Webcash's AICFO Offers Real-Time Runway Management Like ChatGPT

Small and medium-sized enterprises (SMEs) and startups often face challenges in managing their finances due to limited resources, making it difficult to hire a dedicated Chief Financial Officer (CFO). In addition to managing income and expenses, accurately predicting the company’s "runway" is a constant struggle, complicating their financial operations.

To address these challenges, a company has launched a platform leveraging generative AI. B2B fintech specialist Webcash, led by CEO Kang Won-joo, unveiled its new AI financial assistant, "AICFO," on the 17th, specifically designed for CEOs and CFOs.

During the launch event at the Conrad Hotel in Yeouido, Seoul, Webcash Vice Chairman Yoon Wan-soo introduced the AI-driven financial assistant solution, AICFO, stating, "We aim to set a new standard in corporate financial management with our AI assistant, which is tailored specifically for this purpose." He further explained, "This project represents a three-year investment of KRW 10 billion, and we are confident that we have created the best AI assistant for corporate financial management."

AICFO is a solution that collects real-time financial data to monitor a company’s financial status and utilizes generative AI to predict and analyze cash flow. It offers 24/7 monitoring from anywhere, providing financial data in real-time. This flexibility makes it particularly useful for CEOs and CFOs on overseas business trips, offering cost-saving benefits as well.

According to Vice Chairman Yoon, AICFO distinguishes itself from other services like Salesforce’s Einstein by being an entirely independent AI service. It is specifically designed for CEOs and CFOs rather than for lower-level staff, simplifying the service’s functionality. The use of a mobile-centric interface further highlights this focus.

Yoon emphasized, "The landscape of the financial market has completely shifted. We are now transitioning from an era of manual work to one where we work through speech commands, fundamentally changing how we operate." He added, "This is our first product launch since the introduction of 'Kyungri Nara' in 2017. The emergence of ChatGPT in November 2022 gave new clarity to our previously uncertain project. We aim to expand into the global market by broadening our reach with AI-driven assistant software."

On this day, Webcash demonstrated AICFO in action. When prompted to display today's transaction details, the system provided a comprehensive overview of the day’s inflows and outflows. It showed the total number of transactions along with specific details, such as which bank the deposits and withdrawals occurred in and the amounts involved. Notably, the method of transactions, including automatic transfers and interest deposits, was also available for review.

A Webcash representative explained, "Manual reporting has limitations. Additionally, the materials CEOs want to see can vary at different times, making preparation time-consuming. With AICFO, real-time financial status can be reported immediately upon request."

Users can also receive reports on designated financial activities. It is possible to configure the system to provide daily, weekly, or monthly updates on the desired financial status.

The feature that allows for real-time monitoring of unusual transactions garnered particular attention. For instance, if a notification is set for "withdrawals over 100 million KRW," alerts will be triggered immediately for significant transfers, transactions outside of business hours, new account openings, and early terminations of deposits.

Webcash emphasized that this could help prevent incidents of embezzlement that have been prevalent among small businesses. A representative added, "The mere knowledge that someone is monitoring transactions can significantly reduce the likelihood of embezzlement."

Voice support is another noteworthy feature. During the demonstration, a Webcash employee asked, "Please tell me the current status of Webcash investments," and the system responded verbally with details about the principal and returns. The ability to quickly check the financial situation of each subsidiary was also a point of interest for attendees.

Additionally, AICFO includes features for analyzing and predicting cash flow. The company stated that functionalities for forecasting runway, year-end financial predictions, and funding for real estate acquisitions are expected to be launched in the first quarter of next year.

Another significant advantage of AICFO is its applicability regardless of company size. Sole proprietors and small business owners can utilize it for accounting tasks, while startups can prepare for limited fund management and future cash flow predictions. Furthermore, SMEs can prevent embezzlement and predict cash shortages, while medium-sized and large enterprises, as well as public institutions, can leverage AI to handle repetitive or complex analyses, allowing finance personnel to focus on more critical tasks. A Webcash representative explained, "The greatest advantage is supporting fast and accurate decision-making for CEOs and CFOs."

During the press conference, concerns regarding information leaks and cybersecurity were raised, given that AICFO manages corporate financial operations. Vice Chairman Yoon addressed these concerns from a data management perspective, stating, "We utilize cloud technology and have already established trust through our services like Kyungri Nara, so there are no issues regarding data management or security."

Accuracy was another key concern. A representative from DAQUV, the company behind the service, noted, "Given that we are dealing with financial matters, accuracy is crucial. Throughout our training, we found that the needs of companies were quite similar. We set standards based on rules and developed a hybrid model that combines an independent sLLM to enhance accuracy."

Additionally, they mentioned, "We are connected with most financial institutions in Korea, allowing us to collect, integrate, and learn from real financial data in real-time."

When asked about potential cost challenges, Webcash explained that they offer different pricing and service tiers—Basic, Standard, and Enterprise—based on corporate needs. Vice Chairman Yoon elaborated, "When companies sign up for AICFO through our website, a professional consultant visits the company to understand their specific entities and set up the service." He added, "We aim to enroll more than 10,000 companies annually and, to celebrate our launch, we are offering the first 100 customers free onboarding valued at 10 million KRW."

👉For inquiries, visit: www.webcashaicfo.com