MyFinB: Financial Doctor for Businesses using AI

Many of them have sought MyFinB's assistance to conduct comprehensive financial health checks for the SMEs and address the reasons as to why 60 to 80 percent of them get rejected by financial institutions.

"If the SMEs submit an extract of their key balance sheet items, we can generate a 10-page analysis, focusing on a series of action steps to improve the balance sheet strength of companies (CFO focus); as well as recommending the types of financial instruments best suited for the balance sheet needs of a company (Banker focus)," added Nazri.

This is made possible because of MyFinB's ability to accurately mimic the way financial and business experts' human brains work-especially with the reasoning and heuristics aspects.

Another interesting use case:

The owner of a 50-man audit/tax/ accounting firm that has been in practice for more than 20 years feels that declining fees, tight margins, increasing risks and tighter regulations have been affecting his business.

The firm is considering merging with other similarly-sized firms facing the same plight but has so far not been successful.

It has also tried to increase its accounting clients through advertisements and digital marketing but realized that many others are doing the same. Another alternative was to build up a consulting team to render CFO services to clients, but costs and expertise did not commensurate with the benefits for its 1000-odd SME clients.

The solution?

MyFinB has made available a ROBOCFO platform that comes with an arrangement that would enable such firms to restructure and be reborn at the same time, by way of

a. creating a new entity that adopts horizontal expansion (outside of the typical audit, tax, accounting verticals) with a new AI/Analytics business–with digital assets injected by MyFinB.

b. owning part of MyFinB shares going for public listing that is expected to appreciate significantly in value through global expansion, mergers and acquisitions, and commercialized R&D efforts.

c. reaping benefits through a triple effect of higher equity value, higher IP value and higher sales growth with a new business model.

"When we first started out on this journey with a burning passion to transform industries and businesses, we aimed for one thing-inclusivity. This means that every business, big or small, must be given access to financial expertise that could help them manage their balance sheets better. Our tools must not be costly or inhibitive to the small players, and yet must be scalable enough to become viable in the longer term.”

“As for the larger institutions, we are experiencing a high degree of interest and acceptance from them to build in-house departments that we call "Digital AI Lab" that can potentially turn their data into "gold" i.e. turning insights into strategic moves that boost their revenue, reduce costs and, avoid risks."