Revolutionising public sector finance: Meet Income Management Evo with AI at its core
Income Management Evo will help public sector organisations - from finance and housing to citizen support - to harness powerful Generative AI (GenAI), developed in partnership with Microsoft, across its suite of income management solutions.
GenAI capabilities mean that data and insights can be retrieved immediately using plain language and income, refunds and payments are connected and clear. Teams can set up live dashboards and predictive alerts, making collaboration easier and decision-making smarter - ultimately helping deliver better public services.
Commenting on the launch, Giulio Montemagno, managing director of Access PaySuite, said the launch represented the company’s largest R&D investment to-date. He said:
“Income Management Evo marks a step change in what can be achieved by AI-driven innovation in public sector organisations. We’ve collaborated closely with finance, digital transformation and operations teams across local authorities, NHS Trusts and housing associations to develop a powerful AI software experience bringing payment intelligence to organisations and teams which fits seamlessly into existing workflows and processes.
“People enter public service to make a difference and we’re excited about adding a powerful tool which will help teams to deliver a better public service through efficiency, speed and accuracy.”
Public sector AI adoption pacing behind private sector
The launch of Income Management Evo comes as new Access PaySuite research has revealed that public sector organisations are behind their private sector counterparts when it comes to AI adoption.
A Censuswide survey across public and private sector organisations, commissioned by Access PaySuite, found that six in ten public sector organisations are investing in AI, compared to 83% of private sector companies.
Results also showed that just 10% of public sector organisations currently have ‘significant’ strategies in place, compared with 45% of those in the private sector.
Despite the slower uptake of GenAI in the public sector, more than 70% of organisations are interested in exploring AI and three-quarters reported that AI will be important to their organisation in the next three to five years.
Greater operational efficiency was a key strategic objective for AI adoption in the public sector, with 45% respondents highlighting it as a key driver of investment. Improved end user experiences (39%) and regulatory compliance (39%) were other key objectives for organisations.
Compliance also featured prominently as a potential barrier to adoption, with 40% of public sector respondents reporting regulatory or ethical concerns as a potential obstacle in adopting AI. This was followed by data quality or availability (36%) and leadership uncertainty (35%).
Giulio commented on the findings. He said:
“We know there is huge interest in the public sector about the potential of AI to have a significant and long lasting impact on service delivery. It presents a huge opportunity for innovative public sector organisations to learn from the experiences across different sectors and implement the right solutions for maximum impact.
“Data security and compliance is clearly a huge consideration for local authorities, NHS Trusts and housing associations, which is why we’ve underpinned Income Management Evo with our 3-Tier Security Model to protect every click, insight and decision.”