Trovata Launches First Generative AI Tool for Finance & Treasury

Written by Kalei White
May 3, 2023

What if you didn’t have to worry about questions being thrown at you in a meeting because you knew you could get the answer in seconds? What if there was a tool that could supercharge you, a finance professional, into the smartest person in the room?

With Trovata’s new generative AI tool for finance and treasury teams, that reality doesn’t have to be a ‘what if’ any longer. If you’re under immense pressure to provide business intelligence and manage cash effectively, this is good news.

Introducing Trovata AI, the first generative AI tool in fintech that uses OpenAI’s ChatGPT technology to automate cash reporting and business intelligence. 

Hear about this exciting innovation, in our CEO, Brett Turner, and CPO, Joseph Drambarean’s own words:

How Does Trovata’s Generative AI Work?

Trovata AI’s open finance platform works in concert with OpenAI’s Large Language Model (LLM) to marry the power and breadth of answers that ChatGPT can provide with the pinpoint accuracy of finance and treasury tools. 

With Trovata AI, you can complete financial scenario planning, answer complex financial questions, or compile financial reports in seconds. 

And no—it’s not too good to be true. Here’s why.

Ensuring Accuracy, Security, and Privacy

First of all, you might be wondering, “How can I trust what it generates?” Understandably, there has been much skepticism about generative AI in finance due to fears of inaccuracies in financial modeling and mathematical calculation.

However, within our platform, we developed a patent-pending methodology for prompting that allows ChatGPT to take advantage of Trovata’s analytics and bank APIs (while maintaining security and privacy). 

Essentially, we trained ChatGPT to be able to use your instance of Trovata for you – drawing insights from your data and reporting on it on your behalf, instantly.

For example, Trovata AI enables you to ask open-ended and complex questions, typically requiring hours of manual work. The questions could range from asking it to generate financial reports, showing your cash outflows by cash flow type, and more.

This new feature in Trovata has been designed to keep your information private. It stays in Trovata and is not shared with OpenAI.

We have formulated an approach that gives ChatGPT just enough context about how our database is structured so that it can then go and query it using our APIs, but it does not receive the data. Because this experience is in our platform, that data never leaves.

“We had to teach ChatGPT how to use Trovata in a safe way, in a way where the user is in control, where we are not sharing any data with ChatGPT in terms of your transactions, your balances, but still at the same time giving you the ability to have that context so that it can in fact process that data and work to get an outcome.”

– Joseph Drambarean, CPO of Trovata on a recent episode of Fintech Corner
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What Can You Ask Trovata’s AI Tool for Finance?

Trovata customers will be able to ask Trovata AI open-ended and complex questions such as:

  • Give me a report showing all of my company’s cash outflows by cash flow type. 
  • Provide me with a list of cash inflows in USD greater than $10,000 for the past month in descending order.
  • What is our company’s cash high and low point in total across all banks and bank accounts in the last 12 months?
  • What is our company’s burn rate for the past year?
  • Build me an FBAR report in a format I can file that meets IRS guidelines.

All while continuing to interact with the conversation as if speaking to a live person with follow-up questions like:

  • Can you reformat the data to be rounded to the nearest whole?
  • Put the table into a stacked bar chart.

For example, you could ask Trovata AI,  “Show a year-over-year comparison in a table of my total ending cash balance each month for 2022 and 2023.” 

And this is what you’d get:

generative ai assistant for finance teams example prompt
An example of a prompt for Trovata’s generative AI tool

Then, you can ask it to manipulate the output further. For example, you could ask it to make the table easier to read:

generative ai assistant for finance teams prompt refinement
You can tailor the output of Trovata’s AI tool however you’d like

What Is Trovata, Anyways?

If you’re new here, Trovata is the fastest-growing treasury platform in the US, backed by J.P. Morgan, Wells Fargo, NAB, and Capital One.

With the largest library of corporate bank APIs, Trovata manages over $100 billion in cash for hundreds of mid-market and enterprise customers, including Square, Eventbrite, and Krispy Kreme. 

With Trovata, treasury and finance professionals can visualize cash balances, analyze cash flow trends, forecast liquidity, make payments, and invest excess funds, all in one platform. Trovata powers automation by aggregating, storing, and managing your multibank data and data from other sources like ERPs. 

Who Can Use Trovata AI?

Currently, Trovata AI is in beta and available to all customers.

We plan to continue to iterate on the product and use our Machine Learning (ML) capabilities to accelerate improvements over time.

We’re beyond thrilled to give corporate finance a much-needed boost and hope to obtain plentiful feedback on this new AI team member for finance and treasury teams. 

In the meantime, we encourage you to check out our AI Tools for Finance Guide or request a Trovata demo. Being a Trovata customer with cash data flowing in is the first step before you can make the most of this new tool! 

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