Finastra has introduced Assist.AI, an artificial intelligence-powered assistant designed to enhance trade finance operations within its Trade Innovation solution. Built on Microsoft Azure OpenAI Service, Assist.AI helps bridge the knowledge gap in the trade finance industry by providing instant, accurate, and context-aware assistance. The tool addresses challenges including declining expertise in the sector by enabling users to input specific questions and receive precise answers sourced from relevant resources. This eliminates the need to navigate extensive documentation, improving efficiency and reducing operational delays.
Assist.AI offers continuous learning and adaptability, ensuring responses remain relevant over time. It provides 24/7 availability, automates routine inquiries, and allows bank employees to focus on strategic tasks. Finastra identified a growing talent gap in the trade finance industry, with experienced professionals retiring and new employees requiring extensive training. Assist.AI, using Microsoft Copilot technology, facilitates knowledge transfer and operational support. Andrew Bateman, EVP of Lending at Finastra, emphasized the tool’s role in advancing Open Finance by simplifying trade finance complexities. Microsoft’s Bill Borden highlighted the collaboration’s impact on improving efficiency in the banking sector, reinforcing the strong partnership between Finastra and Microsoft in financial technology innovation.
