Application of artificial intelligence in the financial market, in Brazil
Artificial Intelligence has a number of financial applications and we’re going to talk about it them.
Boost is nothing more than an optimization of reconciliation processes made in the Financial area.
In Brazil, Nuveo developed a solution for the department that generates most hidden costs to the company: payables and receivables.
Can you believe that the average rate charged by credit card companies is around 6%, for online trading? That’s right… and that´s aside from Chargebacks (Fraudulent Operations).
As an industry entrepreneurs and founders of a payment solutions company, we always tried to avoid these costs all the time, creating innovative alternatives to serve people that don’t have bank accounts and reducing our costs in the process as a whole.
The most common alternative, and that many of the small business owners use, is the so-called Banking Deposit. This is just the process of informing your bank account to your customer, asking for a wire transfer, and then requesting the payment slip. The next steps are to reconcile the payment and deliver the product or service.
What is the big problem in here? It’s how scalable the process is.
Imagine that a simple operation that has 10, 15 transactions per day. It is very easy to have an person running the reconciliation and delivering orders.
What if the business runs thousands of transactions per day, how many people will it take to make such the process?
Nuveo created a system that automatically reconciles customers’ slip images and the company´s bank statements. The robot interprets the image information and matches it with your bank statement, releasing the customer’s order through the ERP system.
With this technology, it is now possible to automate the deposit reconciliation process and significantly reducing operating costs — and also serving a wider variety of customers, mainly the ones who do not have bank accounts.
Do you see Nuveo working for you? Contact us!