Finance leaders are showing a cautious optimism towards AI integration, yet 58% still prefer traditional tools like Excel for automation tasks. A survey by Rossum of 470 finance leaders from the UK, US, and Germany highlights the significant gap between the excitement for AI and its actual implementation in the finance sector. Concerns about cybersecurity and regulatory compliance are major barriers to adopting AI technologies.
Despite recognizing the potential benefits of AI, many finance leaders believe the risks outweigh the advantages, with 27% expressing this sentiment. The report suggests that organizations should invest in employee training for AI implementation and develop robust cybersecurity frameworks to mitigate risks. Establishing governance protocols for AI use, especially generative AI, is essential for maintaining ethical standards in finance.
• 58% of finance leaders still rely on Excel over AI for automation.
• 27% of finance leaders believe AI risks outweigh its benefits.
AI integration refers to the process of incorporating AI technologies into existing systems, which is currently met with caution in finance.
Cybersecurity involves protecting systems from digital attacks, a major concern for finance leaders when adopting AI.
Generative AI refers to algorithms that can create new content, requiring governance protocols to ensure ethical use in finance.
Rossum is a company that specializes in AI-driven document processing, providing insights into finance leaders' automation preferences.
Google offers cloud-based tools like Google Sheets, which are less popular than Excel in larger enterprises despite their advantages.
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