Survey for building a Financial Product

Based on the most helpful WSO content, here are some insights and suggestions for your survey:

1. Tasks Finance Professionals Would Delegate to AI Agents:

   • Automating repetitive and tedious tasks like data entry, reconciliation, and formatting.
   • Generating standardized reports from structured and unstructured data.
   • Validating and cross-checking data for errors or inconsistencies.
   • Summarizing large volumes of information from emails, PDFs, and dashboards.

2. Workflows Involving Multiple Tools:

   • Many professionals frequently switch between Excel, ERP systems, emails, and dashboards. AI agents could streamline these workflows by integrating data across platforms and providing a unified interface.

3. Semi-Manual Processes:

   • Processes like deal origination, due diligence, and market monitoring often involve semi-manual steps due to the rigidity of existing automation tools. AI agents could add flexibility by adapting to unique workflows.

4. Mistakes Under Time Pressure:

   • Errors in data validation, misinterpretation of financial models, or overlooking key details in reports are common when professionals are tired or under tight deadlines. AI agents could act as a second layer of review to catch these mistakes.

5. Potential Use Cases:

   • In investment banking and private equity, AI is already being used to automate up to 50% of functions like deal origination and due diligence. Expanding these capabilities to other finance roles could be highly impactful.
   • Portfolio companies are leveraging AI for tasks like sales optimization, market monitoring, and operational efficiency. These areas could also benefit from task-oriented digital assistants.

6. Key Frustrations to Address:

   • Rigid automation tools that don’t adapt to specific needs.
   • Time-consuming data formatting and reconciliation.
   • Lack of integration between tools and platforms.

Your approach to understanding real bottlenecks before building a product is commendable. Engaging with professionals in roles like FP&A, accounting, audit, banking, and investing will provide valuable insights into their specific pain points.

Sources: Q&A: AI will automate many roles in the IB/PE world. A live Q&A with Arctic, who are recruiting finance professionals to help manage that change, Q&A: AI will automate many roles in the IB/PE world. A live Q&A with Arctic, who are recruiting finance professionals to help manage that change, Will robots replace your consulting or financial career?, Google partners with Goldman Sachs in automating Investment Banking, Thoughts on AI and the future of the job market?