A look at which companies are investing in AI and what can we learn from them?
A Financial Planning & Analysis (FP&A) manager oversees all corporate projections. They give an analysis of every technical, administrative, and significant impact. A strong applicant has a strong analytical approach, tactical awareness, and excellent interpersonal skills. But as Artificial Intelligence continues to evolve, so does the role of the FP&A Manager. So, what should today’s FP&A managers be looking out for in the world of AI as it continues to revolutionise the finance function? What companies are investing in it, and what can we learn from them?
AI has emerged as a key transformational factor in the delivery of financial services. With the power of AI behind solutions, finance businesses can offer more personalised services and effectively streamlined operations. Companies integrating AI are revolutionising finance by automating manual processes, improving risk management, and ultimately producing outputs that impact the customer experience for the better.
It needs to be said that investment in AI is not limited to global financial institutions either – increasingly, start-ups are jumping on the bandwagon right from the off, ensuring they stay ahead of the game before it’s even begun. This is such an exciting time to be an FP&A manager – leading the charge for your company’s advancements into the world of AI, and all the benefits that lie there.
Here are just a few of the top financial institutions that are investing in AI around the world:
Salesforce is a customer relationship management (CRM) platform that provides businesses with cloud-based solutions for sales, finance, service, marketing, and collaboration. It was founded in 1999 and has since become one of the leading CRM providers in the world. They offer a secure platform for financial services organisations to connect and automate their processes – customer-facing, back-office, and everything in between.
Salesforce has many commercial applications including retail, banks, credit unions, insurance providers and asset management. But what we love about this organisation is they also have a version of their CRM available for non-profits, as well as one for Educational Institutions. They have chosen to leverage their successes and make their product available to sectors that need it so much, offering up to 10 donated subscriptions for eligible nonprofits and educational institutions alike.
Non-profits often require a means by which to manage donations and fundraising activities with a database of contacts. Salesforce promises to maximise non-profit capacity, income, and impact. They say their #1 CRM can nurture relationships and scale impact with AI-driven, personalised experiences; enable non-profits to take control of their data with one integrated platform; and navigate shifting demands with flexible solutions.
Salesforce for Education promises power-connected education journeys for life, with Data + AI + CRM + Trust. They help deliver a connected journey for recruitment and admissions; drive lifelong relationships with data-first digital marketing and communications; build deeper connections with Student Success; power future-ready institutions with collaboration technology and tools for students via their Digital Campus; build trusted lifelong alumni and donor relationships; and accelerate growth with streamlined learner journeys.
This company’s mission is to provide more people with access to credit and help them build better financial futures. Upstart is an AI-powered lending platform that uses machine learning to analyse a wide range of data sources and provide borrowers with fast, fair, and convenient loans.
Their mission is :
To enable effortless credit based on true risk… a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners. Our platform uses sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit-score-based lending models.
Their website states they have already helped more than 2.7 million customers, and their Trustpilot score is an impressive 4.9 out of 5 based on 43,899 reviews. They are the leading AI lending marketplace that connects millions of consumers to 100 banks and credit unions that leverage Upstart’s artificial intelligence models and cloud applications to deliver superior credit products. Their platform includes personal loans, automative retail and re-finance loans, small amount ‘relief’ loans, and they are looking to add home loans to their offering in the future too.
Upstart believes that traditional lending is broken and that the basic scorecard methods that have always been applied are limited in their ability to quantify risk. With the smarter credit model they can offer, lenders could approve almost twice as many borrowers, with fewer defaults. They recognise that throughout history, affordable credit has been central to unlocking mobility and opportunity – and that at the end of the day, money is a fundamental ingredient of life.
This business offers autonomous finance for the office of the CFO, with Autonomous Accounting, Autonomous Receivables, and Autonomous Treasury. They are trusted by over 800 global businesses including the likes of Uber, Duracell, and P&G; they encompass over 200 of the Global 2000 companies, alongside mid-sized organisations spanning diverse industries. They have a global presence in over 90 countries, have over 2,400 successful digital transformation projects under their belt, and process $7.7 Trillion financial transactions annually.
HighRadius define their vision as follows:
To transform finance and accounting functions from cost centres to value drivers with the world’s first-ever autonomous finance platform for the office of the CFO.
And their Mission:
To be the software platform of choice for the office of the CFO. Evolve beyond traditional enterprise software by transforming key finance functions, including accounts receivable, treasury, accounting, billing, and revenue recognition, with AI-powered, data-driven intelligent software.
The company was established in 2006 and was started with an on-premise solution, offering software that could be installed on a company’s servers to streamline its accounts receivable processes. By 2010, HighRadius shifted its focus towards cloud-based software as a service (SaaS) solutions offering more flexible deployment options to its customers while reducing the need for on-premise costs. In 2014, they launched ‘Rivana’ which is the AI-powered platform of HighRadius. At the time of its launch, AI and ML were not yet mainstream technologies in the fintech industry, but HighRadius recognised its potential early on and invested heavily to develop innovative solutions to keep customers ahead of the curve.
This company has gone from strength to strength in the 17 years since its launch. In 2020, they were named a ‘Unicorn’ having achieved a valuation of over $1 billion after raising $125 million in Series B growth funding. In 2022 they became a ‘Centaur’ which is a SaaS business that has $100million+ of Annual Recurring Revenue, and this status is 7 times rarer than a Unicorn.
It’s encouraging to see so many finance businesses using AI not only to grow their business, but also to increase their impact. The future looks bright with the continual development and advancement of AI, and organisations who are willing and able to wield its use for the greater good.
AI is one of the greatest opportunities in our generation, but it’s crucial to leverage it with ethics front and center. For FP&A Managers and finance teams alike, now is the time to brush up your skills to keep up with the speed of change and become a future-proof finance professional.
At Core3 we seek out finance professionals who will keep your company ahead of the curve, whilst giving back to our community and the environment. Get in touch with us today for a recruitment partnership.
