Finastra Launches Assist.AI: An AI-Powered Assistant for Trade Finance

Finastra has partnered with Microsoft to launch Assist.AI | bobsguide

Finastra's new AI assistant aims to help financial institutions automate tasks, improve decision-making, and provide better customer service. Finastra has jumped into the AI arena with its latest offering, an AI-powered assistant designed to revolutionize how financial institutions operate. This innovative tool promises to automate tasks, enhance decision-making, and elevate customer service. Leveraging the power of machine learning and natural language processing, the assistant can understand and respond to customer inquiries with accuracy and relevance. It also takes on the heavy lifting by automating key processes like account opening, loan processing, and fraud detection. Simon Paris, CEO of Finastra, is clearly enthusiastic about the launch, calling it a "game-changer" for the financial services industry. He believes this tool will empower financial institutions to boost efficiency, cut costs, and provide superior customer experiences.Assist.AI is already available to Finastra customers, with promises of even more features and capabilities in the pipeline.

Finastra introduces AI Assistant for trade finance powered by Microsoft Azure OpenAI

Finastra has launched Assist.AI, an AI-powered assistant designed to support trade finance operations within its Trade Innovation solution. Built on Microsoft Azure OpenAI Service, Assist.AI provides instant, context-aware assistance to address industry challenges, including a declining knowledge base and a widening skills gap. Assist.AI allows users to enter trade-related queries and receive precise answers sourced from relevant documentation, eliminating the need to navigate extensive manuals. Key features include: Andrew Bateman, EVP of Lending at Finastra, highlighted the tool's role in streamlining financial services: "Assist.AI represents a major step in leveraging AI to simplify trade finance. By providing instant assistance to bank employees, we help clients navigate industry complexities more efficiently." With experienced professionals retiring and new entrants needing training, Assist.AI incorporates Microsoft Copilot technology to facilitate knowledge transfer within financial institutions. The solution is designed to support banks in training new employees on trade finance processes and the Trade Innovation platform. Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft, emphasized the collaboration's impact: "Using Microsoft Azure's AI capabilities, this solution enhances operational efficiency and user experience. Our partnership with Finastra reflects a shared vision for advancing financial technology."

Finastra debuts AI assistant for trade finance

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The tool, built on architecture powered by Microsoft Azure OpenAI Service, bridges the knowledge gap in the trade finance industry, providing users with instant, accurate, and context-aware assistance. The trade finance industry faces significant challenges, including a diminishing knowledge base and a widening disparity between seasoned professionals and new entrants. Assist.AI addresses these issues by offering prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation. Assist.AI offers Trade Innovation users the following benefits: * Enhanced user support: Provides instant, accurate, and context-aware assistance, significantly improving the user experience. * 24/7 availability and efficiency: Ensures users can access support anytime, boosting efficiency by automating routine inquiries and freeing up valuable time for more strategic tasks. * Continuous improvement and adaptability: The solution learns and adapts based on interactions, ensuring ongoing relevance and continuous improvement in responses. "This timely and much needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services. By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency," said Andrew Bateman, EVP Lending at Finastra. Finastra identified a significant talent gap in the trade finance industry through interactions with various clients. As experienced staff retire or transition to other careers, banks need to invest in training new staff on the latest developments in trade finance and the use of Trade Innovation. Assist.AI uses Microsoft Copilot technology to facilitate this training and support, making it a timely and essential addition to the industry. "We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide. Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience," said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft. "This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra. Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology."

Finastra simplifies trade finance with AI-powered assistant using Microsoft Azure OpenAI Service

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter Assist.AI boosts efficiencies and bridges the knowledge gap in trade finance, enabling banks to focus on strategic projects LONDON, Feb. 10, 2025 /PRNewswire/ -- Finastra today announced the launch of Assist.AI, an AI-powered assistant designed to enhance the trade finance operations within its Trade Innovation solution. The tool, built on architecture powered by Microsoft Azure OpenAI Service, bridges the knowledge gap in the trade finance industry, providing users with instant, accurate, and context-aware assistance. The trade finance industry faces significant challenges, including a diminishing knowledge base and a widening disparity between seasoned professionals and new entrants. Assist.AI addresses these issues by offering prompt-based assistance, allowing users to interact with the tool by entering specific questions related to trade processes. This ensures that users receive precise answers sourced from relevant resources without the need to sift through extensive documentation. Assist.AI offers Trade Innovation users the following benefits: Enhanced user support: Provides instant, accurate, and context-aware assistance, significantly improving the user experience.24/7 availability and efficiency: Ensures users can access support anytime, boosting efficiency by automating routine inquiries and freeing up valuable time for more strategic tasks.Continuous improvement and adaptability: The solution learns and adapts based on interactions, ensuring ongoing relevance and continuous improvement in responses. "This timely and much needed solution represents a significant leap forward in our commitment to advancing Open Finance and leveraging AI technology to solve real-world challenges in financial services. By providing instant assistance to bank employees, we are empowering our clients to navigate the complexities of trade finance with greater ease and efficiency," said Andrew Bateman, EVP Lending at Finastra. Finastra identified a significant talent gap in the trade finance industry through interactions with various clients. As experienced staff retire or transition to other careers, banks need to invest in training new staff on the latest developments in trade finance and the use of Trade Innovation. Assist.AI uses Microsoft Copilot technology to facilitate this training and support, making it a timely and essential addition to the industry. "We are pleased to work with Finastra to make trade finance simpler and more efficient for banks worldwide. Using the robust capabilities of Microsoft Azure, this solution exemplifies the power of AI in enhancing operational efficiency and user experience," said Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft. "This collaboration not only showcases our shared vision for the future of financial technology, but also strengthens the long-standing relationship between Microsoft and Finastra. Together, we are committed to driving innovation and empowering businesses to achieve more through cutting-edge technology." Assist.AI is a global solution, available to users of Finastra Trade Innovation worldwide. To learn more, visit Finastra's website. finastra.com About Finastra Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com. Logo: https://mma.prnewswire.com/media/2615478/FINASTRA_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/finastra-simplifies-trade-finance-with-ai-powered-assistant-using-microsoft-azure-openai-service-302371436.html SOURCE Finastra Market News and Data brought to you by Benzinga APIs