Finastra has unveiled Assist.AI, an innovative AI-powered assistant designed to enhance trade finance operations within its Trade Innovation solution, the company announced in a statement on Monday.
Developed using the Microsoft Azure OpenAI Service, Assist.AI aims to bridge the knowledge gap in the trade finance sector by providing users with instant, accurate, and context-aware assistance.
The trade finance industry has been grappling with significant challenges, such as a declining knowledge base and a growing disparity between seasoned professionals and newcomers. Assist.AI addresses these issues by offering prompt-based assistance, enabling users to interact with the tool by submitting specific questions related to trade processes. This feature ensures users receive precise answers from relevant resources without the need to navigate extensive documentation.
Finastra is a global provider of financial services software applications across lending, tayments, Treasury and capital markets, and universal (retail and digital) Banking. It has a vision that centers on accelerating the future of Open Finance through technology and collaboration.
Key benefits of Assist.AI for Trade Innovation users include:
The new assistant offers instant; accurate and context-aware assistance, significantly improving the user experience, provides round-the-clock access to support, automating routine inquiries and freeing up valuable time for strategic tasks. It also learns and adapts based on user interactions, ensuring ongoing relevance and enhanced response quality.
“This timely and much-needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to address real-world challenges in financial services,” said Andrew Bateman, EVP Lending at Finastra.
“By equipping bank employees with instant assistance, we empower our clients to navigate the complexities of trade finance more efficiently”, he added.
“We are pleased to collaborate with Finastra to simplify and enhance trade finance for banks worldwide,” said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft.
He also noted: “Leveraging the robust capabilities of Microsoft Azure, this solution exemplifies the transformative power of AI in improving operational efficiency and user experience. This partnership not only highlights our shared vision for the future of financial technology but also strengthens the enduring relationship between Microsoft and Finastra. Together, we are dedicated to driving innovation and empowering businesses to achieve more through cutting-edge technology”.