Financial leaders have embraced the use of artificial intelligence (AI) to improve productivity and decision-making processes. Investigations conducted by Playtech Equals Money have found that 95% of financial decision-makers in the UK either use AI or are considering its implementation in their workplaces. This growing trend indicates the belief in AI’s ability to optimize tasks and enhance productivity within the financial sector.
There is a strong adoption and interest in AI across the industry, with 77% of surveyed financial decision-makers actively testing this new technology. An additional 18% plan to utilize AI, seeking automated systems that can streamline their operations and improve overall performance. The main driver for this automation push is the significant time savings it offers. On average, employees in the UK spend 65 minutes a day on tasks that can be automated, resulting in approximately 38 saved days per year.
Financial processes are a primary focus for automation, with nearly half of companies already automating tasks such as payment receipt (59%), payment issuance (52%), and invoice generation (57%). AI’s proficiency in rule-following makes it well-suited for handling reconciliation processes, enabling smooth automation and freeing up finance teams to engage in high-value analytical pursuits.
While the positive impact of AI integration is widely recognized, it is not without its challenges. While 85% of companies report a positive impact on their workload, concerns about job security persist, with 39% foreseeing potential job losses due to digitalization. It is important to remember that AI cannot replace human expertise entirely. Therefore, a balanced approach to AI adoption is essential, with the technology serving as a complement to human intelligence.
Though AI brings numerous possibilities, there are barriers to its widespread use in financial processes. The most common reasons for hesitating to trust automation include fears of job losses (33%), budget constraints (42%), concerns about safety (48%), potential mistakes (41%), and lack of knowledge (36%). These apprehensions highlight the complexities and uncertainties associated with implementing AI technologies, emphasizing the need for thoughtful strategies.
Financial leaders strive to find a harmonious balance between automation and human involvement. While many job sectors have embraced automation, there are still certain tasks that cannot be integrated with AI. These include answering customer calls (34%), building relationships with suppliers and customers (34%), booking travel and accommodation (31%), handling foreign currency conversions (30%), and managing human resource services (27%). These tasks require human touch and intuition, which AI currently cannot replicate with the same level of quality. As financial institutions adapt to increasing automation, they must consider the optimal balance between automation and human factors.
AI advancements offer immense potential for enhancing productivity and efficiency. However, decision-makers must conduct a thorough assessment of the potential impacts, including job security concerns and the preservation of human-oriented processes. Strategic use of AI in collaboration with human resources can generate new opportunities that capitalize on AI’s capabilities while mitigating the associated risks.
