Artificial intelligence (AI) continues to make waves in the fintech industry, with more companies leveraging the technology to enhance customer experiences. Two major players in the spend management space, Ramp and Brex, have been vocal about their use of AI to transform their operations and better serve their customers.
Ramp partners with Microsoft’s AI technology
Ramp recently announced a new integration with Copilot, Microsoft’s brand of generative AI technologies. This partnership allows businesses to access Ramp’s smart AI assistant directly from their workspace, eliminating the need to switch between multiple tools and applications. With the plug-in for Microsoft 365, users can gather spend insights, set up advanced controls, issue new cards, and receive real-time alerts on employee transactions – all using natural language.
Enhancing Ramp’s capabilities
Ramp is also extending its capabilities to not only read queries but also write answers and take appropriate actions based on customer data. This includes interacting with Ramp as a conversational agent. For example, a finance admin can tag the Ramp agent into a conversation with a manager and ask the bot to raise the spend limit for an employee’s upcoming travel.
Brex’s use of AI
Similarly, Brex has been leveraging AI in various areas such as underwriting, fraud detection, receipt matching, and merchant categorization. Over the past year, Brex has increased its investments in AI, particularly in customer-facing scenarios.
Improving customer experience
By incorporating AI technology into their platforms, both Ramp and Brex aim to enhance the customer experience. AI enables these companies to automate processes, provide real-time insights, and streamline operations, ultimately making it easier for businesses to manage their finances efficiently.
As the fintech industry continues to evolve, the integration of AI technologies will likely become even more prevalent, paving the way for innovative solutions and improved customer experiences.