Finastra Introduces Assist.AI: A New Era of Trade Finance Enhancement

Introducing Assist.AI: Transforming Trade Finance Operations

Finastra, a globally recognized financial services software provider, has just launched a groundbreaking tool named Assist.AI, designed to revolutionize trade finance within its Trade Innovation solution. Powered by Microsoft Azure OpenAI Service, this AI-driven assistant is set to eliminate gaps in knowledge and enhance productivity in an industry facing significant challenges.

The Challenges in Trade Finance

The trade finance landscape is becoming increasingly complex, characterized by a shrinking pool of experienced professionals and a growing knowledge gap. As seasoned experts retire, the industry struggles to equip new entrants with the necessary skills and insights. This is where Assist.AI steps in, offering immediate and precise support to users dealing with trade processes. Unlike traditional methods that require wading through extensive documentation, Assist.AI facilitates efficient interactions by providing quick responses to specific inquiries.

Key Features of Assist.AI

1. Instant Support: The AI assistant delivers real-time, context-aware assistance, greatly enhancing user experience. This ensures that users have the support they need at their fingertips, anytime they need it.

2. 24/7 Availability: With Assist.AI, users can access help round the clock, significantly improving operational efficiency. The tool automates routine inquiries, allowing staff to dedicate more time to strategic projects.

3. Continuous Learning: One of the standout attributes of Assist.AI is its ability to learn and adapt. The more it interacts with users, the better it becomes at providing relevant responses, ensuring that it remains a valuable resource over time.

A Statement from Finastra's Leadership

Andrew Bateman, Executive Vice President of Lending at Finastra, expressed his enthusiasm about this timely solution, stating, "This much-needed tool signifies a major advance in Open Finance. By leveraging AI technology to tackle real challenges in financial services, we empower our clients to navigate the complexities of trade finance effectively."

Finastra's initiative is particularly relevant as it acknowledges the pressing talent gap within the trade finance sector. The introduction of Assist.AI allows financial institutions to significantly reduce their training burdens for new hires, utilizing Microsoft Copilot technology to seamlessly integrate learning and support.

Microsoft’s Role in the Transformation

Bill Borden, Corporate Vice President for Worldwide Financial Services at Microsoft, praised the collaboration, highlighting how the powerful capabilities of Microsoft Azure enhance operational efficiency within trade finance. "This partnership not only emphasizes our shared vision for the future of financial technology but also strengthens our ongoing relationship with Finastra," he noted, reinforcing their commitment to innovation in this critical sector.

Conclusion

Assist.AI is now available globally for all users of Finastra's Trade Innovation solution. This new tool stands to bridge knowledge gaps, streamline operations, and ultimately empower financial institutions to leverage technology for enhanced efficiency. As the financial sector continues to embrace AI-driven solutions, Assist.AI could very well become an essential tool for trade finance professionals worldwide. To discover more about how this tool can revolutionize your trade finance operations, visit Finastra's website.

About Finastra

Finastra provides a comprehensive suite of financial software solutions covering Lending, Payments, Treasury and Capital Markets, and Universal Banking. With a vision to accelerate the future of Open Finance, Finastra works with around 8,100 financial institutions, including 45 of the world’s top 50 banks. their commitment to technology and collaboration highlights their role as a leader in the financial services sector.