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The AI in Business Podcast
Short Term and Long Term ROI for AI in Finance - with Matthias Steinberg of MindBridge
Oct 9, 2024
23:04
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Joining the discussion is Matthias Steinberg, CFO of Mindbridge, a pioneer in AI-powered financial solutions. He dives into the challenges financial professionals face when integrating AI, balancing innovation with accuracy. Matthias emphasizes the distinction between machine learning and generative tools, advocating for their roles in forecasting. He also discusses the importance of real-time monitoring and data integrity. Lastly, he provides insights on assessing ROI, stressing the need for a strategy that merges both short-term gains and long-term goals.
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Quick takeaways
- Financial professionals face challenges in adopting AI due to its non-deterministic nature, while precise tools like machine learning better suit financial tasks.
- AI's potential lies in transforming auditing practices through automation and real-time monitoring, enabling more frequent and efficient oversight of financial data.
Deep dives
The Challenges of AI Adoption in Finance
Financial professionals encounter significant challenges when integrating AI technologies into their workflows, particularly due to the non-deterministic nature of generative AI. While generative AI excels in creativity, finance relies on precision and repeatability, leading to hesitance in its adoption. Although generative AI can add value in areas such as prose generation, core financial tasks involving numerical data benefit more from deterministic technologies like machine learning. This presents a dilemma for finance teams: how to leverage AI to enhance efficiency while navigating the specific requirements of their work.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode