While fewer than 20% of strategic decisions currently leverage AI in the Dutch finance sector, this figure is projected to surge to nearly 50% within the next five years. This is according to the latest Deloitte CFO Survey, based on a sample of over 130 Dutch CFOs from various sectors.
The popularity of AI has surged with tools like ChatGPT, highlighting its ability to streamline work processes for some time now. However, the current budget spending on AI -which grew to 14% from 10% in the previous survey edition in H1 2024- shows AI shifting “from a supportive tool to a primary driver”.
Key findings
- 50% of strategic decisions will use AI in five years
- 55% of CFOs see cyber risk as a top threat to business models
- CFOs are less optimistic than six months ago, despite positive margin expectations
These findings match responses to Onguard’s survey of interim professionals in the Netherlands earlier in 2024, who agree on the significant potential of AI. More specifically, 51,8% see the future of credit management tied to AI integration and over half (55,5%) expect the credit manager’s role to evolve toward providing strategic counsel, underscoring the need for human judgment alongside AI tools.
AI in strategic decision-making – by sector:
AI investment strategies vary depending on the sector, the Deloitte research reveals, with financial services topping the list of expected reliance on AI for strategic decisions (71%).
“In contrast, healthcare and real estate expect AI to be less influential in their decision-making, highlighting that people-focused sectors likely still rely on human intelligence and connection for strategic decisions,” the report reads.
This was also what Allianz reiterated in its research earlier in 2024, highlighting that the need for technology oversight and maintaining customer relationships makes human involvement always relevant:
“…the sense of trust inspired by a credit manager remains irreplaceable, both at the beginning of the process (when credit needs to be extended), and at the end (when payments are not made on time)”.
AI in strategic decision-making – by the organisation’s age:
The research did not identify any difference between how old an organisation is and its current reliance on AI for strategic decisions. “More mature organisations are not being outshone by younger and more flexible organisations in terms of their reliance upon AI,” Deloitte notes.
However, this seems to be more of an “issue” among colleagues of different generations within the organisation, according to the FinTech Barometer, the yearly Onguard research of 300+ CFOs and finance professionals in the Netherlands.
AI in finance: What are the areas for improvement?
According to the Deloitte study, the areas of the highest priority of AI use were:
- Decision-making and efficiency (65%)
- Operational efficiency (51%)
- Customer experience (40%)
However, the research also revealed that AI tools and processes have not yet reached their full potential, with budgets often being underutilised, while the latest Onguard research showed the current impact of AI is still in its early stages. This suggests a gap between ambition and execution while reiterating the need to combine the strengths of AI with human expertise.
“How we work and reach decisions will change forever, as AI will allow us to be more agile and perhaps even discover new perspectives and ideas than we previously could. This is not to say that AI will replace human beings or human reasoning. At the end of the day, decision-making will always require human interaction and thought,”
…said Rianne Jans, CFO, Deloitte Netherlands.
“For now, simpler solutions often yield better results, but as AI continues to evolve, we may see a significant shift in its application and impact on credit management. An exciting journey no one should miss or at least try to understand their fast development,”
…Igor Wortel, CEO & Founder, Phalanxes, has previously told Onguard.
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