Ramp taps AI as fintech looks for growth

AI can help customers, but will it help the bottom line?

Increasing numbers of fintechs claim to use artificial intelligence to get ahead. How many of them are actually using technology to improve the experience for their customers, however, is less clear.

In the area of ​​spending management in particular, two of the biggest players, Ramp and Brex, have expressed how they believe AI will change the way they operate and serve their customers.

Ramp announced on Wednesday a new integration with Copilot, Microsoft’s brand of generative AI technologies. Ramp says its Copilot plug-in for Microsoft 365 means businesses don’t have to bounce between multiple tools and applications to gather spending insights or set up advanced controls . Microsoft 365 is Redmond’s subscription productivity suite.

“Now, they can use natural language to access Ramp’s smart AI assistant from their workspace and get the most advanced work done faster,” said Ramp CEO and co-founder Eric Glyman.

Users can do things like issue new cards directly within Teams or set up and receive real-time alerts on employee transactions.

The company also announced several new features around expanding Ramp’s capabilities to not only read questions, but to write answers and take appropriate action, in context, based on customer data.

This includes interacting with Ramp as a conversational agent. For example, according to Glyman, if a manager is chatting with a finance admin about raising the spending limit for their employee’s upcoming travel, the finance admin can tag the Ramp agent in the conversation. – chat, ask the bot to raise the spending limit to the specified. amount

Invest more in AI

Both Brex and Ramp claim to have been using AI in different ways for a long time.

Brex in particular says it has been using AI since inception across underwriting, fraud, receipt matching and merchant categorization, among other product areas. But it dialed back AI investments last year, especially in customer-facing scenarios.

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