Published on November 16, 2023, 3:32 pm
An increasing number of fintech companies are claiming to use artificial intelligence (AI) to gain a competitive edge. However, the extent to which these companies are truly leveraging AI to enhance customer experience remains uncertain. In the spend management sphere, two major players, Ramp and Brex, have been vocal about their belief in AI’s transformative potential for their operations and customer service.
Recently, Ramp made an announcement regarding its integration with Copilot, Microsoft’s generative AI technology brand. With this integration, Ramp aims to streamline business processes by eliminating the need for multiple tools and applications when gathering spend insights or implementing advanced controls. Microsoft 365, a subscription productivity suite by Redmond, serves as the platform for this integration.
Ramp CEO and co-founder Eric Glyman stated that users can now access Ramp’s smart AI assistant directly from their workspace using natural language. This allows them to accomplish complex tasks more efficiently within Microsoft Teams. For instance, users can issue new cards or receive real-time alerts on employee transactions without needing to switch applications.
In addition to this integration, Ramp introduced several new features aimed at expanding its capabilities beyond query reading. The company also enables its AI assistant to provide contextually relevant answers and take appropriate actions based on customer data. Customers can engage with Ramp through conversational exchanges with the AI assistant. For example, if a manager is discussing increasing the spend limit for an employee’s upcoming travel with a finance admin, they can include the Ramp agent in the conversation and request it to adjust the limit accordingly.
Both Brex and Ramp have claimed to incorporate AI into various aspects of their businesses for some time now. From underwriting and fraud detection to receipt matching and merchant categorization, Brex has been utilizing AI since its inception across different product areas. Over the past year especially, Brex has increased its investments in AI technology, focusing particularly on enhancing customer-facing scenarios.
These developments highlight how fintech firms such as Ramp and Brex are embracing the potential of AI to revolutionize their operations and customer interactions. By leveraging generative AI technologies like Copilot, these companies aim to streamline processes, improve efficiency, and ultimately enhance the experience for their customers in the competitive fintech landscape.