On March 31, SME Banking Club, together with efcom organized a webinar on the topic of Applied Artificial Intelligence in factoring. Federico Avellán Borgmeyer (CPO at efcom) started his presentation with a famous quote from Mahatma Gandhi: “In the future, companies will be segmented between the ones that master artificial intelligence and the ones that don’t”. Then Federico Avellán Borgmeyer noted that nowadays digitalization, artificial intelligence, as well as machine learning play a significant role in the modern world. All these aspects accompany business cases during the last 5-10 years. These changes have become possible because of the development of the internet, as well as computing power. In addition, the pandemic brought changes in favor of digitalization not only in business points but also in private.
How Artificial Intelligence is used in finance:
- anti-money laundering
- cash forecast and optimization
- fraud detection
- factoring expert matching.
Then Federico presented a use case, together with the demo demonstrations, of matching payments to invoices, and gave reasons why it should be automated and should be automated in a smart way with the usage of AI.
Artificial Intelligence in factoring using Factoring Expert Matching can improve productivity in 7 times. It also copes with misspelling and inexact info uses ALL available information, integrates multiple balanced criteria, performs multiple “approaches”, automatically learns from user activity, works 3000 times faster than exports, and has a user-friendly factoring interface.
What are the critical factors in implementing Artificial Intelligence?
- integration in the financial environment
- data flow formats
- test environments DDBB
- the human factor, which is equal to user resistance to change.
To learn more details, watch the webinar recording below: