With a new year comes new compliance concerns for financial institutions. Between operational and regulatory reporting, credit monitoring and financial analysis, professionals often work around the clock identifying large amounts of data to produce complex reports. Manual reporting not only eats up valuable time, but leads to decision-making fatigue and inconsistencies across the board. In turn, this can be detrimental in such a highly-regulated industry. All reports must be error-proof, completed at a rapid pace, and highlight key data and risks for regulators and decision makers to rely on. Companies are in need of a viable solution to help alleviate the pressure put on employees and allocate their time in a more productive way. A solution: implementing AI in financial reporting.
Accelerate Accuracy, Efficiency and Quality
AI technologies harness a great amount of power. When it comes to financial reporting, the use of Natural Language Generation (NLG) and Natural Language Processing (NLP) can revolutionize the way organizations operate, streamlining workflows using AI and digitizing manual operations using machine learning.
- Generating reports immediately reduces delays in delivery to stakeholders and regulation boards, making deadlines easier to reach and increasing efficiency across the organization.
- Implementing AI can automatically produce narratives that describe, summarize or explain structured data at the rapidness of thousands of pages per second.
- Applying NLG to the production of complex financial reporting can alleviate time-consuming pain points by automating tedious manual reporting and providing expert-level financial reporting and analysis.
Yseop recognizes the importance of further implementing efficiency in companies. In recent years, its NLG solution helped a global banking group streamline the financial analysis of the credit annual review, with roughly 25% of the whole document automated. This, alone, has saved at least 30 minutes for each analysis, with approximately 16,000 reports produced each year by over 200 analysts. Additionally, Yseop helped a leading French investment bank by reducing the operational risk related to manual copying operations, saving up to 10 days on worldwide data consolidation and report writing every month, by generating 120 reports automatically.
The Power of AI in Financial Reporting
Overall, the financial sector can benefit from the innovative solutions AI technologies can bring. Implementing AI in financial reporting puts reliability, efficiency, and scalability at the forefront – a critical piece that’s often missing in regulated industries. Between improving accuracy and quality of reporting, to empowering professionals by releasing the burden of crunching numbers while on a time constraint, AI in financial reporting can be transformative.
Furthermore, financial institutions can implement pre-packaged tools to augment core financial reporting needs. Through AI technologies, analysts and other team members can focus on valuable strategic work and better support decision-making across the company. Discover how Yseop’s no-code Yseop Copilot supports the controller and eliminates time-consuming report writing here. Case studies and examples on how Yseop has helped financial institutions can be found here.
If interested in learning more about how Yseop can help your organization, please contact email@example.com.