The AI in Business Podcast Short Term and Long Term ROI for AI in Finance - with Matthias Steinberg of MindBridge
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Oct 9, 2024 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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Generative AI's Challenge in Finance
- Generative AI's non-deterministic nature poses challenges for finance teams.
- Finance requires precise, repeatable results, unlike generative AI's creativity.
Machine Learning's Strength in Finance
- Machine learning, a deterministic AI, excels with numerical data, unlike generative AI.
- Machine learning offers valuable applications in finance, like forecasting and automation.
Anomaly Detection in Finance
- MindBridge's anomaly detection software monitors financial data integrity.
- It helps identify risks like double invoicing or payments to former employees.