Wolters Kluwer, a global leader in information, software and services for professionals, today released a new research report: AI in finance, from skepticism to optimism. The report explores AI adoption and sentiment in corporate finance functions. Notably, more than two-thirds of finance professionals surveyed confirmed that they were in the exploratory stage of implementing an AI initiative within their finance function; and 60% of respondents who had already deployed an AI-related financial project described the deployment as successful.
The publication of this report follows CCH Tagetik AI-powered smart platform launched in May 2024which enables finance teams to transform massive data sets at scale, support more efficient and accurate finance processes, gain insights and improve decision-making.
Ralf Gärtner, Senior Vice President and Managing Director of Wolters Kluwer CPM, said:: “Our research findings suggest that AI is indeed the next frontier in fintech. AI adoption within the CFO’s office is no longer a question of “if”, but “when” and “how”. Our report shows that 70% of finance professionals plan to invest in AI over the next five years and will need access to high-quality, advanced technologies to maximize the potential of this technology. We are relentlessly committed to continued innovation and excellence in product development to support the CFO’s office, ensuring finance teams are future-ready.
Main conclusions of the report, AI in finance, from skepticism to optimisminclude:
- AI accelerates finance transformation journey: 56% of respondents said they recognize the potential of AI to revolutionize financial processes, a strong indicator of the growing acceptance of AI’s role in transforming finance. Conversely, only 5% say they do not believe AI will have an impact on daily financial processes.
- AI Adoption Driven by Efficiency Gains: The study found that improving efficiency (chosen by 41% of respondents), reducing costs (18%) and improving risk management and decision-making (18% ) are the top three motivators driving AI adoption.
- Early adopters of AI in the financial sector report success: More than two-thirds of respondents said they were in the exploratory stage of AI implementation; while 6% had already implemented AI to some extent; and 9% were already exploring ways to scale AI projects on a larger scale. Among respondents who have already launched an AI project, more than 60% consider their AI deployment successful, suggesting that AI is having a tangible and positive impact on operations and processes.
- Investments in AI set to accelerate over five years: 70% of respondents plan to invest in AI in the next five years – and more than 60% plan to invest in AI in the next two years.
Research methodology
The survey was distributed by Wolters Kluwer, via email to a Wolters Kluwer CCH Tagetik database of financial executives, as well as to financial executives who participated in live events hosted by the company. Participants completed the survey anonymously and represented multiple regions around the world, including Europe, Asia Pacific, North America, India, and the Middle East and Africa. A total of 181 participants, representing various roles in their organization including Finance (61%), IT (20%), Other (13.9%), and Business (4.9%) completed the survey.
For more information, see an infographic with the main findings And download the full survey.