Shepherd emphasises that AI is a tool to support, not replace, the human expertise within the business finance sector. Credit: PrimSeafood / Shutterstock.

Skipton Business Finance (SBF) chief commercial officer Matthew Shepherd has highlighted the potential of AI to expedite funding decisions and enhance financial management for SMEs and large corporations.

The technology is said to free up time for business leaders by automating administrative tasks.

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It is also poised to streamline the traditionally manual and time-consuming process of securing business capital.

With AI algorithms capable of rapidly assessing a borrower’s background, funding decisions can now be made within seconds, Shepherd said.

These advancements extend to document processing and data extraction, where AI-powered tools ensure accuracy and efficiency, eliminating human error in manual data entry.

In risk management, AI offers improved fraud detection through machine learning and predictive analytics. These techniques can anticipate potential payment delays or defaults, enabling financiers to make more informed risk assessments.

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Additionally, AI can tailor credit lines to a business’s needs by monitoring real-time performance, providing a more adaptable funding solution.

The technology also presents an opportunity for businesses to secure funding more swiftly, improving customer service in the process.

However, Shepherd emphasises that AI is a tool to support, not replace, the human expertise within the business finance sector.

SBF envisions a future where AI handles challenging tasks, allowing skilled staff to focus on strategic decision-making.

In May 2024, the company reported a profit of £9.6m ($12.65m) for the fiscal year, a 32% growth from £7.3m in 2022.

SBF, a wholly owned subsidiary of Skipton Building Society Group, offers working capital solutions for businesses.