Thomas Priore on AI and the Future of Financial Services

Artificial intelligence is poised to transform the financial services industry, and Thomas Priore, CEO of Priority, is at the forefront of this technological revolution. With a deep understanding of both finance and technology, Priore is uniquely positioned to leverage AI to enhance Priority’s suite of financial services.

“The thing I’m most excited about as it relates to AI is its predictive insights, and that can help drive efficiency in a business,” Priore says. “AI could be used to accelerate underwriting processes, get customers set up fast, that’s an awesome experience. With AI, I can see patterns and get smarter on risk management to protect not just Priority’s business, but our customers’ businesses.”

Priore envisions AI playing a significant role in improving cash flow optimization and supply chain management. By analyzing vast amounts of data, AI can identify patterns and trends that might not be apparent to human observers, enabling businesses to make more informed decisions about their financial operations.

For example, AI-powered analytics could help businesses identify the optimal time to pay suppliers, balancing cash flow considerations with opportunities for early payment discounts. It could also predict cash flow patterns based on historical data, helping businesses better plan for seasonal fluctuations or unexpected expenses.

In the accounts payable space, AI can streamline processes by automatically categorizing and routing invoices, detecting duplicates, and flagging potential errors or fraud. This automation not only reduces the risk of human error but also frees up staff to focus on more strategic tasks.

Priority has integrated AI-driven technology into its solutions to provide businesses with deeper insights into their financial performance. With 4 major product categories benefiting from AI enhancements, the company offers a comprehensive suite of tools that help businesses optimize their operations and drive growth.

By embracing AI and other emerging technologies, Thomas Priore is ensuring that Priority remains at the cutting edge of financial services innovation, providing businesses of all sizes with the tools they need to thrive in an increasingly competitive marketplace.