AI & Finance Lab to collaborate with the university’s Finance, Control & Administration
The university’s Finance, Control & Administration (FCA) aims to use artificial intelligence to work faster, better and more efficiently. To ensure this is done in a responsible and practical way, they have enlisted the support of the AI & Finance Lab.
Within the AI Labs, there is extensive expertise in analysing and streamlining operational processes using AI. In addition, the AI & Finance Lab has specialised knowledge of applying artificial intelligence to financial workflows. For instance, researchers from the Lab work with ING Bank on combating fraud and money laundering, as well as on risk management and the analysis of large datasets.
That expertise is now being put to use within the university itself. Finance, Control & Administration has been working for some time on automating repetitive, often tedious and labour-intensive tasks, such as checks, invoice processing and standard reporting. Through the collaboration with the AI & Finance Lab, Ronald Wieman (Head of Processes & Systems) hopes to take this work to the next level. “Technological change is rapid, including in our field. AI will increasingly function as an extension of our financial expertise.”
101 challenges
That’s why the various finance teams across the university collected 101 challenges that they believe could be solved with AI. Wieman: “Together with the AI & Finance Lab, we selected three issues that are both scientifically and practically interesting to address: forecasting financial scenarios, managing complex payments and developing knowledge structures.”
Over the coming year, one of the Lab’s senior researchers, Ioana Karnstedt-Hulpus, will work one day a week on these topics. Other researchers from the Lab will supervise student projects. Karnstedt-Hulpus: “We have identified numerous areas where our research can make a difference, and we are now developing a strategy to address these issues in a consistent way. Our work begins at the database level with knowledge integration - for example, establishing links between payments across different faculties. It then moves into risk identification and management.”
It actually feels entirely natural to make use of our expertise not only externally, but internally as well.
The team is also focusing on scenario simulations and forecasting, work that allows them to explore potential chain reactions in the university’s budget, says Karnstedt-Hulpus. “For example potential domino effects of budget amendments. The aim is to make financial processes more robust and efficient, and to provide the university’s decision makers with valuable insights and analysis.”
Karnstedt-Hulpus is pleased to be able to apply the Lab’s expertise for her own colleagues. “It actually feels entirely natural to make use of our expertise not only externally, but internally as well.” Wieman is also proud that the university has succeeded in bringing together financial and academic expertise. “My expectation is that this collaboration will continue to grow, helping us attract a new generation to the university’s financial domain.”