AI adoption is increasing among chief financial officers (CFOs), as 70% of finance professionals plan to invest in AI technologies in the next five years, according to a Wolters Kluwer survey . The report, titled “AI in finance, from skepticism to optimism” highlights how the perception of AI among financial executives is evolving, with many increasingly seeing AI as an integral part of their strategies.
“Adopting AI in the CFO’s office is no longer a question of ‘if’ – but ‘when’ and ‘how’,” said Ralf Gärtner, Senior Vice President and Managing Director by Wolters Kluwer CPM. “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. »
The survey by the Dutch information services company also reveals that more than two-thirds of finance professionals are currently exploring how to implement AI in their finance functions. Additionally, 60% of those who have already started using AI described their projects as successful.
The report explains the role of AI in corporate finance, with 56% of respondents recognizing AI’s ability to significantly change financial processes. In contrast, 5% of respondents said they did not think AI would have a big impact on daily financial operations.
AI Adoption Driven by Efficiency Gains Among Finance Professionals
The report identifies the top reasons to adopt AI, with 41% of respondents citing efficiency improvements, followed by cost reduction (18%) and better risk management and decision making (18 %). These factors show how AI can help optimize finance functions and improve efficiency.
The survey also revealed positive results reported by early adopters of AI in finance. While most respondents (67%) are still in the early stages of implementing AI, 6% have already integrated AI at a more mature level, while 9% are working on expanding their AI projects. Of those who began using AI, more than 60% described their projects as successful, indicating that the technology is making a positive difference in operations and financial performance.
The survey was conducted by Wolters Kluwer and distributed to finance executives via email and company-hosted live events. Participants, representing regions including Europe, Asia Pacific, North America, India, the Middle East and Africa, completed the survey anonymously. A total of 181 participants responded, including professionals from finance (61%), IT (20%), business (4.9%), and other roles (13.9%).
Many financial services companies tout the benefits of AI for increasing productivity and efficiency. However, there are concerns about AI-washing, as pointed out by Edward J. Achtner, head of generative AI at HSBC. Achtner said during a technology event in London This week, despite many bold claims, many companies are failing to produce tangible results. He stressed the need for a careful and measured approach to AI implementation.
Meanwhile, another survey of IT and finance leaders, conducted by spend and asset management company Tangoe, found that 72% of respondents believe AI-related cloud spending is becoming unmanageable. The survey of 500 IT and finance professionals indicates that this spending has increased by 30% this year alone, representing a significant increase for some companies that are still uncertain about the return on investment in a capacity increased calculation.
