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An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

NewslettersCFO Daily

EY’s generative-A.I. payroll chatbot is answering more than 500 employee questions a day

Sheryl Estrada
By
Sheryl Estrada
Sheryl Estrada
Senior Writer and author of CFO Daily
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Sheryl Estrada
By
Sheryl Estrada
Sheryl Estrada
Senior Writer and author of CFO Daily
Down Arrow Button Icon
May 24, 2023, 6:45 AM ET
Asia woman ask chat bot function in app on laptop screen looking for customer support online shopping shop with apps,digital marketing concept,artificial intelligence (ai) system
Weedezign—Getty Images

Good morning,

Recommended Video

Ever receive your pay stub, and something doesn’t look quite right? A ChatGPT bot may come to the rescue.   

“We’ve created a chatbot that answers all the questions employees have around their pay stub,” EY global chairman and CEO Carmine Di Sibio told CNBC on Tuesday. “It’s ingesting 500 questions a day, and it’s learning really, really fast.” 

To find out more, I sat down with EY global payroll operate leader Sheri Sullivan, who is the lead on the EY Intelligent Payroll Chatbot project that uses ChatGPT via Microsoft’s Azure OpenAI Service. The chatbot is currently in the pilot stage being tested by EY clients, including airline, tech, logistics, and pharmaceutical companies, Sullivan says. 

Clients are given access to the chatbot via an app that’s available online, Sullivan says. “Our goal is, when we fully finish all the industrialization, we will launch it and put it into our mobile app, which is currently being used in 131 countries in 49 languages.” EY plans to launch the chatbot in the fall. 

“We have tested the bot in over 27 languages and haven’t had any issues,” Sullivan says. “Our clients are playing with it, seeing if the app can actually answer the questions.”

What’s the ChatGPT bot’s job? “What we did with this chatbot is we put the regulatory compliance knowledge that we have, the anatomy of a payslip, because most employees don’t understand their payslip structure anyway, and what the different acronyms are and how those relate, and we also put company policies,” Sullivan says. “And right now, the chatbot is able to go between the three.”

The chatbot currently specializes in “tier-one questions,” she says. “They’re not overly complex questions, but they are specific to regulatory compliance or specific policies and they’re specific to the employees,” Sullivan says.

Sample questions? Sullivan offers some examples:

— “I make 5,000 euros per month, and I live in Spain. What would be the effect on taxation if my monthly pay was increased to 6,000 euros per month?”
— “I’m an employee in France, and I’ll receive a 20,000 euro bonus next month, how will it be taxed? What will my take-home pay be?”
— “Why is there a change in the tax amount that I paid on this pay stub versus the last pay stub?”

“I really think this bot is going to be used across the enterprise,” she says. But very heavily, with payroll, which is “50% owned by finance and 50% by HR, it touches both,” she says. “So it absolutely will have an impact with both HR and finance.”

Without a chatbot, how do those questions normally get answered? “Normally, clients deal with the tier-one questions in three ways,” Sullivan explains. “The first way is they don’t. There are a lot of companies where, literally, there’s no place that really employees go to ask these types of questions. The second is they have some local HR person that people are directed to. And the third is they have some type of shared service center. It could be in the company, or a third party BPO [business process outsourcing] provider.”

When it comes to generative A.I. security remains a major concern. I asked Sullivan about the team’s approach. “The chatbot only has access to EY-vetted data sets,” she says. “We’re actually making sure that the environment is per client, and not shared across clients.” Sullivan’s team, active in 159 countries, has been crowdsourcing for prompt engineering to determine the right rules around prompts, including questions the chatbot shouldn’t answer, she says.

“I think we’re kind of crawling, walking, and running before we release it to production to make sure we’ve addressed concerns from a data privacy and security perspective and to make sure that it’s fit for purpose,” Sullivan says.

Does she think the financial services sector would adopt such a chatbot? “I’m sure it will,” Sullivan says. “But financial services will probably be one of the last ones. Let me tell you why. Financial services, like banks, tend to have more strict requirements around what they allow their employees to have access to.”


Sheryl Estrada
sheryl.estrada@fortune.com

Upcoming event: Join us for Fortune’s Emerging CFO’s virtual conversation, in collaboration with Workday (a CFO Daily sponsor), “Maintaining a Growth Mindset In Turbulent Economic Waters,” Wednesday, June 21, from 11 a.m. to noon ET. Geoff Colvin, senior editor-at-large at Fortune, and I will talk with McKinsey & Company Senior Partner Ishaan Seth, and finance chiefs Dan Durn, CFO at Adobe, Mandy Fields, CFO at e.l.f. Beauty, and Xihao Hu, CFO at TD Bank in the U.S. We’ll hear from these experts how success can be significantly influenced by how we perceive our talents and abilities—our growth mindset—and how this applies to the role of the CFO. Click here to register!

Big deal

“Suppressed budgets, increasing costs and lower productivity are squeezing CMOs’ spending power,” Ewan McIntyre, chief of research and VP analyst in the Gartner Marketing practice, said in a statement. A Gartner survey of 410 chief marketing officers (CMOs) and marketing leaders found that 71% lack the budget to fully execute their strategy in 2023. Marketing budgets compose 9.1% of total company revenue in 2023, dipping slightly from the 9.5% reported in 2022, according to the report. Seventy-five percent of CMOs are facing increased pressure to “do more with less” to deliver profitable growth in 2023. Survey respondents were CMOs and marketing leaders in North America and Northern and Western Europe across industries, with the vast majority of respondents reporting annual revenue of over $1 billion, according to Gartner.

Courtesy of Gartner

Going deeper

On Monday, The Federal Reserve Board issued its Economic Well-Being of U.S. Households report, which examines the financial lives of U.S. adults and their families. The report shows that overall higher prices have negatively affected most households and financial well-being declined over the prior year, though workers continued to benefit from a strong labor market.

Leaderboard

Prashanth Mahendra-Rajah, EVP and CFO at Analog Devices, Inc. (Nasdaq: ADI), will step down from his position to explore other opportunities. He joined the company as CFO in 2017. "With ADI well-positioned for success, the time is right for me to begin transitioning to the next chapter in my career," Mahendra-Rajah said in the company's announcement. He will remain with ADI through the end of the fiscal year for a transition period. ADI has commenced a search to identify the company’s next CFO.

Overheard

“The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months. That is the current expectation in the absence of a major change in the external environment.”

—Morgan Stanley CEO James Gorman said in an announcement on May 19 at the company’s annual shareholder meeting that he will step down from his position within the next 12 months. No successor has yet been named, but Gorman said the company has identified three “very strong senior internal candidates” for the role, Fortune reported. 

This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up to get CFO Daily delivered free to your inbox.

About the Author
Sheryl Estrada
By Sheryl EstradaSenior Writer and author of CFO Daily
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Sheryl Estrada is a senior writer at Fortune, where she covers the corporate finance industry, Wall Street, and corporate leadership. She also authors CFO Daily.

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