Corporate finance with 0 people involved

How can we redesign our service to eliminate the need for humans, both on the client's side and within our own operations? This question has been a recurring theme in our recent discussions about the future development of our products.

While it may sound somewhat negative, this approach is driven by the downsides of relying on manual labor in the field of corporate banking. Manual processes often result in delays, data accuracy issues, fraud risks, and a lack of excitement compared to more inspiring job roles. On the other hand, algorithms can handle routine tasks more efficiently, with greater precision, and without experiencing burnout.

However, there are certain obstacles that prevent us from immediately shifting toward algorithm-based financial management.

Firstly, we face difficulties due to the multiple systems we currently use, which are provided by different vendors and do not integrate seamlessly. To address this, we have two possible approaches: either developing all the major platforms in-house and adopting an API-first culture (which is the path we are currently pursuing), or finding an all-in-one solution from a single vendor, which is currently unavailable.

Secondly, we need to demonstrate to our clients that algorithms are capable of effectively managing their routine tasks. Small businesses are more open to participating in experimental ventures of this nature, as they tend to be more flexible and have a cultural readiness for a certain level of risk.

Lastly, we require regulations that both endorse our reliance on algorithms and establish clear guidelines for human responsibilities. Should an algorithm impartially discriminate against specific clients and suppliers, would that be deemed fair and within the bounds of the law?

Overcoming the first and third challenges seems to be quite tough. We'll wait and see how much time it takes for AI-to-AI conversations to fully enable interactions between banks and clients. Meanwhile, we, as humans, will attempt to find something more motivating than manually managing corporate financials. In the meantime, it may indicate the conclusion of GUI's investments, and the end of its era.