Using AI for financial management as a customer or a business is becoming a more popular choice these days. There are tons of applications that can make managing money simpler and faster without the need for an expert, from home budgeting to using multiple tools for customers.
Finding the Data You Need
If there is one thing AI does well, it’s analyzing data. Finding data can be tedious and takes a lot of time and attention. The time you could be used for other tasks. No one wants to scroll through databases looking for something they need. Apps such as TextMine offer flexible solutions for finding key queries within given documents. AI systems like this can collate data and build comprehensive datasets from multiple documents, greatly streamlining efficiency.
Budgeting AI for Financial Management
Budgeting is a critical skill in life and one that, unfortunately, not all of us get around to learning. One survey by Quickbooks mater Intuit found that 60% of people don’t keep track of monthly spending. There are many reasons for this, with lack of time being one of them. You can use AI tools to help come up with a budget and even offer financial advice for reaching goals. For example, all you need to do is ask Chat GPT. Apps like Cleo also offer AI budget tools.
Automatic Savings and Investments
Making your money work for you is one of the core aspects of wealth and financial management. But this is also a skill that most people don’t master. However, there are apps that can actively work your money and put it to good use. For example, Acorn can connect to your bank account and round up the change from transactions. From there, it will use investing AI to make investment installments on your behalf, a little at a time, that can accrue more money.
Always Improving the Fundamentals
There are some fundamental aspects of AI that justify its usage across business and home life. From a business point of view, AI is a Godsend and offers many ways to make your company run better than before. Some of the benefits of digital transformation are listed as follows:
AI is excellent at automating complex processes for autonomous workflows.
Automated systems can input data with much higher accuracy than a human.
Using AI frees up your time to get on with the tasks that require your focus.
The speed at which AI can analyze data and patterns is much greater.
AI systems are always available, meaning great access for customers and businesses.
Simply put, AI enhances business efficiency and provides better customer service. As a result, businesses can thrive from streamlined processes and faster interactions with better accuracy. This reflects well internally but ensures customers always have access to the best service.
Numerous Tools for Professionals
As mentioned, AI tools can help businesses. There are numerous powerful tools available to a professional within financial management that use an AI system. For example, Datarails FP&A Genius offers ChatBots that can connect to real-time data, which is helpful for CFOs and financial analysts. For accounting, apps such as Bookie help with client communication, faster transactions, and integration with other popular financial apps, including Intuit Quickbooks.
AI for Financial Management at Home
It isn’t only businesses and corporations that can benefit from handy financial AI tools. You can also get apps for investing as a beginner, which may be behind some of the 27 million people in the UK who have investments. AI tools like Magnifi make investing easier using AI processes such as predictive analysis. You can also use apps such as Rocket Money for managing recurring payments. And, of course, Quickbooks is a well-known app for managing money.
Reducing the Chances of Fraud
One of the most valuable aspects of AI in regard to money is detecting fraud. Real-time systems can monitor transactions and data and analyze them super quickly. This can then flag activities that it deems potentially illegal and notify whoever it is concerned about so they can take swift action. Companies and services currently using AI to detect fraud include Mastercard, Barclays, and Danske Bank. AI is also being used to improve crypto security when using the Blockchain.
Finding what you need from large datasets in a fast way is just one use of AI for financial management. There are also tools that can help you save money and make small investments on your behalf. But one of the best uses for AI is that it can help reduce bank and crypto fraud.