Today, terms like Gen-Z and Millennials are the craze words for most businesses world over as they account for more than 60% of the demography. Unsurprisingly, everyone wants to understand what moves them emotionally, physically and financially. Moreover, their communication and consumption behavior is shifting trends and in many cases, causing trends to emerge. One of these trends is that of the Digital lending marketplace where one can avail any kind of loans at the click of a button! Notwithstanding the higher cost of capital, the enticing factors of this digital lending marketplace are bespoke lending products, convenient & quick disbursement and completely paperless transactions.

Has your controlling manager recently talked to your enterprise resource planning (ERP) system? Do you already use robotic process automation (RPA) for risk management – for example, to monitor money laundering and fraud in your company? Are your worldwide customer bookings being monitored by rule-based artificial intelligence (AI) systems in real time, and are they notifying you of any anomalies? Those who answer yes to most of these questions are among the pioneers in the application of artificial intelligence techniques and technologies in their financial management processes. Worldwide, the software industry, corporate finance departments, and financial service providers are working at full speed to find out where new AI-based processes might yield the biggest economic benefits and where AI can reproduce human labor efficiently.