How Finastra’s Assist.AI Will Clarify Trade Finance
As the trade finance industry navigates increasing regulatory and compliance requirements and a growing knowledge gap, a leading fintech - Finastra - has launched Assist.AI to help simplify these difficulties.
The AI-powered assistant - which was built on architecture fueled by Microsoft Azure OpenAI Service - will provide users with accurate, instant and context-aware assistance.
Andrew Bateman, EVP Lending at Finastra, explains: "This timely and much-needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services.
“By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency.”
What challenges does the trade finance industry face?
The trade finance industry faces a significant knowledge gap as many experienced professionals are retiring, making it more difficult to train new staff.
Complexity is added as regulatory and compliance requirements are becoming more prominent, with AML and trade laws needing complex documentation.
Alongside this, many banks still rely on legacy systems, making transactions inefficient and slowing digital transformation.
- Fraud and cybersecurity risks
- Supply chain disruptions
- Slow adoption of AI solutions
- High operational costs due to manual processing
Organisations can modernise trade finance by embracing a combination of regulatory evolution, technology adoption and workforce upskilling.
Finastra’s Assist.AI solution is helping to reduce the knowledge and efficiency gaps in the trade finance industry by using Microsoft Copilot technology to support the necessary training and support.
Finastra’s Assist.AI
Finastra’s Assist.AI will enhance trade finance operations within its Trade Innovation platform by providing context-aware, instant support to help enhance operational efficiency.
This AI-powered assistant offers several benefits, including:
- Context-aware support
Assist.AI provides accurate, AI-driven answers to trade finance queries, reducing the need to search through extensive documentation
- 24/7 availability & efficiency
It automates routine inquires, allowing bank employees to concentrate on more strategic tasks, enhancing productivity
- Bridge the knowledge gap
Assist.AI will provide new staff with sufficient training and help them retain industry expertise as a greater number of experienced professionals retire
- Continuous adaptability & learning
The assistant will use AI to enhance its capabilities over time, altering responses based on changing trade finance regulations and user interactions
- Seamless integration with Microsoft technology
Assist.AI will ensure scalability, security and enhanced AI capabilities, being built on Microsoft Azure OpenAI Service and Microsoft Copilot
Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft, explains: "We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide.
“Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience,"
"This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra.
“Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology."
How will Assist.AI impact trade finance operations?
Finastra’s Assist.AI will catalyse the shift to AI-driven operations by reducing the reliance on experienced professional for training.
Not only does it enhance compliance and risk management by offering accurate guidance on regulatory requirements but it also improves efficiency and productivity by automating routine queries.
With 24/7 availability, Assist.AI will eliminate delays caused by limited human resources and offer continuous support. This will support the drive of digital transformation, encouraging AI adoption in the trade finance industry.
Finastra’s Assist.AI will set a benchmark for AI adoption in the trade finance industry, serve clients more efficiently and allow banks to process transactions faster to drive productivity.
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