Treasury megatrends in 2024: consolidation of artificial intelligence

In the last decade, we have witnessed a revolutionary phenomenon, comparable only to the monumental eruption of the Internet: the ubiquitous proliferation of artificial intelligence. This technology has become a versatile tool integrating itself deeply into various aspects of our daily lives.

In the field of treasury, this transformation has been without exception. Numerous businesses have adopted AI as an essential element in its daily operations, this marked a turning point in their financial methodologies and strategies.

But, what will be the trajectory of the evolution of artificial intelligence during 2024?. And, more specifically, what will be its impact on the treasury sector? Although, AI has already established itself as a dominant trend over the past five years, 2024 promises to be no exception. 

We anticipate that artificial intelligence will continue to position itself as the pre-eminent and most relevant technology in 2024, continuing its influence and expansion in finance and beyond

Advances in AI in 2024: what changes are expected

We are starting 2024, on the threshold of an era defined by revolutionary advances in the field of artificial intelligence (AI). This new wave of innovation promises not only to push the boundaries of technology, but also to profoundly transform the way we interact with and benefit from AI in various sectors. 

Below, we explore the most interesting advances that promise to make 2024 a new year of unparalleled advances in the field of AI.

Larger and more powerful models

The innovative version of ChatGPT, called GPT-4 Turbo, has marked a significant milestone in the world of artificial intelligence, thanks to its pioneering advances. This version is distinguished by enhanced features, including an extended knowledge limit, the ability to interpret longer prompts, a refined ability to follow instructions accurately , and the integration of multiple tools into a single chat interface. In addition, it excels in its ability to detect and analyse images using GPT-4V.

Simultaneously, other Large Language Models (LLMs) like Google’s PaLM2 and Gemini, as well as DeepMind’s Gopher, which are trained with hundreds of billions of parameters, are gaining attention. Growing rumours about the release of GPT-5 in 2024 predict an era of unprecedented advancements in terms of scale and capabilities.

The increase in dataset carries a promise: that of smarter and more reliable models. This progress is not only a testament to technological evolution but also an indication of the limitless possibilities in the field of artificial intelligence.

Multimodal models

Until now, the large majority of tools, algorithms and Large Language Models (LLMs) have focused on replicating a single mode of expression. However, with the advent of advanced models like GPT-4, we are witnessing a paradigm shift towards multimodality in generative AI.

This means that an artificial intelligence model like GPT-4 will be able to understand and generate responses based on a combination of text, images, and audio. It can interpret an image, read and comprehend text, and analyse sounds or voices, all within a single framework.

Meta, in a notable development, has introduced a model capable of simultaneously integrating images, text, audio, and inertial data. This advancement suggests that multimodality will become an increasingly common feature in the coming months. In the near future, interacting with an image or video through generative AI will be as commonplace as handling text is today.

Revolutionising treasury: how AI will define the financial future of business

There is no doubt that treasury is a fundamental pillar in the financial world. This is what we have been saying in every article on our blog. And it is undergoing an unprecedented transformation thanks to breakneck advances in artificial intelligence.

In 2024, with the advent of technologies such as GPT-4 Turbo and multi-modals, we are embarking on an era where AI is not just an auxiliary tool, but an integral partner in financial management. Some of these innovations, which are most redefining the treasury landscape, include the following

• Advance automation: AI models, with their processing and analytical capabilities, are a game changer with treasury. They can handle and analyse massive volumes of financial data, providing insights with an accuracy and speed never before seens by humans. This translates into more accuracte forecasting, trend identification and informed strategic decision-making. And, best of all, in real time, or at least in a very short time.
• Efficiency in reporting and regulatory compliance: the latest AI models can understand and follow compex instructions, which facilitates the automatic generation of financial reports and ensures regulatory compliance. This efficiency significantly reduces the time and resources devoted to these tasks, allowing treasury teams to focus on higher-value functions
• Agile creation of customised financial solutions: The ability of AI models to integrate multiple tools into a single platform facilitates the rapid and flexible creation of tailored financial solutions. This includes everything from risk analysis to investment strategies, tailored to the specific requirements of each company and market situation .

• Innovation in financial products with generative design: generative design tools open up a world of possibilities for the development of financial products. They allow for rapid experimentation and prototyping, leading to the creation of more efficient, sustainable financial offerings adapted to emerging market needs.
• Multimodal interpretation: As we have already seen, multimodality will be one of the major innovations in AI in the coming year. The ability of AI models to analyse data from multiple sources (text, image, audio) provides a more detailed understanding of the financial market. This is critical for trend analysis and decision making based on a wider range of indicators and contexts, especially at the treasury level.
• Improved communication with customers and stakeholders: AI significantly improves interaction with customers and other key stakeholders, both inside and outside the company. Through advanced analysis of text, images and audio, models can better understand customer needs and preferences, enabling more effective and personalised communication.
• Predicition and enhanced predictive analytics: The increasing reliability of AI models enables more accurate anticipation of market trends. This empowers treasury professionals to adopt proactive strategies, adapting in advance to market changes and opportunities.

Future trends in AI 

Looking ahead, it’s clear that artificial intelligence will continue to play a crucial role in shaping the financial landscape. Treasury teams, equipped with these advanced AI tools, are positioned to face the challenges of tomorrow with renewed confidence and capability.

At Embat, we have made strides in incorporating artificial intelligence into our services. Integrating our platform with Google Cloud’s Vertex AI has enhanced our accounting and bank reconciliation functions. This technological evolution enables our clients to automate key processes, resulting in significant time savings of up to 10 hours per week for financial teams. Additionally, this improvement contributes to a notable reduction in human errors, optimising efficiency and accuracy in financial operations.

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As we continue to explore and push the boundaries of what AI can do, it is likely that even more innovative applications and disruptive solutions will emerge within the general business arena and treasury in particular. We are at the beginning of an exciting era where artificial intelligence is not only transforming treasury, but is also redefining the possibilities and promising a brighter and more efficient future for the financial world.