The financial sector is drowning in data, yet the analysis of this data is the lifeline which keeps major financial institutions afloat. With the vast quantities of data being generated today, financial services are strapped for resources in the wake of a global shortage of talent – unable to transform these enormous data sets into meaningful insights.
While existing financial tools can take numbers and compile statistics represented in graphs, charts, and dashboards; what we really need is technology that is able to explain these data-views. That’s where artificial intelligence (AI) with Natural Language Generation (NLG) comes in. AI is the ideal solution to help analyze raw data produced by the financial sector – redefining how businesses are conducted and streamlining the way we work. Robots and algorithms have been trading stocks for years, but this is only the tipping point. AI is largely untapped in the financial space, and unlocking its potential will give way to powerful insights – offering new job platforms while driving enterprise efficiency and growth.
Though deeply conservative in nature, the financial space is clearly primed for AI disruption. AI and its many subdivisions are already being integrated into the financial sector from the ground up. Take, for example how bankers and hedge fund managers are implementing AI solutions for increased speed, in-depth risk assessment, and decision making assistance; assets are moving from human managers to machine managers; and investors are diverting more money to hedge fund firms using computer-driven strategies.
Natural Language Generation (NLG), the artificial intelligence technology that translates data into language, takes AI integration to another level, revolutionizing how enterprises conduct their businesses. NLG empowers businesses to automate the analysis of their data and embed their domain expertise into software so that it can write detailed reports, in the style of a human, in seconds. NLG demystifies data and communicates insights in real time, enabling businesses to act quickly on information that previously took hours or weeks to obtain manually. AI, paired with NLG technology, has the potential to radically accelerate and improve the way a company understands their own information. This level of automation offers a massive opportunity for financial institutions to incorporate these platforms – albeit in customer service, financial performance reports, and understanding trading strategy suggestions. To bring this to life, imagine a broker with three monitors in front of them depicting thirty different graphs. While these graphics capture changes in data, they lack the ability to compare and advise, requiring humans to unlock the insights from within the graphs, which is time consuming and resource draining. NLG takes on this task, explaining the analysis without the need of a highly skilled expert, effectively streamlining the work processes while delivering unique insights.
Small businesses owners are often strapped for time, juggling many tasks in an effort to reach their business objectives. NLG platforms can serve as a virtual financial advisor to small and medium sized businesses – providing them with access to the full time skills most common to financial analysts, such as spotting trends, identifying problems, and forecasting what’s likely to happen next. The platforms can allow business owners to focus on more innovative processes rather than spending valuable time on administrative duties and bookkeeping tasks. Equally, accountants and bookkeepers will instantly be able to generate insightful reports to use as the basis for advising their clients, saving them from repetitive tasks – and freeing up time to support more clients.
Automation processes, such as Arria’s Recount, provides a competitive advantage in the world of finance, addressing the most fundamental issues affecting SMEs, financial organizations, and individuals across all industries. Those who invest in NLG have a clear advantage – experiencing enterprise expansion and end user efficiency. AI and NLG effectively take on the burden of big data, providing in-depth analysis in a matter of days, not months. As such, decision-makers can take real-time data into consideration when developing businesses strategies -- all at an unprecedented cadence. Even further, these NLG-driven real-time insights take over menial tasks, freeing up business owners, team members and experts to focus on growth and innovation. Essentially, AI and NLG allow enterprises to grow, transform and innovate vertically and laterally without having to navigate the burden of big data.
As we usher in a new era of technological advancements and cognitive technology, AI, specifically NLG, is disrupting and redefining the meaning of efficiency, innovation and progression. Maintaining a competitive advantage is fundamental to enterprise success, specifically the financial sector, where data is consistently changing with market fluctuations. Profit-driving AI systems such as NLG will be crucial as enterprises strive to stay ahead of competitive trends and access powerful insights. Progressive businesses of our time will be defined by those who understand the value of interpreting meaning from their data quickly, accurately and consistently – and implementing NLG is a seamless way to get there.
Jeff Zie is CMXO and Head of Recount at Arria NLG.