AI basics for finance people

What AI actually is

An AI assistant is a tool that predicts useful text in response to what you type. It is very good at reading, summarising, drafting and reformatting. It is not a calculator and it does not check facts by default.

For finance people, the key idea is simple: AI is a fast first-draft machine. A qualified person still owns the numbers, the judgement and the sign-off.

Where AI helps, and where it does not

Good uses include summarising a long report, drafting an email to a client, turning notes into a memo, and explaining a concept in plain English.

Poor uses include trusting figures it has not been given, asking for exact calculations without checking them, and relying on it for facts about recent events or rules without looking them up.

The safe loop

Use the same four steps every time you use AI for finance work.

Step-by-step: your first task

1. Pick a low-risk task, such as summarising a public article or a non-confidential note.
2. Open a general AI assistant and sign in.
3. Paste only information you are allowed to share. Remove names, account numbers and anything confidential.
4. Ask for a summary of no more than 150 words, with three key points.
5. Compare the summary with the original. Mark anything that is not in the source.
6. Ask the assistant to correct only the items you marked, then check again.

Practical example

A prompt you can adapt for almost any report:

Summarise the text below in 150 words for a finance manager. List three key points. Do not add any figure that is not in the text. Mark anything you are unsure about with [CHECK].

[Paste text here]

Before you move on

Your organisation's policy on AI and confidential data comes first. If you are unsure whether you may share something, do not paste it.

Next, read Writing better prompts, which shows how to get more useful answers.