The financial sector is changing quickly, and the correct AI finance solutions are increasingly necessary to automate tasks, make them more accurate, and help businesses make better decisions.
The need for AI financial statement analysis, predictive forecasting, and automated reporting is higher than ever, whether you work as a CFO for a large company or on a small startup team.
There are a lot of AI tools for finance on the market, but how do you know which ones are the finest and which ones are simply hype?
This article lists the 10 best AI tools for finance that you can use right now, along with their best features, best uses, and what makes them different from the others.
Role of AI in Finance
AI in finance is changing the way businesses work, how they talk to clients, and how they come up with new ideas. The AI in the finance industry is expected to expand from $712.4 million to $12.3 billion by 2032, which is a 33% annual growth rate. AI is also a key driver of efficiency and innovation, as shown by the fact that 85% of financial institutions across the world have already used it to improve their operations.
Top 10 AI Tools for Finance & Investing
As a FinServ specialist, these are the top 10 AI tools for finance & investing to think about.
Booke AI
Booke AI helps accountants and bookkeepers save time by automating tedious tasks. It sorts transactions, balances books, and makes talking with clients easier.
- Automatically organizes your transactions
- Speeds up bookkeeping by reducing manual work
- Simplifies communication with clients
This means you can spend less time on routine jobs and more time focusing on important financial advice and client relationships.
Domo.AI
Domo.AI enables finance departments to investigate data in their natural language. It integrates well with the most popular applications such as Excel, Salesforce, and NetSuite.
- Integrates with your existing data stores and cloud applications.
- Allows you to pose simple English questions that are answered immediately.
- Automation of routine and simple finance activities.
This can make your team become fast at grasping data and also make better decisions without having to be technical experts or spend hours searching through numerical data.
Vena Insights
Vena Insights combines all your finance data in real time using smart dashboards powered by Microsoft Power BI and AI. It removes the need to export spreadsheets or switch apps.
- Pulls live data directly from your Vena platform
- Creates interactive dashboards anyone can use
- Reports in the interests of the finance departments and the business as a whole.
This makes everyone aware of the current numbers so that your company can take action swiftly and be sure.
AlphaSense
AlphaSense scans millions of financial documents to find important information in seconds. It looks through SEC filings, earnings calls, news, and analyst reports.
- Searches huge amounts of financial data fast
- Sends alerts on key market changes
- Scans the sentiment of the market based on artificial intelligence and natural language processing.
In this manner, you will be aware before the market responds. AlphaSense helps in making decisions proactively, as it is imperative in a fast-paced financial environment, and this can be achieved by detecting vital information very fast.
Stampli
Stampli brings your accounts payable work together on one platform. It automates invoice processing and keeps vendor communications clear and organized.
- Automates invoice capturing and approval
- Centralizes vendor emails and chat threads
- Matches purchase orders with invoices for accuracy
This speeds up payments, cuts down errors, and strengthens vendor relationships by keeping everything in one place.
Betterment
Betterment is an easy, automated investment and savings platform. It adopts intelligent methods to multiply your wealth and also avoid taxes.
- Manages market-diversified portfolios of the top experts.
- Has a large cash account with a high yield as a flexible savings account.
- Increases returns with tax-saving vehicles such as tax-loss harvesting.
This makes it easy to invest and accumulate wealth and retain more of the earned income.
Zest AI
Zest AI helps banks and lenders create credit scoring models that are both accurate and fair. It uses machine learning to look at many factors and reduce bias.
- Analyzes thousands of data points for smarter lending
- Makes credit models transparent and easier to understand
- Helps lenders comply with fair lending laws
This opens up credit access for more people while lowering the bank’s risk.
Trullion
The Trullion employs AI to speed up and streamline lease accounting, audit preparation, and revenue tracking. It assists the teams to remain consistent with the new accounting standards, such as ASC 842 and IFRS 16.
- Automates the accounting of leases and revenue.
- Reads and validates contract information in a short time.
- Lessens mistakes in the audits and financial reporting.
This liberates your team to do strategic work and not manual data entry, and reduces the risk of expensive errors.
Datarails
Datarails adds AI-driven forecasting, budgeting, and real-time reporting to Excel. It is automated in data collection and retains the Excel interface familiar to your staff.
- Gathers and updates financial data automatically
- Includes an AI chat feature for quick data insights
- Integrates with existing Excel workflows seamlessly
This boosts accuracy and efficiency, helping finance teams produce better forecasts and budgets faster.
Kensho
Kensho offers computer-aided instruments to forecast complex financial and economic information. It assists financial experts in monitoring macro trends in the market and enhancing predictions.
- Relates raw data with actionable information.
- Tracks the global market trends and economic indicators.
- Enables better trading and predicting.
This will give you a better picture of market conditions that will enable you to make the right decisions in dynamic situations.
Conclusion
AI is quickly becoming a must-have. The top AI tools are changing the way people in finance do their jobs by automating tasks, making them more accurate, and helping them make better decisions.
AI-powered technologies are changing the way money works, from tax compliance and forecasting to risk management and cash recovery.
Using AI will not only make your work more productive, but it will also keep it safe in the future. Use AI technologies immediately to keep up with the fast-changing world of financial technology.
