AI tools are now pushing the limits in financial analysis and decision-making and changing the careers and lives of finance professionals all over the world.AI can analyze data more quickly than humans. They can make decisions based on information that is updated in milliseconds. This allows finance professionals to focus on more important decisions, such as client relationships and the customer experience.
Data analysis is the biggest challenge facing finance professionals. There are many sub-challenges under this: credit ratings and loan applications, underwriting decisions, stock buy and sale decisions, cash flow management, and more. All of these require processing large quantities of data, and the more the better.
8 Best Finance AI Tools
This list of AI finance tools includes the most interesting and useful tools to help finance professionals address the various challenges they face.
Finchat is a financial chatbot that solves another problem. Finchat includes quotes from company executives as well as pure financial data. Finchat can now provide better data and information that humans can use to make faster decisions.
Finchat’s accuracy is not known at this time. It is possible that Finchat is not as accurate with the available information, as ChatGPT is still working on accuracy issues.
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2. Predict by Planful
Planful is a financial performance management software. It helps teams make faster decisions with the most accurate information.
The tool combines AI analysis with traditional data integration to provide the best possible performance insight. Predict is an AI tool that shows the financial weaknesses of a company. They can then plan their time and resources in order to prevent any shortfalls from occurring. This increases business efficiency.
Planful and Predict, unlike some of the AIs in this list are intended for CEOs and Chief Financial Officers to help them make decisions. This tool isn’t necessarily designed for analysts at the lower levels. It does not replace the work of analysts.
Planful could replace low-level financial analysts, the type of people who crunch numbers on Excel before preparing reports for the CFO. It still requires the correct data.
3. Nanonets Flow
Nanonets Flow is an AI-driven platform that is designed to simplify finance-related tasks. It also addresses challenges faced by finance professionals. Nanonets Flow automates complicated processes by leveraging artificial intelligence, machine learning, and advanced data processing. This allows finance professionals to concentrate on strategic decisions and business growth.
Nanonets Flow’s core capability is to extract structured information from unstructured documents such as bank statements, invoices, and receipts. The platform extracts and validates financial data using the latest OCR (Optical Character Recognition), NLP (Natural Language Processing), and NLP technologies. This reduces the need for manual entry of data and minimizes errors.
Domo is one of the first data analysis pioneers. It was founded in 2010 and has been part of the data analysis industry for more than a decade.
Domo’s specialty is to integrate data from different sources into a single dashboard that can be used by business decision-makers.
They try to solve problems such as data that is not updated in real-time, data that cannot be shared with a group, and data that is difficult to share. The dashboard allows teams to pull data from Excel, Salesforce, and Workday as well as over 1,000 other apps and financial tools.
Domo provides finance professionals with:
- Cash flow modeling
- Customer lifetime value
- Demand Forecasting
- Risk modeling
- Remote work cost efficiency modeling
- Economic shock modeling
Domo is not designed to replace humans, but rather to give them the tools to make better and faster decisions. Domo offers the tools necessary to make the best decisions, whether they are related to internal company issues or client finances. Domo’s accuracy is not a concern, since it is more of a connector than a data generator.
Rebanknow is the accounting and finance side that touches on the law. Globalization has made international trade and business more accessible to all companies, not only the biggest. Small businesses may not have the budget to hire or retain an international lawyer on a regular schedule to draft agreement forms that are compliant. Rebanknow, for example, puts compliance in the hands of many more people than traditional lawyers.
- Finance documents
- Compliance with international legal and financial obligations
Rebanking is unlikely to have an impact on traditional international legal document writing. This type of work will always have a market. Rebank fills the gap, allowing more startups and businesses to access these documents.
Rebank’s website states that it may request financial data to help determine your business’s needs. Rebank stores all financial data, including documents, in your online account.
Rebank protects its customers’ financial information with multiple layers of encryption and multi-factor verification.
Finalle is a tool that provides analytics for investors. It allows investors to gather financial data from all over the internet – Twitter and Youtube, blogs, news applications, and many more – in order to make better decisions.
There is a waiting list for the Finalle API Integration. It looks very powerful and useful. You can select a ticker when you first visit the website. You can then ask an AI chatbot about the stock.
We received an error message when we tested the chatbot for this article. The AI may still be working out some bugs but it appears to have the potential to become a very useful tool in the future for investors.
Finalle is designed to provide investors with a level playing field. Beginner investors may not be able to identify the stock they wish to purchase or sell. Beginners may not be able to understand financial graphs or charts. Conversational chatbots can help to overcome the knowledge barrier. Finalle can change the way financial information is presented on the Internet, just as ChatGPT did when it brought Google’s knowledge into one place.
Also read: Top 10 Personal Finance Tech Tools
DataRobot is a data-analysis tool that is applicable to a variety of industries and knowledge databases. DataRobot is used by many customers in different industries to improve their business decisions. DataRobot also offers multiple APIs for connecting to Microsoft, Amazon AWS, and other data storage platforms.
DataRobot will not replace most jobs performed by humans, with the exception of some lower-level analysts. Its primary functions are to simplify the data and perform the majority of the calculations for probability analysis. DataRobot can make suggestions based on the probability analysis. However, due to their importance in business, these suggestions will need to be reviewed by a person or team.
DataRobot is no different from other AI-powered products in that the security concerns are how the company will handle the privacy of the data provided by the users. The information in databases that are publicly accessible or on the internet is not at risk. However, company-specific data from an AWS server may need to be carefully screened and vetted before it can be fed into this AI tool.
Range is a fintech-based AI that focuses on wealth management. It’s aimed at millennials. It is a financial AI advisor that can provide semi-personalized advice to people based on income, debts, risk preferences, and more. It can provide advice on tax, estate planning, and insurance. Range is not just a roboadvisor. It is powered by artificial intelligence and machine learning, along with the expertise of certified financial planners.
This can have huge implications for financial advisors and personal finance professionals. Range is currently intended to be used as an analytical tool by financial advisors and to improve client experiences.
It is likely due to the liability issue. If people followed the AI’s recommendations and lost money, this would reflect badly on the company. There is still the possibility that clients could use an improved version Range as a financial AI advisor. It could be possible to lower the barrier to accessing financial planning tools for people who could not otherwise afford to hire a financial adviser. This could take some jobs away from financial planners. However, just like other AI tools it will replace advisors who are at the bottom, not the top.