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.

Other articles
Mastercard Advances the Progress of Real-Time Card Payments
Cash Flow 2.0: Smarter Treasury Strategies through Better Business Payments
Klarna Partners with Apple to Offer Flexible Payment Plans
Backbase Unveils AI-Powered Intelligence Fabric to Transform Banking Operations
Optimizing Compliance with AI: A Closer Look at 4CRisk’s Compliance Map
The Global Expansion of Real-Time Payments: Latest Trends
Facit Bank Partners with Neonomics to Enhance Payment Processes through Open Banking
New Payment Tools from TreviPay Improve Fleet Management for Dealers
Financial Services Sector Calls for AI and ESG Regulations to Unlock Full Potential
36% of Gen Z Prefer FinTechs Over Banks for Online Payments
Klarna Expands Buy Now, Pay Later Services to Physical Stores Through Adyen Partnership
Mastercard Improves Artificial Intelligence Tools to Combat Payment Fraud
Cross River and Forward Partner to Revolutionize Embedded Payments for SaaS Firms
Payment Rails on the Open Road: Why Boosting In-Car Payments Requires Security
The Critical Role of AI in the Growth of Compliance Management for FinTech