transforming finance and accounting: how businesses are winning with AI.

tl;dr:

• AI is not just a concept anymore - it is transforming Poland's financial sector, with leading institutions adopting it to improve efficiency and customer service.
• polish banks are leveraging AI to detect fraudulent activities and money laundering with greater accuracy, reducing false positives and streamlining compliance.
• multiple organisations are developing AI solutions to automate tasks such as contract analysis, freeing up finance professionals to focus on strategic, higher-value work.
• the implementation of AI in the financial sector is happening in line with EU regulations and guidelines from local authorities, ensuring responsible and safe deployment.
• to remain relevant, finance professionals must acquire new skills in data analysis, machine learning, and AI ethics, as traditional roles evolve into more strategic, advisory positions.

Remember the report from the Polish Central Bank (NBP) on the future of the financial sector, which underscored the urgent need for innovation to stay competitive? It was a wake-up call for Poland, highlighting how finance and accounting professionals need to get on board with cutting-edge tech like AI to boost productivity.

And guess what? Poland is right at the forefront of this AI revolution! We are seeing brilliant examples of how AI is transforming finance and accounting, improving everything from client engagement to accuracy and efficiency. This article explores some inspiring Polish case studies that show just how powerful AI can be in the finance sector.

fighting fraud with AI: a success story.

Fraud is a major headache for banks everywhere. But one of Poland’s leading payment services, using a system similar to those at the major banks like PKO BP, has found a smart solution: an AI-powered fraud detection system. This system is a real game-changer. Unlike old-school methods that often cried wolf, this AI system uses clever algorithms to analyse transactions in real-time, learning from past data to spot dodgy dealings with incredible accuracy. This means fewer false alarms, happier customers, and lower operating costs. Plus, it is all done in line with the EU’s AI Act and guidance from institutions like the Financial Supervision Authority (KNF), so you know it is safe and responsible.

key takeaways:

• spot-on accuracy: Say goodbye to those annoying false positives in fraud detection.
• happy customers: Build trust with reliable transaction monitoring.
• playing by the rules: Stay on the right side of EU regulations and KNF guidelines.

mBank: taking down money laundering with AI.

mBank is taking the fight to money laundering with the power of AI. Their traditional systems struggled to keep up with complex fraud patterns, often flagging legitimate transactions as suspicious, which was a huge burden on compliance teams and disrupted customer experience. But by using AI models that can analyse mountains of data, they are now able to pinpoint suspicious activity with much greater accuracy. This means fewer headaches for their compliance teams and more time to focus on real cases. It is a win-win: increased efficiency and better compliance with those all-important AML (Anti-Money Laundering) regulations, a key concern for the General Inspector of Financial Information (GIIF).

key takeaways:

• supercharged detection: Uncover suspicious activities with laser precision.
• streamlined operations: Free up your compliance team from tedious tasks.
• regulation ready: Ensure top-notch compliance with AML regulations overseen by GIIF.

asseco poland: supercharging contract analysis with AI.

Say goodbye to endless hours spent poring over legal documents! Asseco Poland, a leading IT company, has developed AI-powered solutions that automate contract analysis, which are being used by large Polish firms. This clever system can whiz through documents in seconds, doing the work that used to take lawyers and finance professionals an immense amount of time. It is a game-changer for accuracy and turnaround times. By automating routine tasks, companies free up their staff to focus on more strategic work, such as reviewing complex clauses related to Polish tax law (Polski Ład) or compliance with the National e-Invoicing System (KSeF). This leads to happier employees and a more productive workforce.

key takeaways:

• time is money: Slash document review time and boost efficiency.
• accuracy is king: Minimise errors and ensure your contracts are watertight.
• empowered employees: Let your team focus on the work that really matters.

PKO bank polski: always-on customer service with AI chatbots.

PKO Bank Polski is using AI-powered chatbots to provide top-notch customer support around the clock. These virtual assistants, like their well-known IKO app, are always available to answer questions and help with transactions. But they are not just answering FAQs; they are providing personalised financial insights based on individual spending habits. This means happier customers and a more engaging banking experience. Plus, by using natural language processing (NLP), these chatbots can understand and respond to customer queries quickly and effectively. It is a great example of how AI can improve customer relationships without compromising on quality or security, a key requirement from the Polish Financial Supervision Authority.

key takeaways:

• 24/7 support: Be there for your customers, whenever they need you.
• personal touch: Provide tailored financial advice that keeps customers engaged.
• cost-effective: Reduce operational costs without compromising on quality.

bank millennium: helping customers stay in control with AI.

Bank Millennium is using AI-powered financial management tools that help customers manage their finances like a pro. These tools keep a watchful eye on transactions, alerting customers to anything unusual and offering helpful advice. This not only helps customers stay on top of their finances but also builds loyalty through personalised service. It is a fantastic example of how AI can create a more engaging and empowering banking experience, a trend that is becoming increasingly important in Poland’s competitive banking sector.

conclusion.

These examples show just how powerful AI can be in the world of finance. From revolutionising operations to improving customer experiences and driving smarter decision-making, AI is changing the game. And as AI continues to evolve, its impact will only grow stronger.

For finance and accounting professionals, embracing AI is no longer a choice—it is a must. Upskilling in areas like data analysis, machine learning, and AI ethics will be crucial to thrive in this exciting new landscape. Engaging with professional bodies like ACCA Poland or the Polish Chamber of Statutory Auditors (PIBR) and utilising platforms like Power BI or Tableau will be essential for staying ahead.