AI boosts Accuracy & Efficiency

KIFS Housing Finance has started using AI in the finance function. CFO Vikki Soni shares the progress and precautions:

- smriti

Smriti Pandey: What tests/pilots have been done in the company about the use of AI in finance? What are the positive and negative findings?

Vikki Soni: Artificial Intelligence is a relatively new concept in the finance field and the entire universe of companies are still figuring out the best & reliable method of using it effectively. We have tried using it at areas like managing the risk & fraud, enabling enhanced transparency & compliance, and automating operations as a end result to reduce costs. Areas which further currently under testing are predictive analysis, forecasting market trends, enabling business teams to take strategic calls, automating bookkeeping, expense management, loan portfolio management and to comply with the regulatory requirements under the RBI and other regulatory frameworks. The positive & negative that we experienced were as follows:

Positives:

• We could automate mundane task

• We could see relatively increased efficiency of the finance team

• Mostly accurate results on data published

• Slight cost reduction in selected areas