AI-powered ‘Copilot for FX’ is near

Microsoft has just unveiled its latest addition to the Microsoft 365 family: Microsoft Copilot for Finance, an advanced AI-driven service. This offering joins the existing Copilot for Sales and Copilot for Service, completing the Microsoft Copilot suite.

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Tailored to enhance financial workflows, the service aims to streamline data organization, automate tasks, and provide valuable insights and advice. Drawing upon existing data from users' platforms such as Excel, ERPs, and Microsoft Graph, I envision Copilot revolutionizing foreign currency management for corporates very soon. 

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Among the notable capabilities of this new service are analyzing Excel datasets using natural language prompts, troubleshooting within Excel, summarizing customer accounts within Outlook, and converting Excel data into visually engaging reports. These functionalities directly address the challenges faced by most corporates today, dealing with FX volatility and its adverse effects on the rising cost of doing international business. 

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Mala Anand, Microsoft's CVP for customer experience and success,

shared her insights: “Generative AI has significantly enhanced our own contact

centre operations at Microsoft. Agents now spend less time searching for

information, enabling them to focus on addressing customers' complex

challenges. Additionally, newer agents experience greater confidence and

capability, leading to reduced onboarding times and increased job satisfaction.”

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Microsoft's Copilot suite has already gained traction among over 30,000 companies, including industry giants like Visa and Northern Trust. Copilot for Sales has been particularly impactful, saving users an average of 90 minutes per week, with 67% of companies reporting that it allows them to dedicate more time to customer interactions.

By harnessing the power of AI, a Copilot for FX has the capability to revolutionize FX risk management and hedging for corporates by leveraging extensive data and sophisticated analysis. It can predict market trend probabilities, assess FX risks, conduct scenario analysis, offer much needed FX rate and product guidance, and enable real-time monitoring. 

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In the near future, this groundbreaking technology will empower corporates to make data-driven decisions, seize FX opportunities, and effectively mitigate risks in global markets, all in their native language. Through AI, they will become fluent in currency. They will become ‘fluenccy’. 

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