Today, AI is proving popular as a cash forecasting tool, where the technology is enabling treasurers to make more informed decisions based on AI-generated predictions on future cash flows. As these products develop, there will likely be increased crossover with SCF solutions.
While the technology has the potential to transform the industry, there are still questions over how fast and how far-reaching the transformation will be.
Doubts or at least questions were raised at the SCF Forum Europe in Amsterdam in December 2019 during an AI panel discussion, with audience asking what happens when algorithms go wrong and how secure the platforms are. Regulation around the use and collection of data were raised as one of the obstacles. Corporates looking to work with AI-powered platforms should pay attention to how their tech provider is treating their data.
Laurent Tabouelle, COO of CODIX Group, warned forum delegates not to consider AI as a “magical solution to everything”.
A common theme is that AI-powered solutions will still require a degree of human involvement. Technology might replace some of the less creative roles in banks and Fintech companies, but robots are yet to take everyone’s job, according to delegates.
Read the full article published in: TRF News (BCR Publishing)