The CEO of £1.4 billion software giant Xero says AI will be 'transformational' for finance

The CEO of £1.4 billion software giant Xero says AI will be ‘transformational’ for finance

The CEO of £1.4 billion software giant Xero says AI will be ‘transformational’ for finance

The CEO and founder of cloud-based accountancy software giant Xero says Artificial Intelligence (AI) and Machine Learning technologies will be "transformational" for finance over the next few years.

Rod Drury told Business Insider during a recent interview in London: "We’ll see more innovation in the next 2 years than we have in the 10 years, all driven by AI."

The Xero founder says: "We’re getting a massive hit on the R&D we’ve done around Machine Learning and AI. We think it’s going to be transformational for the industry.

"If you capture information from the bank statement and the invoice and the bills that are flying through, you can actually programme things to do a whole lot of work for you and you’re just checking and making fixes, which trains the machine."

Xero's accountancy software helps small and medium-sized businesses manage their accountants in the cloud but Drury believes much of the management — things like categorizing expenditure and sending accounts to be checked — could be automated by "smart" AI and machine learning programmes, which learn the habits of your business. "You can build unique system for each business," says Drury.

Read Also:
The effects of GDPR on data processors

"The first innovation in cloud accounting was actually getting these transactions into the cloud. The second generation that’s happening now is getting all these big data, machine learning, AI, over these massive data sets which is super interesting."

Gary Turner, Xero's UK MD, added: "Specialised AI is, I think, much more interesting. We’re taking a discreet function or process that either doesn’t exist today because someone hasn’t had access to such a large data set or automating what was previously important but not really value additive, tasks like accounting."

Drury, who founded Xero in New Zealand in 2006, says the benefits of AI and machine learning technologies will be felt in the wider finance world too.

"We’re getting a fantastic hit because the fintech space is a relatively small domain with massive amounts of data and it’s inherently high value. I think it’s going to be one of the areas where you see AI and machine learning really take off. The ability to reduce risk for banks, fraud reduction."

Read Also:
What Bringing Big Data Analytics Into Healthcare Means For Patients

There has been a surge in interest in AI over the last few years with tech giants like Google and Facebook investing hundreds of millions into the field in a bid to make their platforms and personal assistants smarter.

 



Sentiment Analysis Symposium

27
Jun
2017
Sentiment Analysis Symposium

15% off with code 7WDATA

Read Also:
How mixed reality and machine learning are driving innovation in farming

Data Analytics and Behavioural Science Applied to Retail and Consumer Markets

28
Jun
2017
Data Analytics and Behavioural Science Applied to Retail and Consumer Markets

15% off with code 7WDATA

Read Also:
Machine Learning Becomes Mainstream: How to Increase Your Competitive Advantage

AI, Machine Learning and Sentiment Analysis Applied to Finance

28
Jun
2017
AI, Machine Learning and Sentiment Analysis Applied to Finance

15% off with code 7WDATA

Read Also:
10 Tips For Using Business Intelligence Tools To Maximize ROI In Retail

Real Business Intelligence

11
Jul
2017
Real Business Intelligence

25% off with code RBIYM01

Read Also:
Improving the Quality of Data on Hadoop -
Read Also:
10 Tips For Using Business Intelligence Tools To Maximize ROI In Retail

Advanced Analytics Forum

20
Sep
2017
Advanced Analytics Forum

15% off with code Discount15

Read Also:
DeepMind has best privacy infrastructure for handling NHS data, says co-founder

Leave a Reply

Your email address will not be published. Required fields are marked *