be performed through mobile banking effortlessly through the chat screen. Again, mobile assistants can provide guidance on application usage. Artificial intelligence and the banking sector also bring details of mobile assistants such as savings suggestions, cost tracking and analysis.