When it comes to cash management software for banks there is no room for mediocre development structureBanks are one of the most targeted entitiescriminals on the planetThe software has to be secure, stable and has the capacity to offer a robust assortment of functionality for the users.
What better way to develop such an important software application than to empower it with the element of artificial intelligence? Although there are plenty of people and groups out there that say we should beware of any kind of technology that has the capacity to outsmart its creators, the quality of the software that is available to enterprise corporations today is beyond what some had ever imagined.
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What is Artificial Intelligence?
Artificial intelligence is code that was written so that there is a possibility that machines can be programmed to think and make decisions in a way that is similar to human beingsAlthough the possibilities of how to implement this code are endless, as of 2022 artificial intelligence is still rather young and has a long way to go.
The four basic types of artificial intelligence are:
- Reactive
- Limited memory
- Theory of mind
- Self-awareness
At this point, the only artificial intelligence that is actually present and exists – to the knowledge of the public – is reactive and limited memory.
Reactive artificial intelligence is when a machine is programmed with possible answers to millions of questions that it could be askedA good example is a spam filter in an email account.
Limited memory artificial intelligence is a bit more complex because it is programmed to learn things as it operatesSome examples of this type of AI are self-driving vehicles and complex software applications that manage businesses and keep financial records.
Since artificial intelligence is merely code and instructions that are written out and saved in a digital platform the only way it can work, at this point, is if the system is connected to a machine, such as a computer.
Robots are one way that artificial intelligence can be implemented and put to use, however, AI can be used to run laptops, smartphones, tablets, and desktops.
The personal assistant on a smartphone, the chatbot that answers your questions on a website, the virtual phone operator that addresses your phone calls to customer service…these are all examples of artificial intelligence.
What is Cash Management Software?
Most people that are web savvy enough to surf the internet have at least heard of the Microsoft Office Suite which offers several software tools that help people keep track of records, create documents, solve complex math problems…and so onThis suite is a perfect example of an enterprise software suite that is equipped to provide methods that help to carry out many types of tasks.
Where the Office suite was created in order to help general people do office tasks, cash management software was developed so that people, businesses, and even financial institutions can manage complex money tasks.
Some of the main functions of cash management software are:
- Customer relationship management
- Cash forecasting management
- Managing incoming and outgoing cash flow
- Providing security
- Transaction recording
Based on the needs of the institution that is using the software, there can be many other functions that a program will provide each user and administrator.
How AI and Cash Management Software Work Together
Since cash management can be a large and complex endeavor, software that has been developed to manage cash will be flexible and programablea person that understands how to make the environment work for the best situation of every enterprise.
The basic application side of the software will be the structure of the program, while within the details and the functions of the application, artificial intelligence will be present so that the program can make automated decisions based on numbers, situations, user input, and various other conditions.
For example, if your application is set up for contract management, then it has the capabilities to manage every contract that is in effect between your company and its customers & vendorsThe details of each contract will be kept and followed to the tee.
Artificial intelligence with limited memory will be able to learn from the transactions and occurrences that happen between the company and the contractees.
Based on situations such as agreements, expiration dates, costs, and other information that will be part of any contract artificial intelligence can make decisions and act on tasks that need attentionBy knowing an expiration date of a contract the software can contact the person or company that is in contract and ask them if they would like to renewTo take it a step further, the software can analyze the past transactions with the contract and choose whether or not it is beneficial to renew the contract or let it expire and not renew.
The Automation Function
Whenever there is a software application that offers automation there is most likely a bit of artificial intelligence behind itMuch like the contract management function we discussed earlier, automation is a sophisticated element that can be implemented for certain tasks and departments.
Automation allows a computer to interact with customers that visit the bank and do transactions through an ATM or a kioskIn addition to automating customer care, automation can automatically detect changes in the stock markets, business trends, and other financially dedicated enterprises so that it can report spending trends and let investors know exactly when to spend money on certain things, and when not to.
Centralizing the Entire Operation
One of the most useful functions of sophisticated cash management software applications is that they can be condensed into one centralized hub that allows every department in the institution to work from and stay connected throughout the enterprise.
At the very beginning of the development stages of the implementation of the software, an administrator will set up the permissions of the types of users that will be able to access various areas of the hub.
Some users will have access to sensitive information regarding cash movement or other factors where other users will not be able to see the entire pictureIn instances where a user has the authority to move money from one account to another, every step of the way will be recorded and documented so that if the need for an audit comes up, all of the information will be readily available.
Conclusion
There are many different opinions regarding the safety and security of using artificial intelligence to help with tasks such as banking and other sensitive organizationsFor starters, people fear that the intelligence will someday find an opinion and voice of its own and then make decisions that are ultimately for its own survival.
Other opinions believe that technology and the assistance of artificial intelligence are the gateways to the preservation of human existenceThe ability to think 100 times faster than the average human being allows us to harness the kind of power that has the ability to change the entire function of the planetAs the evolution of technology continues to hurl forward and an unprecedented rate, there is not much anybody can do to stop its progression and it won’t be long before it turns into a necessity for the survival of businesses, families, and homes.