With previously unheard-of capabilities in data analysis, financial planning, risk management, and customer service, generative AI technologies are leading the way in the financial revolution. Gaining knowledge of and using these technologies may help financial executives make better decisions, increase operational effectiveness, and boost customer satisfaction. According to a McKinsey report, generative AI could add $2.6 trillion to $4.4 trillion annually in value to the global economy, with the banking industry potentially seeing an additional $200 billion to $340 billion annually if use cases are fully implemented. This listicle introduces six essential generative AI tools that every financial leader should know, highlighting their key features, benefits, and the visionary leaders behind these innovations.
Datarails FP&A Genius
CEO: Didi Gurfinkel
“I think that you don’t see many companies like Datarails that were able to, productize ChatGPT open AI capabilities in the product is because the challenge to take large language models and use it in finance in numbers, when you need it to be accurate, the determinacy, this is something that is challenging.” –
Headquarters: New York City, New York, USA
Description: Datarails FP&A Genius is a ChatGPT-style chatbot designed for financial planning and analysis (FP&A). It connects to real-time data, ensuring decisions are based on the most accurate information. It provides a single source of truth by integrating all company finance data sources and offers secure data handling.
Planful Predict
CEO: Grant Halloran
“Financial performance management platforms like ours have already been on that journey of trying to reduce that friction, and largely succeeding in many areas. I think that the AI takes it to the next level.”
Headquarters: Redwood City, California, USA
Description: In the field of financial performance management, Planful sets itself apart by conceiving and implementing a full AI-driven solution for demands related to both structured and dynamic planning. Planful’s platform incorporates AI and machine learning to enable users to make well-informed decisions in a variety of business fields. This dedication is demonstrated by the Planful Predict package, which provides native AI/ML solutions designed with finance in mind. Planful is unique because of its in-house knowledge and comprehension of the difficulties encountered by finance teams, which enables them to create AI solutions that are specifically designed to meet demanding technical specifications.
Vic AI
CEO: Alexander Hagerup
“Today, our A.I. has achieved 99% accuracy in invoice processing, and we’re continuing to expand our suite of A.I. solutions.”
Headquarters: New York
Description: Vic.ai is a unique platform for autonomous accounts payable that can manage a variety of financial functions, such as processing invoices, approving them, making payments, and offering real-time insights. Vic.ai uses its unique AI technology, trained on a massive dataset of more than half a billion bills, to provide customised solutions for AP teams and CFOs. With remarkable accuracy rates between 97% and 99%, this AI-driven method dramatically speeds up invoice processing by 80%.
AlphaSense
CEO: Jaakko (Jack) Kokko
“We’re constantly pushing what we’re able to automate for users and make them more effective at their work, and generative AI has been one of those things that really enabled big leaps in that. That has created a lot of demand—extra demand, perhaps—and a lot of attention to the use cases that we serve.”
Headquarters: New York City, New York, USA
Description: AlphaSense is a market intelligence and search platform that uses AI to help financial professionals find, analyze, and act on information quickly. It is tailored for the financial industry to assist with market trends, asset management, and investment research.
FinanceGPT
CEO: Phiwa Nkambule
“Generative AI allows us to build synthetic financial datasets that can augment available customer data during the analysis process to allow financial institutions to better profile unbankable customers. AI is a tool with which we will solve global economic inequalities.”
Headquarters: Middletown, Delaware, USA
Description: FinanceGPT combines generative AI with financial data, charts, and expert knowledge to empower financial decision-making. It offers customizable financial forecasting, real-time data aggregation, financial health monitoring, and advanced analytics.
Booke AI
CEO: Vadim Chumak
Headquarters: Wilmington, Delaware
Description: Booke AI revolutionizes bookkeeping by automating tedious tasks and rectifying common errors, seamlessly integrating with accounting software like Xero and QuickBooks. By streamlining the month-end close process, enhancing client communication, and boosting transaction categorization accuracy, Booke AI serves as a reliable assistant for both business owners and accountants. Leveraging GPT-4 and Robotic Process Automation, trained on 24 months of Xero data, Booke AI automates daily and month-end bookkeeping tasks, effortlessly matching bank feed transactions with relevant bills, invoices, or receipts while utilizing OCR AI for data extraction.
