NLG brings significant benefits to financial services
Our CEO, Emmanuel Walckenaer, spoke to The Banker’s Joy Macknight about how financial institutions can leverage natural language generation (NLG) to convert large and disperse financial datasets into meaningful written narratives with a press of a button.
Where is NLG making the biggest impact in financial services today?
In the interview, Emmanuel discusses the pressures financial services firms face, including new and complex regulations, changing customer expectations, an ever-increasing amount of data, and new, disruptive technologies. So, what is the light at the end of the tunnel? Automation can transform the way firms operate, streamlining workflows, digitizing previously manual operations and enabling them to thrive in the new financial environment.
Particularly, firms can deploy NLG, a subset of Artificial Intelligence (AI), to automatically turn structured data into written narratives. The software writes like a human, but at the speed of thousands of pages per second, automating the writing of data-driven content for financial departments, risk and compliance departments or asset and wealth management firms.
By automating the writing of financial reports, firms remove the risk of error in manual writing to ensure accuracy, consistency and compliance. Emmanuel also argues that such a streamlined process can free up experts’ time by approx. 50%, where instead of crunching data, they can focus on more value-added opportunities.
Pushing financial professionals up the skillset ladder
Emmanuel believes AI will eliminate the most repetitive and manual tasks, such as the data crunching aspect of fund performance or risk and compliance reports. Ultimately, this will push human professionals up the skillset ladder into uniquely human skills such as creativity, social abilities, empathy, and sense-making, which machines cannot automate.
Yseop’s experience has shown that AI’s full potential can only be harnessed when put directly in the hands of analysts, CFOs or COOs. To this end, Yseop launched Augmented Analyst, a new no-code NLG platform, marking a significant step in the democratization of AI.
The disruptive innovation
No-code platforms allow business users to build digital tools and automate processes without the need for programming skills. With Augmented Analyst, business users with no coding skills can accurately produce complex financial reports faster, without any support from IT departments.
Another key feature is an “NLG factory” which firms can use to quickly scale NLG deployment once the first project has been successfully implemented.