The wine investment platform, Vinovest, uses custom machine learning algorithms developed with world-class sommeliers to curate a wine portfolio that acts as both an alternative investment that can out-perform other asset classes and a “liquid asset” should the user actually decide to drink their wine. Investment platforms such as Betterment recommend clients' investment opportunities based on income, current investment habits, risk appetite and more. Their popularity is growing, as is their refinement. In keeping with the finance on-demand theme, two of the most sought-after AI/ML solutions are personalized portfolio management and product recommendations. This means companies lend to less risky clients, and customers can access personalized, almost instant loan decision-making. Meanwhile, Upstart’s system leverages AI to approve more than two-thirds of its loans instantly.Įngaging AI credit-scoring software can reduce non-performing loans while boosting returns, meaning better loan decisioning. This uncertainty often results in consumers being denied access or overcharged for credit. It’s worth taking a deeper look at the company’s efforts to overhaul our outdated credit scoring system, which, as it stands, makes it difficult for lenders to accurately assess which borrowers are likely to default. In a recent column on the pandemic’s impact on credit trends, I quickly touched on Upstart, an AI-lending platform that is reimagining creditworthiness. Other applications of AI and ML help consumers better manage their finances with hyper-tailored offers that fit their current financial situation, including credit on-demand and at a lower cost. This approach, said Ben-Jaafar, “frees up accountants’ time and energy a to focus on other, more strategic tasks.” An AI solution such as SmartCapture, according to Beanworks President and COO Karim Ben-Jaafar, gets smarter with every invoice as it learns how to correctly interpret an organization’s accounts payable documents and coding. Combined with its SmartCoding technology, it claims to reduce the time accounting teams spend on data entry by more than 80%.Īccording to Beanworks, traditional, manual AP data entry is inefficient, error-prone and consumes considerable time and resources, costing anywhere from $12-20 per invoice to process. The company claims its offering provides over 99% accuracy while completing AP processes in minutes. For example, Beanworks, an accounts payable (AP) automation provider, recently introduced SmartCapture, an AI-driven data capture functionality that promises to drastically increase customers’ data entry speed and accuracy.

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