Small businesses can benefit from AI in two powerful ways: by embedding it into their operations and by working with suppliers that use it to deliver faster, smarter services. The biggest gains come from combining both – improving internal workflows while choosing partners that use AI to enhance speed, service and strategic insights.

AI is already enabling more personalised financial services, using customer data to deliver tailored advice and products that improve engagement and long-term value. Looking ahead, AI-driven predictive analytics will help businesses anticipate risks and respond faster.

Core financial applications include:

comparing inconsistently formatted datasets from different software systems
quickly performing complete financial analyses, including generating graphs and tables and providing data-driven insights for financial planning
evaluating new clients using discovery questions and providing rationale for decisions
supporting first-stage evaluations of financial or business scenarios
analysing large datasets to detect patterns consistent with fraudulent activity
chatbots and virtual assistants that provide 24-hour customer service, reducing the operational costs of a business
monitoring and ensuring compliance with financial regulations through automated audits
forecasting market trends, cash flow and business outcomes
automating invoice generation, approvals and payments
automating tasks like note-taking during meetings or phone calls, then generating follow-up notes and action items

But AI is only as good as the systems behind it. Many SMEs still rely on siloed data and manual processes, making “plug-and-play” AI solutions less effective. Without clean, integrated data, AI can create more noise than clarity.

Success also depends on change management. Teams and customers alike may be wary of AI-driven decisions or fear job displacement. To unlock its full potential, AI adoption must be aligned with the business’s culture and goals.

The key to successful adoption? “I think the most important way to embrace it and get the most out of it is to start with the CEO and executive team,” says Justin Kabbani, an AI implementation coach and keynote speaker. “They need to understand the tools, see their capabilities and experience it themselves.”

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