Top AI Tools in Finance for Analysis, Risk & Planning

Due to how quickly and accurately AI tools can organize large amounts of data and information, many different industries are now incorporating them into their work processes. One industry, in particular, that has been able to greatly benefit from the use of AI tools is the finance industry. 

Top AI tools in finance automate tasks, enhance analysis, and manage risk, including AlphaSense (research), DataSnipper/Trullion (accounting/audit), Datarails/Planful/Anaplan (FP&A/forecasting), Stampli/HighRadius/BlackLine (AP/close automation), Zest AI/Upstart (lending/risk), and platforms like Power BI with Copilot/Domo for broader data insights, alongside general models like ChatGPT for research assistance. 

These tools help with everything from fraud detection and compliance to investment analysis and budget management, making finance operations faster and more accurate. From automated reporting to forecasting and even managing risk, AI tools are transforming how finance professionals work.

 AI FOR FORECASTING & PLANNING

AI for forecasting enables proactive decisions in areas like inventory, supply chain and operations, moving from reactive to adaptive, data-driven strategies for better resource allocation, cost reduction and identifying opportunities.

Examples of AI tools used for forecasting & planning are Anaplan, PlanfulAI, and Datarails:

A. Anaplan

• Anaplan AI uses artificial intelligence and machine learning to provide practical insight into a company’s data. 

• Anaplan is a business planning, forecasting, and performance management software platform that enables businesses to connect their financial, strategic, and operational planning in real-time

• Anaplan provides finance teams with support on revenue planning, headcount planning, long-range planning, capital planning, and more.

• The company has 3 AI Solution:
  • PlanIQ: PlanIQ combines Anaplan’s Connected Planning platform with machine learning (ML) capabilities and deep learning algorithms to generate accurate future forecasts. 
  • Predictive insights: Finance teams can use predictive insights to create sales plans based on customer insights and buyer-intent data. Finance teams can use it to understand their most profitable segments and target accounts.

• Optimizer: Optimizer provides predictive analytics capabilities and linear optimization algorithms. 

B.  Datarails 

• Datarails FP&A Genius is a ChatGPT-style chatbot made for many finance professionals. 
• One great feature of the Datarails FP&A Genius chatbot is its ability to connect to data in real-time. This makes any financial information it provides accurate and up-to-date. 
• It has ability to connect all of a company’s finance integrations and data sources into one source of truth. 
• Pricing at Datarails FP&A Genius is customized and thus varies depending on your package of the product. 

C. PlanfulAI Predict

• PlanfulAI Predict is an FP&A tool that combines data integration with AI and machine learning to help make accurate and fast financial decisions. 
• PlanfulAI Predict is supposed to help people make better decisions regarding their businesses.
• There’s no designated price stated for Planful Predict on the Planful website. Individuals who want to use Planful Predict must receive a customized AI tool quote from the company.

AI FOR RESEARCH & ANALYTICS

AI is transforming financial research and analysis by automating routine tasks, providing deeper insights from vast datasets, and enhancing predictive capabilities. It is used across various functions, from investment research to risk management and compliance. 

Examples of AI tools used for research & analytics are AlphaSense, DataRobot, and BigData.com:

1. AlphaSense

• AlphaSense is a leading enterprise-grade AI-driven intelligence platform built for robust market and investment research. 
• AlphaSense was also recently named one of Fortune’s Top 50 AI Innovators. AlphaSense clients include 80% of the top asset management firms, 80% of the top investment banks, 80% of the top private equity firms, and 88% of the S&P 100. 
• AlphaSense allows you to combine valuable internal content with 10,000+ private, public, premium, and proprietary external data sources into one platform. 
• AlphaSense’s Enterprise Intelligence solution allows you to integrate and query your own internal content alongside the premium external sources listed above. That includes: 
• Internal research, notes, and presentations
• CIMs and investment memos
• Reports from industry and market intelligence providers
• Emails, newsletters, web pages, and RSS feeds
• In this way, AlphaSense centralizes all your internal and external knowledge in one place, and allows you to leverage our industry-leading search, summarization, and monitoring tools to enhance and accelerate your research.

2. DataRobot

• DataRobot is a leader in the automated machine learning (AutoML) space, providing an AI Cloud platform that simplifies the process of building and deploying machine learning models. 
• It automates the end-to-end process of building AI and machine learning models, from data preparation to deployment and monitoring, making predictive analytics accessible to users without extensive coding knowledge.
• Best For: Data science teams and enterprises looking to rapidly deploy AI and predictive analytics solutions across various industries. 

3. Bigdata.com

• It provides a platform where users can access premium data and use AI agents to perform complex financial research with full transparency and source attribution. 
• Best For: Financial professionals needing reliable, auditable, and customizable AI research agents for in-depth analysis. 

ACCOUNTING AUTOMATION

Accounting automation tools streamline repetitive tasks like data entry, bank reconciliation, invoicing, and expense management using AI and robotic process automation to boost efficiency, accuracy, and provide real-time financial insights.

Examples of tools used for accounting automation are Booke.AI, Blackline, etc.

1. Booke.ai

• Booke.ai is an AI tool that automates bookkeeping. 
• With the use of Booke.ai, not only is accuracy improved when bookkeeping, but so is client communication, data collection and organization, and the month-end closing process. 
• Booke AI automates reconciliation and categorization with AI-driven RPA and Generative AI, saving you hours of manual work.
• There are two different types of Book.ai pricing plans, the Data Entry Automation Hub plan and the Robotics AI Bookkeeper plan. 
• The Data Entry Automation Hub plan costs $20.00 a month, and the Robotics AI Bookkeeper plan costs $50.00 a month. 

2. Blackline

• BlackLine is a cloud-based software platform that helps businesses automate and streamline their financial close processes.
• It helps users ensure compliance with accounting standards and regulations by providing visibility and control over the financial close process. 
• It includes features such as segregation of duties, audit trails, and version control, which help users maintain a strong control environment.
• BlackLine provides solutions for financial close management, accounting automation, and intercompany governance, allowing large and midsize companies to complete accounting work better, faster, and with more control.  

AI FOR CREDIT & RISK

Credit risk assessment is being transformed by AI agents that automate document parsing, fraud detection, policy matching, and scoring.

AI tools for finance can improve risk management for clients by identifying areas of risk in their portfolios. A finance professional can even use AI technology to align client portfolios with risk-tolerance levels. 

Tools that are used for credit & risk assessment include ZestAI, Scienaptic, Upstart, etc.

1. ZESTAI

• Zest AI is a cutting-edge credit underwriting software designed to enhance lending decisions through the power of artificial intelligence.
• Zest AI uses powerful machine learning to deliver accurate insights on your borrowers and allow you to automate more of your lending process.
• Its products, including the Generative AI-powered lending intelligence platform LuLu and Zest Protect for fraud detection, are used by nearly 300 lenders worldwide. 
• The firm’s technology leverages over 650 proprietary credit models and 50 patents to increase approval rates by 25% and reduce defaults by 20%, without adding risk.

2. SCIENAPTIC 

• Scienaptic AI was built with the mission to drive financial inclusion at scale through AI-driven credit decisioning.
• Scienaptic offers an AI-powered, automated loan decisioning system. They help credit unions and other financial institutions provide rapid, accurate credit decisioning and underwriting at scale.
• Scienaptic’s solution is Ether, which offers a smart suite of AI underwriting tools to better identify qualified prospects, flag high-risk prospects, and offer more complete risk assessments. This approach allows financial institutions to attract prospects that were previously off the map and underwrite profitably for a previously underserved market.

3. UPSTART AI

• Upstart is an AI lending platform that partner with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
• Upstart developed an income and default prediction model to determine creditworthiness of a potential borrower. 
• This means that in addition to traditional underwriting criteria—FICO score, credit report, and income—the Upstart underwriting considers education variables—colleges attended, area of study, GPA, and standardized test scores—and work history to develop a statistical model of the borrower's financial capacity and personal propensity to repay 

AI FOR TRADING & INVESTING

Investments were earlier based on extensive research and manual analysis, along with gut feeling. Today, investors are more open to leveraging AI for trading stocks, with a focus on doing it instantly through a computer or smartphone by accessing swift analysis and predictive analytics. 

AI for trading involves using artificial intelligence and machine learning to analyze vast amounts of market data, identify patterns, and automate the execution of trades. This technology can enhance speed, reduce emotional bias, and provide insights that human traders might miss. 

1. TRADEIDEAS

• Trade Ideas is an artificial intelligence decision tool that enables portfolio managers and traders to make better decisions in the stock market.
• Trade Ideas identifies opportunities to capture alpha before others and in sectors and places within the market where no one else is looking. 
• Trade Ideas artificial intelligence capability runs massive structured and unstructured data (market activity, news, social media, etc.) on all US equities across some 40 different trading strategies, each of which has multiple algorithms, effectively taking into account tens of millions of simulated trades
• Trade Ideas offers multiple subscription plans and add-ons, including monthly options and discounts for annual subscriptions. There’s a free Par Plan and two paid plans: the Birdie Bundle and the Eagle Elite.

2. NUMERAI

• Numerai is an AI-run, crowd-sourced hedge fund based in San Francisco.
• The platform harnesses the power of crowdsourcing by inviting data scientists from around the world to contribute their expertise. 
• Participants can develop and submit their machine learning models, which are then aggregated into a unified ensemble model. 
• This collective approach enables Numerai to tap into diverse perspectives and techniques for more robust predictions.
• The provided time-series data is also cleaned and regularized, which comprises millions of samples and 1191 features that has evolved since their inception. 

AI FOR BANKING

Banks can use AI effectively in five major ways: customizing services and products for individual needs, identifying new business opportunities, predicting and identifying risk and fraud, and streamlining operations.

1. KASISTO

• Kasisto was founded in 2013 with the vision of enabling companies to engage and transact with their customers through intelligent conversations.
• Kasisto enables financial institutions to service, engage, and acquire customers via human-like, intelligent conversations anytime, anywhere.
• Their flagship product, KAI, is a digital experience platform that uses conversational AI to create intelligent digital assistants that can be deployed across all channels
• Its mission is to help financial institutions meet customer expectations and attract new prospects by providing a digital experience that is personalized, intuitive, and human-like.
• It can resolve common service requests almost instantly and proactively deliver insights and solutions that help customers make meaningful discoveries.
• The company works with the world's largest financial institutions and has the banking domain expertise and relevant data to know what works best for each customer.

2. ROBOADVISORS

• A robo-advisor is a digital platform that provides automated, algorithm-driven financial planning and investment services with little human intervention. 
• Its an automated, algorithm-driven financial planning and investment service with little to no human supervision. 
• A typical robo-advisor asks questions about your financial situation and future goals through an online survey. It then uses the data to offer advice and automatically invest for you.

CONCLUSION

While finance professionals use AI tools to assist with safety and compliance, they must be careful to not input sensitive financial information in any financial AI tools. This is because any sensitive information placed online can lead to cybersecurity risks.