Andrew Maren, Founder and CEO at ProfitShare Partners

According to Andrew Maren, founder and CEO of fintech financial firm ProfitShare Partners (PSP), the application of AI technologies to improve various financial services and processes is growing in the financial sector – but the smart money is on AI-enabled companies. with human contact.

“In finance, transparency and trust are key, so offering the option to speak to a human should be based on key triggers,” says Maren. “These can include when discussing sensitive information such as loan applications or complex financial advice. “For example,” he notes, “after a chatbot handles basic queries, it should provide human support once the conversation turns to decisions that impact the customer’s financial future, such as approving or denying financial requests. It could also be time-based, ensuring customers are aware they can escalate to a human agent at any point in the conversation.”

It’s about customer experience (CX), which ultimately translates into satisfaction and loyalty, a key goal within ProfitShare partners. Says Maren: “Customer experience is key to repeat business. In competitive markets, CX often differentiates successful businesses from others.

“If a customer feels valued and their experience is perfect, they are more likely to come back. In the financial sector, where trust is key, positive customer experiences can lead to stronger relationships, higher retention rates and word-of-mouth referrals.”

AI in Personalization and Predictive Analytics

A huge benefit to any financial organization is AI tools that can analyze customer behavior – including preferences and purchase/banking history – to provide product recommendations and personalized marketing messages.

“Data is the backbone of any modern business, but for many SMEs it can be overwhelming to manage and extract useful information from their growing volume of data,” says Maren. “AI simplifies the process by providing advanced data analytics capabilities that can help SMEs make more informed decisions.

“SMBs can use AI-based predictions to anticipate customer needs even before they make a request, whether through personalized marketing offers, proactive customer service or personalized product recommendations,” he says, adding that by analyzing data behaviorally, AI can suggest upselling. or cross-selling opportunities and even help SMEs identify when a customer might be facing financial difficulties and proactively offer assistance.

AI in money management, streamlining financial operations

As a fintech firm that provides access to finance based on purchase orders or invoices, PSP understands that effective money management is vital to the success of any SME, and AI solutions can streamline financial operations by automating routine tasks, providing better insight into financial health and improved financial planning.

Here, Maren highlights how AI tools can be extremely beneficial, providing real-time insights into cash flow trends, helping SMEs anticipate and prepare for potential shortfalls or surpluses.

“For SMEs seeking capital, PSP can use this information to assess the fiscal health of applicants more accurately and in a data-driven manner. AI could also flag potential risks earlier in the application process, making it easier for PSPs to offer tailored financial solutions that meet customers’ immediate and future needs,” he notes. “This not only improves our client’s ability to manage their finances, but also increases ProfitShare Partners’ efficiency in allocating capital.”

Fraud and Cyber ​​Threats: Another Level of Security

A final area high on the PSP AI list is cyber security and fraud, both of which can affect any business to the point of closure.

“Fraud and cyber threats are growing concerns, especially as digital transactions increase,” says Maren. “AI appears to be a critical tool in identifying suspicious activity in real-time by analyzing transaction patterns and detecting anomalies that could indicate fraud much faster and more accurately than any human can.

“For fintech companies and customers, AI-based fraud detection systems can significantly reduce response time, preventing fraud before the damage is devastating.”

By improving cyber security through predictive analytics, AI helps fintechs anticipate and mitigate threats before they become critical, thereby protecting sensitive financial data and transactions.

“Importantly,” suggests Maren, “AI could also raise alarm bells for organizations governed by privacy laws that involve both a certain reporting time and a hefty fine for non-compliance.

“Overall, I would suggest that businesses from SMEs to large corporations can benefit enormously from an ‘AI + human’ operation, with ongoing training for all staff not only to use AI in their day-to-day tasks , but also to recognize it when it does. it is used”, concludes Maren.

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