Cognitive Computing in the field of finance aims to be a boost to the entire firm. The challenges faced by a company irrespective of its brand name or size are huge in the field of finance and accounting. Not to mention an error in this department could have a devastating impact on every other department. The Cognitive Computing has the power of predictive insights which avert a potential disruption in the chain of capital and also to predict the emerging customer needs. It can boost sales by assessing the needs of individual clients. It can also work hand in hand with the firms’ human resources to increase return on investment. A cognitive compute machine can check every possible transaction to the firm both online and offline and in real-time perform checks of an innumerable number such as anti-fraud or fraud detection procedures. It can even take into account strategies or schemes that we must have otherwise missed, for example, the weather conditions of a geographical location might influence the product distribution to a great extent and this might be something that slips a human mind. The incorporation of cognitive computing will touch all financial fields from simple e-mail conversations to accounts number crunching.
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