Financial technology firm FIS has introduced a new AI-powered offering for treasurers.
The company’s “Treasury GPT,” unveiled Monday (March 10), is an artificial intelligence (AI)-driven product support tool created in collaboration with Microsoft, using that company’s Microsoft Azure OpenAI Service.
“Corporate treasurers have a major role to play in their organizations, but emerging risks and expanded responsibilities can create disharmony and disruption to their strategies and workflows,” JP James, head of treasury and risk at FIS, said in a news release.
“In this fast-changing environment, having access to the best tools and innovations is what will keep corporate treasurers ahead of the curve. By launching Treasury GPT, we’re giving our customers a competitive edge that can unlock the power and capabilities of FIS solutions and steer their companies to growth.”
The release added that companies can use Treasury GPT to reference “product documentation and use machine learning through Azure OpenAI Service to quickly provide FIS users with high-quality, informed guidance.”
This allows clients “to focus less on low-value administrative tasks and more on liquidity management and strategy,” the company said.
FIS pointed out that this launch is happening as a majority of companies say that AI will impact their businesses, if it hasn’t already.
As noted here last week, research by PYMNTS Intelligence shows that nearly 90% of surveyed chief financial officers (CFOs) reported a “very positive” ROI from the technology, a sharp increase from just 26% in March 2024.
That’s according to PYMNTS recent CAIO Report, which examines how CFOs are enjoying the benefits of GenAI and where they continue to face obstacles.
“While CFOs are adopting GenAI, trust in the technology is paramount, especially in critical business functions like risk management and financial reporting, PYMNTS wrote. “Consider that 97% of CFOs expressed high or complete trust in GenAI’s output in risk management, while 98% trusted it for strategic decision-making. The ability of GenAI to work with internal data, which CFOs are familiar with and confident in, plays a significant role in this trust.”
However, trust is not universal, the research found. There are persistent concerns about GenAI’s output, especially around accuracy and data security. Close to 30% of CFOs are concerned that GenAI might yield less insightful results, while 22% pointed to potential issues surrounding the integrity of its outputs. Data security is also a concern, with 28% worrying about unauthorized access to sensitive information.
Source: https://www.pymnts.com/
