ALIX found that 66% of financial reports are data-driven and can be written automatically – showcasing the benefits of Natural Language Generation within the financial industry.
Natural Language Generation (NLG), in its simplest definition, uses artificial intelligence to produce meaningful phrases and sentences in the form of natural language. It automatically generates narratives that describe, summarize, or explain structured data at the impressive speed of thousands of pages per second.
NLG is becoming increasingly popular and is commonly applied to the production of financial reporting. As it saves time by automating the most tedious aspects of manual reporting and alleviates the largest pain points during the process.
Removing the pain points from financial reporting
As the digital economy gathers pace, NLG has a crucial role to play in the financial arena. Financial reporting remains an intense weight for large, global organizations. Despite occurring predictably and regularly, it puts significant stress on the resources of teams, who often struggle with the demands of consolidating data, writing reports, and workflows disrupted by the pandemic. But it doesn’t have to be this way. Financial reporting comprises mostly repetitive tasks that can be easily automated.
At Yseop, we’re applying NLG to structured data in order to create written narratives, reducing the burden on professionals across the world by equipping them with the tools to create reports automatically. Not only does this save time, but automated teams are also proven to be more agile and accurate, which is a game-changer for a company’s staff, as well as the regulator.
Our research found that financial analysts spend 48% of their time writing and updating reports. Through extensive testing and user interaction, we’ve found that the 48% of an analyst’s time that’s spent writing and updating reports falls to just 9% when using Augmented Financial Analyst. This represents a significant ROI for financial institutions, as that time and effort can now be put intro driving further strategic value – additional benefits of Natural Language Generation.
Yseop’s automation tool, Augmented Financial Analyst, unlocks a host of benefits for banks and other financial institutions:
- Empowering analysts. Automating financial reports enables teams to focus on more valuable and strategic work, empowering them with more insights to drive a better standard of decision-making.
- Reducing cost. Automatically generated, data-driven reports save time, resources, and therefore operational costs.
- Improving accuracy. The application of NLG removes the risk of manual human errors in reporting, ensuring high quality and accuracy as standard.
- Increasing efficiency. Automation streamlines processes and produces high volumes of reports at a much faster pace whilst maintaining critical levels of consistency.
Given these advantages, it’s no surprise that Tier 1 financial institutions are starting to deploy the technology at scale to automate report writing. Despite this, it’s been difficult for many business end-users to understand exactly which reports can be automated without technology specialists’ help.
Take the first step with ALIX
ALIX is a free tool that shows banks and other institutions what percentage of a financial report can be written automatically via Yseop’s natural language generation solution – Augmented Financial Analyst.
Through ALIX, business end-users can determine in less than a minute what portion of their reports, such as annual financial statements, variance analysis, P&L Reports, fund performance, or risk and compliance reports, can be automated. All with 100% accuracy and compliance.
It’s really simple to use, and doesn’t take much time to help spark the automation journey for your organization.