For business and IT leaders, digital transformation in the financial services industry continues to pose a challenge but is necessary to keep pace with changing regulatory requirements, consumer demand, and budget constraints. It's also important to prevent operational areas from growing their expenses unintentionally. In the typical boom and bust cycle, banks can feel pressure to roll out new financial products, services, and business lines.

As an industry built on data, financial services has always been an early adopter of AI technologies. In a recent industry survey, 46% of respondents said AI has improved customer experience, 35% said it has created operational efficiencies, and 20% said it has reduced total cost of ownership. Now, generative AI (gen AI) has supercharged its importance and organizations have begun heavily investing in this technology.

So you’re still processing invoices manually, huh? That's no way to live. If you’ve come here in search of a better way, you won’t be disappointed. Maybe you’ve heard terms like OCR and IDP thrown around and are looking for a little more information to help you get started. I’ll answer questions like What is OCR invoice processing? How is IDP different from OCR? And is one always better? Let’s get into it.

In the intricate world of finance, numbers are more than mere figures; they are the threads that weave the tapestry of a company’s story. Financial statements, though essential, often hide critical narratives within their numerical maze. Extracting meaningful insights requires expertise and contextual understanding. Even the financially astute can overlook vital details buried in these reports.

Customer services now constitute one of the key distinguishing factors of banks in an ever-changing environment. With increasing customer requirements, banks must adopt and incorporate novel technological methods to provide customized services. A very promising technology in this regard is generative AI. Generative AI in core banking systems will enable banks to transform their customer services by increasing efficiencies and building meaningful customer relationships.

Next year, finance teams utilizing SAP will face unparalleled pressure due to a confluence of economic challenges. The demand for actionable insights will grow amidst a landscape marred by economic recession and escalating inflation rates. These adversities heighten the necessity for finance professionals to adeptly translate raw data into strategic guidance.

insightsoftware is thrilled to be recognized as a Niche Player in Gartner’s 2023 Magic Quadrant (MQ) for Financial Planning Software. It is an honor to be recognized for the first time in this highly competitive space. Earning a place in this MQ is a testament to our commitment to delivering the best budgeting and planning solutions for our customers.

Design, speed, and simplicity are the winning flavors for any mobile banking app. By possessing these characteristics, the fintech app can entice any smartphone enthusiast, the number of whom is steadily increasing. The industry’s major mobile app development company players recognize that the pervasiveness of mobile phones in our lives must be used as a tool to win loyal users for FinTech businesses.

Are you aware of the fact that India’s overall fintech market opportunity is estimated to be $1.3 Tn by 2025, growing at a CAGR of 31% during 2021-2025? This one statement paved the way for the FinTech revolution in India and is still growing… In just a few years, the emergence of fintech-powered technologies has revolutionized the financial sector, affecting how both large and small firms deal with their finances and transactions.

Follow this formula to streamline financial statements and automate data for accurate financial analysis.