Machines have the capacity to learn. Humans with real expertise train them. This combination may not be as revolutionary as other concepts on the table. Considering the current stagnation in technical evolution of financial institutions however, it is the one change sorely needed.
Training machines is an iterative process in which experts give algorithms feedback to help the machines get smarter. The deeper the functional expertise, the more fine-tuned the feedback becomes and the better the machine learns.
The judgments that go into making revenue recognition decisions, for example, aren’t strictly rules-based; it requires years of experience to make determinations, considering the timing of payments, knowledge of contracts, legal interpretations in different jurisdictions and other factors.
Those kinds of teams—accountants side by side with data scientists—are becoming more common. Finance organizations are adapting to this new staffing and teaming paradigm. Chipkoo is working actively to make the financial future integrated with AI to make it more accessible and decentralized for general global population.