Using AI to strengthen accuracy in financial reporting

Using AI to strengthen accuracy in financial reporting

In today’s fast-paced financial landscape, accuracy isn’t just important, it’s critical. Financial institutions face mounting pressure to succeed when it comes to accurate reporting, while also staying compliant with ever-evolving regulations. Out of 100 cyber breaches 95 are caused by human error, meaning they were likely preventable. Even the most diligent teams fall victim to human errors, which often leads organizations exposed to financial fraud, false positives, and emerging risks that can disrupt operations. 

This is where AI comes in. By utilizing advanced AI-driven tools, financial institutions can not only reduce mistakes in financial reporting, but also enhance fraud detection, strengthen compliance management, and proactively identify potential financial fraud risks. AI doesn’t replace human expertise, it assists and enables smarter, faster, and more reliable financial operations. 

Intelygenz is at the very forefront of this shift, enabling organizations to harness AI to safeguard their accuracy, prevent errors, and stay ahead in an increasingly complex financial environment. 

In finance, even the smallest of errors, miscalculations, or oversight can have huge implications on an organization’s operations and reputation. Beyond what seems like small mistakes, organizations that rely solely on manual financial reporting are running the risk of financial fraud. Fraud can be subtle, complex, and difficult to detect when you’re still using manual processes. Without the capabilities of AI, organizations can be left vulnerable to fraud schemes, false positives, and potential undetected internal misconduct. 

Adapting quickly to regulatory changes can be a struggle when your organization is still using traditional reporting. With compliance always changing, it’s imperative to stay on top of. Without AI companies are less equipped to identify emerging risks, leaving them reactive, rather than preventive in their approach. 

AI is tackling the very issues which are arising from human limitations. Through automation AI significantly reduces repetitive tasks like data entry or cross-checking, therefore reducing room for human error to occur. This ensures statements are accurate, reporting is consistent, and finance teams can be freed up to focus on higher value tasks and decision-making.  

Advanced AI solutions identify patterns and anomalies that even the most experienced auditors may miss. Intelgenz’s Fraud Guard solution uses state-of-the-art AI to capture a wide range of scenarios around fraud detection,  from minimizing false positives to being able to continually adapt to emerging risks, ensuring organizations stay secure with minimal disruption to customers. This not only protects organizations, but ensures compliance teams can focus on real threats rather than chasing irrelevant alerts.  

AI can also adapt to new rules and standards in real time, reducing the issue of non-compliance and actively helping organizations address emerging risks. It offers accuracy, speed, and insight, helping to transform organizations that are holding on to inefficient and error-prone manual reporting

Intelygenz’s Compliance solution is a purpose-built AI framework that works seamlessly with financial institutions to slash human error, accelerate compliance workflows, and mitigate fraud and financial risks. But what does this actually mean for banks? It ensures precision and speed, so they can keep up with high demands such as loan approvals and KYC checks. It can play a huge part in operational efficiency, allowing teams to work on impactful initiatives, all while maintaining regulatory standards. Not to mention, enhanced risk management and providing an improved customer experience with faster approvals and streamlined onboarding. 

By using AI, financial institutions can evolve from reactive to forward-facing, preventative measures that will help them stay ahead in a fast-moving digital era. 

Find out more about our fraud intelligence and compliance solutions here.