Finastra has launched an artificial intelligence (AI)-powered assistant, dubbed Assist.AI, designed to support trade finance operations within its Trade Innovation solution.
Developed using Microsoft Azure OpenAI Service, the tool aims to address knowledge gaps in the trade finance industry by providing instant, context-aware assistance to users.
According to Finastra, the trade finance sector faces challenges due to a declining knowledge base and a growing gap between experienced professionals and new entrants.
Assist.AI seeks to mitigate the issues by enabling users to obtain precise answers through prompt-based queries, eliminating the need to navigate extensive documentation.
The AI assistant offers several benefits for Trade Innovation users, including enhanced support through instant and accurate responses, 24/7 availability for increased efficiency, and continuous learning capabilities.
By automating routine inquiries, the tool allows professionals to focus on more strategic tasks.
Finastra identified a skills gap in the industry as experienced trade finance professionals retire or move to other roles.
To address this, banks are increasingly investing in training new employees on evolving trade finance processes and Finastra’s Trade Innovation platform.
Finastra lending executive vice president Andrew Bateman said: “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.”
The solution is available globally to all users of Finastra’s Trade Innovation platform, offering AI-driven assistance to financial institutions worldwide.
