According to findings from cloud call centre software provider Aircall, 64% of SMEs worldwide express optimism about the potential of AI. However, over half of them also admit a lack of understanding about what AI can truly achieve. This underscores the importance of fostering education and trust among fintech leaders leveraging AI, as highlighted by Aircall's co-founder and chief sales officer, Jonathan Anguelov.
Certainly, in our dealings with a rapidly growing customer base in 2023, Fluenccy attributes the adoption of its AI-based foreign currency software to three main drivers:
AI-powered tools equipped with advanced algorithms have the capacity to analyse vast datasets in real-time. This empowers SMEs to identify and manage FX volatility more effectively, planning for market movements and facilitating informed decision-making. For SMEs without dedicated FX expertise, this automation represents a paradigm shift, offering a level of forecasting that transcends the previously subjective nature of the process.
Recognising that time is a valuable resource for SMEs, AI is streamlining decision-making processes in the FX domain. Automated tools swiftly process and interpret data, providing real-time insights and recommendations. This not only saves time but also empowers businesses to respond promptly to market changes, optimising FX transactions for maximum benefit.
AI-driven tools excel in optimising currency transactions, minimising costs through continuous market monitoring and executing transactions at optimal times. This is particularly advantageous for businesses lacking the resources to constantly monitor the FX market but aiming to capitalise on favourable rates, thereby achieving significant cost savings.
The evolution of AI continues to reshape the FX landscape for SMEs. The integration of AI-powered tools empowers businesses with enhanced forecasting, time-efficient decision-making, and the ability to unlock substantial FX savings. For banks and cross border payment payment providers serving SMEs needing to navigate the complexities of the FX market, embracing AI is not merely a technological upgrade; it's a strategic imperative for success in an increasingly globalised business environment.
(Note: Aircall’s study involved 3,500 participants from SMEs globally.)