If you’re interested in mastering your finances, there are AI finance tools that can help you.
After all, in this modern age of technology, artificial intelligence and machine learning have integrated into most industries, offering intelligent solutions to challenging problems and simplifying complex tasks.
The finance and business world is no exception to this AI revolution, and recent years have seen an increase in the use of AI-powered tools by financial professionals. With the right AI tool, businesses can streamline their finance management, organize their transactions, and increase their sales and growth.
In this article, we will walk you through the benefits of using AI solutions to handle your financial concerns and the best AI finance tools of 2023.
What are AI Finance Tools?
AI finance tools are software used to automate processes in the finance industry and reduce manual work.
AI tools for finance use artificial intelligence and machine learning technologies for financial data analysis, budgeting, forecasting, performance tracking, accounting, tax work, and decision-making.
AI-powered tools analyze consumer behavior and market trends to provide insights that can help finance professionals develop a successful economic strategy and make data-driven decisions that lead to better financial outcomes.
Using neural networks and deep learning technology, AI and machine learning tools mimic human behavior and cognitive processing. These tools can automate mundane tasks by simulating human decision-making, which helps financial professionals save valuable time and make financial management more efficient.
What are the Benefits of Using AI Finance Tools?
Artificial intelligence in finance is transforming the way individuals and businesses can manage their money and assets. AI tools help streamline processes within the finance industry and provide companies with the data they need to make well-informed decisions.
AI-powered tools make it easier for financial professionals to navigate a heavy workload, manage risk, detect fraudulent activity, and ensure that business transactions occur smoothly.
Here is a compilation of the benefits of incorporating AI tools in your finance management practices.
Efficiency Through Automation
AI tools use data to automate routine tasks, which helps save time and cuts down on human labor, making financial management more efficient and error-free. With AI models automating repetitive operations, finance professionals can invest more time and effort into innovating their services and enhancing the clients’ experience.
More Accurate Decision-Making
AI tools can process large volumes of financial data and run analyses to provide valuable insights by finding patterns that would go unrecognized by humans. Using AI finance tools to organize their operations helps businesses make strategic decisions that play a crucial role in driving sales and growth.
Product and Service Development Innovation
Since AI tools can assess large volumes of data, they are well-equipped to make meaningful innovations in products and services. With the information provided by artificial intelligence, companies can ensure that they remain ahead of the market trends and do not lose out to their competitors.
Faster Workflow
AI finance tools speed up workflow by automating mundane tasks and reducing manual work. As AI tools generate insights faster, they are more helpful in helping business owners make accurate financial decisions, predict and manage risks, reduce errors, and make finance management more effective.
The Top 10 AI Finance Tools of 2023
Now that we’ve established the importance of AI finance tools, let’s take a closer look at some of the best AI tools of 2023 that are making waves in the finance industry.
Nanonets Flow
Nanonets Flow is a state-of-the-art AI-powered platform that utilizes artificial intelligence to streamline finance tasks and make life easier for finance professionals.
With advanced machine learning and data analysis features, Nanonets Flow automates routine tasks. It also simplifies complex processes, giving financial institutions the time they need for strategic decision-making that grows their business.
One of the assets of Nanonets Flow is its ability to sift between structured and unstructured data and extract relevant information from documents like receipts, invoices, and bank statements.
Nanonets Flow’s innovative OCR (Optical Character Recognition) and natural language processing technology allow it to accurately extract, collect, and organize financial data, which saves time and reduces the human errors involved in manual data entry.
Pros:
- Data can be exported in a comprehensive CSV file.
- Features text extraction and document conversion
- Offers around-the-clock customer support
- Integrates with existing financial systems and accounting software
- Processes invoice ten times faster than other platforms
Cons:
- Annotation may be time-consuming
- The platform faces occasional glitches.
Pricing:
Nanonets Flow offers free and customizable paid versions where the price varies according to your chosen features. Nanonets Flow also provides a ‘Pro’ plan starting at $499+ monthly.
Range
Range is an AI-powered fintech company that caters its financial management services to millennials.
As a financial advisor, Range gives individuals financial advice regarding investment opportunities, risk management, tax, estate planning, and insurance. Range uses machine learning algorithms to customize services to your income, debt, and credit scoring.
Range is popular among finance professionals for its data analysis abilities that help enhance the client’s experience and streamline finance management.
Range helps you develop effective financial plans by featuring one-on-one sessions with certified financial advisors within one week. Range’s finance teams include professionals from top-ranking companies like Amazon, Google, and Citi, providing the insight you need to bring your finance game to the next level.
Pros:
- Features a user-friendly interface that is easy to navigate
- Provides around-the-clock customer support
- Offers customizable DIY money management tools
- Provides one-on-one sessions with experienced finance advisors
Cons:
- The software may face liability issues.
- Range is a membership program that does not offer a free version.
Pricing:
Range offers two pricing plans, which are as follows:
- A ‘Premium’ plan at $2,400 per year
- A ‘Platinum’ plan at $4,800 per year.
Domo
With its establishment in 2010, Domo is one of the first data analysis and integration tools in the market and has been popular in the finance industry for over ten years.
Domo specializes in integrating data from different sources into one comprehensive dashboard for business decision-makers.
Domo’s mission is to overcome the challenges of outdated and difficult-to-share information by automating its collection in a unified dashboard. With Domo, finance teams can extract data from Excel, Salesforce, Workday, and countless other platforms and finance tools.
As a pioneer in artificial intelligence, Domo uses its AI and machine learning technology to aid finance professionals in making informed decisions by providing accurate real-time data.
Domo’s strength lies in the fact that it is a connector of data, not a generator. This means its AI services will not replace human employees but will assist them in making successful financial decisions.
Pros:
- Offers great functionality and data representation
- The ‘Run Dataflow’ feature makes navigating large volumes of data easy and efficient.
- Offers online training materials
- Offers easy solutions to integrate data and build dashboards
Cons:
- Customer support may not always be responsive.
- The system may face occasional glitches.
Pricing:
Domo offers customizable pricing plans that vary depending on the volume of data being processed and the number of users.
Planful Predict
Planful Predict is an AI finance management tool that helps CFOs and CEOs make successful decisions by quickly providing accurate data.
Planful Predict combines conventional data integration tools with AI-powered analysis services to provide insights that can be used to increase sales and drive growth.
With its AI data analysis tool, ‘Predict,’ Planful Predict can show financial organizations their weak spots, allowing them to organize their time and resources to overcome potential obstacles and maximize efficiency.
Planful Predict’s services cater to finance professionals in charge of making core decisions. This AI tool may not be well-suited to employees who enter financial data into spreadsheets, as it can automate this process and take over their job.
Pros:
- Transmits data in real-time
- Features an easy-to-navigate interface
- Equipped to integrate financial documents directly with system data
- Provides excellent customer service
Cons:
- It may be difficult to set up a report template.
- Collaboration can be challenging as individual models need to be updated online.
Pricing:
Planful Predict is part of Planful’s software. The individual pricing is not reported on the website, but you can access customized quotes.
Rebank
Rebank is an AI-powered finance and legal database that caters to companies dealing with multiple currencies and countries.
Rebank’s AI tool categorizes transactions according to country and currency to ensure that the finance and tax regulations dealing with international trade are met.
Along with automating transactions, Rebank also acts as a transfer tool and is equipped to transfer money, inventory, and other assets by generating transfer agreements, loan agreements, local tax documents, and other needed materials.
With Rebank, you can rest assured that all your financial documents are legally compliant with the countries involved. This is especially useful for small businesses that cannot afford an international lawyer to ensure their transactions meet the required legalities.
Rebank features a robust security system that entails multi-factor authentication and several layers of data encryption to protect its users’ information and privacy. This makes Rebank a popular AI tool as users’ sensitive financial data remains secure.
Pros:
- Allows you to manage finances in multiple bank accounts in different countries.
- It boasts an easy-to-use interface.
- Features a robust security system that ensures data protection
- Offers powerful and flexible features
- It saves you time and money spent on hiring a lawyer.
Cons:
- Processing multiple payments simultaneously may be challenging.
- Tracking the history of large volumes of transaction data may be slow.
Pricing:
Rebank offers a free version and the following paid plans:
- A ‘Startup’ plan at $60 per month
- A ‘ Growth’ plan at $260 per month
Datarails
Datarails is an AI-powered finance tool well-known for automating manual tasks and allowing finance professionals to invest more time and energy into developing effective business strategies that help grow their companies.
With FP&A Genius, the ChatGPT-like AI chatbot, Datarails can automate routine tasks in the financial industry and provide businesses with real-time data so that they can make well-informed decisions.
FP&A Genius condenses an organization’s financial integrations and data sources into one centralized location, which helps make finance professionals’ jobs easier. Along with this, FP&A Genius also generates visuals and dashboards that make data presentation comprehensive.
Unlike other AI chatbots, the data points retrieved from FP&A Genius come from reliable sources, which means they can be used to make accurate, data-driven decisions.
Pros:
- Financial data from different files are accessible from their cloud to other files.
- Features an easy-to-use interface
- Offers around-the-clock customer support
- Uses aesthetically pleasing dashboards for reporting data
Cons:
- It does not provide a smooth integration with QuickBooks Desktop.
- Longer, more complex data implementation risks more errors.
Pricing:
Datarails FP&A Genius is part of the Datarails package, and the pricing is customized according to each user’s needs.
Alpaca
Alpaca is an AI-powered stock trading platform that uses artificial intelligence to analyze data and provide meaningful insights on current market trends.
As an AI-driven stock and crypto trading API, Alpaca uses deep learning technology and efficient data storage to help financial professionals make successful investments that lead to their business’s growth.
Alpaca’s trading app is compatible with multiple cryptocurrencies, making it highly flexible as it allows users to loan assets to different investors in return for lending fees and rewards.
Alpaca is popular for its commission-free AI model that helps traders and investors cut down on extra fees and makes stock trading more economical for first-time investors.
Pros:
- Features a user-friendly API
- Offers commission-free trading
- Provides free data through third-party vendors
- Includes a powerful charting toolset
Cons:
- Customer support is restricted to email correspondence.
- Provides limited withdrawal and deposit options
Pricing:
Alpaca’s pricing varies depending on the value of stocks and crypto you are trading.
AlphaSense
AlphaSense is an AI-driven search engine for financial institutions like banks, investment companies, and Fortune 500 organizations.
AlphaSense uses natural language processing to analyze relevant information from documents, articles, files, transcripts, and the news to stay up to date with market trends in finance and business. This data draws meaningful insights that help companies to make successful decisions.
Although AlphaSense is helpful to all finance professionals, it is especially important for brokers as it gives them access to SEC and global files. This helps them obtain call transcripts, press releases, and data regarding private and public companies.
With its ability to track market forces and monitor competitor firms, AlphaSense is the perfect tool for financial service organizations looking to make their business operations more efficient and develop successful investment plans.
Pros:
- Can go through large amounts of data sources
- Highlights keywords to save time and effort
- It has a user-friendly interface.
- Quickly scans analyst research reports
- Provides resources and data to conduct competitor analysis
Cons:
- Some data sources may not be that reliable.
- It may generate a few irrelevant search results at times.
Pricing:
AlphaSense offers customizable pricing with flexible subscriptions based on your team size and content needs.
Conclusion
As artificial intelligence technologies continue to revolutionize different industries, the importance of AI tools in finance management is also expected to rise. Investing in a powerful AI tool that addresses your financial concerns is vital to adapting to this change and maintaining your competitive edge.
With the wide range of options, picking out an AI tool can be overwhelming. But don’t worry; we’ve got you covered.
After having gone through this article, you have all the information you need to pick out the AI tool that meets your financial management needs.
You can click here to get a downloadable list of great AI tools recommended by Online Success Genie.