There is a diminishing knowledge base in the trade finance industry, as new entrants into the field cannot compare to their seasoned mentors and veterans of the sector. To put a dent in this issue, Finastra, the financial software and solutions provider, has launched its new AI-powered assistant, Assist.AI.
Assist.AI by Finastra is built on architecture powered by Microsoft Azure OpenAI Service. It offers prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation.
“This timely and much-needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services. By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency,” said Andrew Bateman, EVP lending at Finastra.
Assist.AI offers prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation.
Utilising Microsoft Copilot tech
Finastra identified a significant talent gap in the trade finance industry through interactions with various clients. As experienced staff retire or transition to other careers, banks need to invest in training new staff on the latest developments in trade finance and the use of trade innovation. Assist.AI uses Microsoft Copilot technology to facilitate this training and support, making it a timely and essential addition to the industry.
It provides instant, accurate, and context-aware assistance, significantly improving the user experience. Furthermore, it ensures users can access support anytime, boosting efficiency by automating routine inquiries and freeing up valuable time for more strategic tasks. The solution also learns and adapts based on interactions, ensuring ongoing relevance and continuous improvement in responses.
“We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide. Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience,” said Bill Borden, corporate vice president of worldwide financial services at Microsoft.
“This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra. Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology.”
