Smart Working Capital Assistant
Artificial Intelligence App predicts the Future Working Capital of ING Commercial Clients
Together with ING and SAS, Finaps has developed the Smart Working Capital Assistant. The Smart Working Capital Assistant is an application harnessing the power of Artificial Intelligence to provide commercial clients of ING with predictive insights into managing their working capital more efficiently.
ING Asset Based Finance has a large data set on changes in working capital. This offers opportunities for ING to provide commercial clients data-driven and predictive insights into their future working capital position. ING came to Finaps with the question: How can we make an integrated mobile, web and data management solution that enables commercial clients to forecast their financial health and proactively react to market changes?
The Smart Working Capital Assistant is an application that predicts developments that have a positive or negative impact on working capital by using self-learning and predictive algorithms. The application sends notifications to users’ smartphones. Based on the insights provided by the application, managers of a company can, for example, decide to plan certain transactions at a time that is more favorable for their working capital position. This way, the application helps to optimize their working capital and business processes. This project is one of the examples in which ING and Finaps work together to realize innovation at the bank.