But are the ready for it?
According to nearly half of finance professionals (45%), AI is the technology with the greatest impact on financial processes. This is evidenced by the FinTech Barometer, the annual survey by Credit Management Software Specialist Onguard. For this survey, 304 CFOs, financial managers, and finance employees were interviewed. It is not surprising that three out of ten finance professionals are currently developing ideas for AI integration.
So, how do finance professionals prefer to use AI? 43 percent indicate that AI can help predict future financial trends. Another two out of five (39%) see a role for AI in risk management. Meanwhile, 23 percent believe AI can make a difference in automating routine tasks. It’s no wonder that 45 percent of finance professionals are keen to apply more trends like AI and Robotic Process Automation (RPA) in their financial processes. This enthusiasm is particularly strong among the younger generation: 46 percent of finance professionals aged 18 to 34 support this, compared to 36 percent of the older generation (over 55 years).
Implementation challenges
While AI offers many benefits, its implementation is not always seamless. 28 percent of finance professionals state that their team lacks the skills and/or knowledge to implement the technology. The younger generation faces this challenge more often (32%) than the older generation (21%). Seventeen percent of finance professionals find it difficult because implementation requires closer collaboration between IT and finance, which can sometimes be challenging. For eleven percent, cybersecurity issues complicate the implementation process.
Beyond AI
In addition to AI, new technologies such as Intelligent Automation (IA) and RPA are also being examined by finance professionals. Eighteen percent of organizations already use RPA or robotics. Nearly one in three organizations (29%) is currently developing ideas for integrating these technologies. IA is also popular and is currently used by sixteen percent of organizations. Nearly half (44%) are in the early planning stages of implementing IA.
Adriaan Kom, managing director at Onguard, says: “Although it is still one of the newest technologies, AI is already well established in many companies. Companies see the massive benefits that AI offers. But therein lies a danger: companies start using AI and other new technologies blindly because their competitors do. My advice is to explore and find out where the latest technologies can really make a difference in your organization. This will certainly be in the finance department, but look closely at which specific processes can be easily automated. This way, you can work more efficiently and have more time for strategic work.”
About the research
Each year, Onguard examines how financial professionals view current trends and developments, such as financial technologies, digital transformation, AI, and new payment methods. This study, titled the FinTech Barometer, has been conducted for the seventh time this year. A total of 304 finance professionals participated in the survey, of which 212 were working in financial management and 92 were finance employees.
Fintech Baropapers in 2024
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