Asset finance providers are becoming more aware of the potential artificial intelligence has to streamline processes, accelerate decision-making and deliver increased business volumes.

AI can uncover hidden value in data archives and process new streams of data inexpensively, according to Alfa.

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The financial software firm said AI can also detect suspicious behaviour automatically or help companies respond to market trends more quickly than competitors.

Through AI as a service, complex technological solutions can be delivered without the need for in-house expertise.

However Alfa said AI is no silver bullet as the design requires precise expertise to guide solutions in order to avoid excessive development costs or errors that undermine its benefits.

Alfa’s new position paper explores how the expert introduction of AI can transform business process and generate improved returns.

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Author and solution architect at Alfa Martyn Tamerlane said: “AI as a service has removed the need for an intimate understanding of how machine learning works. As a result large scale projects are no longer required for AI enables business impact to be transformative.

Tamerlane added: “While this allows us to improve existing ideas, and even open up new markets, the challenges are still very real. There is a huge amount of value to be gained through AI, but only with the right judgement and guidance.

“Not paying attention to the data being used in an AI solution can lead to severe regulatory consequences. Human judgement is vital to the successful configuration of the machine learning process.”