AI adoption is growing among chief financial officers (CFOs), with 70% of finance professionals planning to invest in AI technologies over the next five years according to a survey by Wolters Kluwer. The report, titled “AI in Finance, from Skepticism to Optimism”, highlights how the perception of AI among finance leaders is shifting, with many increasingly seeing AI as an integral part of their strategies.
“AI adoption within the office of the CFO is no longer a question of ‘if’ – but ‘when’ and ‘how’,” said Wolters Kluwer CPM senior vice president and general manager, Ralf Gärtner. “Our report shows that 70% of finance professionals are planning to invest in AI within the next five years and they will need access to high quality, advanced technologies to optimise the potential of this technology.”
The survey by the Dutch information services company also found that over two-thirds of finance professionals are currently exploring how to implement AI within 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 recognising AI’s ability to change financial processes significantly. On the other hand, 5% of respondents said they did not think AI would have much impact on daily financial operations.
AI adoption driven by efficiency gains among finance professionals
The report identifies key reasons for adopting AI, with 41% of respondents pointing to efficiency improvements, followed by cost reduction (18%) and better risk management and decision-making (18%). These factors show how AI can help optimise finance functions and improve efficiency.
The survey also found positive results being reported by early adopters of AI in finance. While most respondents (67%) are still in the early stages of AI implementation, 6% have already integrated AI at a more mature level, while 9% are working on expanding their AI projects. Of those who have started 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 leaders via email and during live events hosted by the company. 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 firms promote the benefits of AI for boosting productivity and efficiency. However, there are concerns about ‘AI-washing,’ as noted by Edward J Achtner, head of generative AI at HSBC. Achtner said at a tech event in London this week that while many bold claims are made, numerous firms fail to produce tangible results. He emphasised the need for a careful and measured approach to AI implementation.
Meanwhile, another survey of IT and financial leaders, conducted by expense and asset management firm Tangoe, found that 72% of respondents believe that AI-themed cloud spending is becoming unmanageable. The poll of 500 IT and finance professionals indicated that such spending has increased by 30% this year alone, representing a significant rise for some firms that are still uncertain about the return on their investment in increased compute capacity.
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