BAT Software has released its new artificial intelligence (AI) file-checking tool, which is set to automate and enhance the efficiency of file-checking within the financial services sector.
The AI File Checker has been designed to transform the file-checking process for financial advisers, planners, mortgage brokers, and networks and has been created specifically for file checkers, auditors, regulators, and back-book review teams to perform real-time evaluations of advice.
Stage 1 of the AI File checking tool will conduct real-time checking, objective and unbiased evaluations, immediate clarity on file status and advanced data extraction.
It also aims to result in a reduction in skilled personnel time wastage, as well as enhanced accuracy over time.
Scheduled for later release in 2024, Stage 2 of the AI File Checker will offer written opinions on the advice provided and the ability to grade files as ‘suitable’ or ‘unsuitable’ even before submission to a provider, admin staff, or compliance teams.
Kirsty Turner, CEO of IFAC Ltd, Compliance Specialists, said: “The BAT AI File Checker is potentially a game changer.
“We check thousands of files each year and spend countless hours checking incomplete files. This tool not only enhances accuracy and eliminates bias, but will save time spent by skilled team members.”
Mike Clifford, NED of BAT, added: “This is the first tangible AI benefit we’ve seen in this industry. The output is quantifiable and has direct saving on time spent on compliance.”
Robert Jones, head of business development at BAT, concluded: “The AI File Checker is a revolutionary tool poised to redefine industry standards.
“As we unveil the beta version, we’re committed to integrating user feedback to elevate and fine-tune the tool in line with their needs.
“This presents a unique opportunity for users to actively contribute to something that will shape compliance processes and file interpretation across the industry, setting new benchmarks for accuracy and efficiency.”
