AI Adoption Among Finance Teams Grows Rapidly, Says Gartner

According to a recent report by Gartner, 60% of finance teams are now using artificial intelligence (AI) in their operations, with that number expected to rise to 90% by 2026, as stated in FinTech Magazine. The rapid growth reflects a significant shift in the finance sector, with AI becoming a key tool for enhancing process automation, anomaly detection, and financial analysis.

While 42% of finance teams have yet to adopt AI, half of those are planning to do so within the next few years. Despite concerns about job displacement, Gartner’s findings show that fewer than 10% of finance departments anticipate headcount reductions as a result of AI implementation.

Ash Mehta, a senior director analyst at Gartner, emphasized the unique value of human creativity in the workplace, saying: “Despite AI’s ability to emulate human performance, algorithms cannot match the unique capabilities of people in areas that require creativity and complex problem solving.”

CFOs have become increasingly optimistic about AI’s potential, with 66% of those surveyed feeling more positive about the technology than they did last year. This confidence is reflected in finance leaders’ focus on areas like process automation, anomaly detection, and analytics.

The Gartner survey, conducted in June 2024 with 121 finance leaders, revealed that AI adoption in finance is catching up with other departments like HR and procurement, where AI usage had previously been more common.

Additionally, the role of AI in detecting deepfake scams is becoming more critical, with over half of senior finance executives reporting incidents. However, there are significant regional differences in preparedness, with 50% of U.S. finance teams feeling equipped to handle deepfakes compared to just 12% in the UK.