Shannon Scott, senior vice president and global head of product at Airwallex, asserts that the integration of artificial intelligence (AI) and enhanced automation has the potential to significantly improve the efficiency and agility of finance teams. With the rapid evolution of fintech solutions, Scott emphasizes that AI is not intended to replace finance teams but rather to empower them, allowing professionals to spend less time on routine calculations and more time analyzing the implications of financial data for their businesses.
The application of AI workflows can mitigate human error while still ensuring necessary human oversight and approvals, promoting transparency and accountability in financial operations. Airwallex specializes in streamlining diverse financial functions for businesses, encompassing invoicing, payments, spend management, and financial reporting—all within a single platform that operates effectively across various markets.
According to Scott, beyond merely enhancing efficiency and minimizing errors in areas such as accounts payable and receivable, AI and automation enable financial teams to concentrate on more strategic activities. This transition can unlock significant value, as Scott explains, “When you’re not so busy wading through day-to-day finance paperwork, you can spend more time looking at the big picture.”
Scott further illustrates this point by noting that a focus on holistic views of payables, suppliers, and approvals can optimize workflows and help detect fraudulent activities. “Beyond efficiency, you can also start to ask big questions like whether you’re getting the best value from your vendors and if there are better alternatives,” he adds, highlighting the critical need for finance teams to engage in strategic inquiry rather than just operational oversight.
AI is also transforming how finance leaders access and interpret data, offering innovative querying capabilities that facilitate deeper insights. Leaders can harness natural language queries to obtain information more rapidly, significantly shortening the time required for data analysis and decision-making processes.
Scott emphasizes that improved access to data is a priority for senior leaders across industries. With AI-driven tools, finance teams can now engage with complex queries such as, “What is my forecast spend through the rest of the year, and how does that compare to past years?” Manual preparation of such reports could take up to a week and might only yield partial answers. In contrast, AI enables much quicker responses, allowing executives to access precise and relevant information readily.
“With AI, you can operate far more fluidly, quickly getting answers to complex queries and easily honing the results to ensure you have exactly what you need at your fingertips—offering not just a productivity boost but also a competitive advantage,” Scott concludes. The ongoing integration of AI within financial workflows signifies a pivotal shift in how finance teams operate, paving the way for more strategic engagement with financial data and processes.
See also
FCA Launches AI Live Testing Scheme with NatWest and Santander to Enhance Financial Services
AI in Finance Market Surges to $65.2 Billion by 2033, Driven by Major Players like JPMorgan and Visa
BlackRock Signals Pro-Risk Stance, Emphasizes AI’s Role in 2026 Financial Outlook
AI Transforms Trade Finance: Barclays and EY Discuss Real-World Applications and Benefits
Nicola Willis Warns AI Boom Risks Triggering Next Global Market Crash Amid Economic Uncertainty
