In 2024, we conducted two global surveys six months apart, to understand the rapidly changing trends of artificial intelligence in finance. We found that 71% of organisations are using AI in finance, with most saying it is meeting or exceeding their expectations.
Our second survey also showed AI had moved on significantly in only half a year. In fact, more companies were rolling out AI not just through their financial reporting processes, but also across areas such as treasury, risk and tax management.
Much of this would not be possible without the key role auditors now play in this space – they are increasingly expected to review AI controls, assess governance maturity, and attest to technology, while also using AI in their auditing processes for more insightful and real-time outcomes.
Read our report to understand how global leaders are embracing AI while overcoming the barriers, plus seven recommendations to help streamline your AI progress.
AI revolutionising finance: top five insights
AI’s expanding role in finance brings improved data processing, fraud detection, and ROI. Here are our top insights from the AI in finance report.
The transformation of finance through AI
AI use is rapidly expanding in finance, with nearly two-thirds of companies incorporating AI into accounting and financial planning, and nearly half using it for treasury and risk management. Benefits include improved data processing, real-time insights, debt management, cash flow forecasting, fraud detection, and credit risk assessment.
How AI in finance is driving ROI
96% of AI leaders see AI meeting or exceeding their ROI expectations. They significantly outpace others in finance by investing heavily and leveraging AI for innovation. And, as AI use in finance grows, the reported benefits increase. Findings also show leaders prioritise responsible AI governance with frameworks, risk controls, and compliance monitoring.
How to overcome barriers to AI take-up
AI adoption in finance faces challenges, including data security vulnerabilities, limited skills, inconsistent data, and high costs. Leaders in AI adoption address these by investing in skills and conducting value-based pilot projects before increasing budgets. They also focus on privacy, data integrity, security, change management and education programs.
Embracing AI in financial reporting
AI in financial reporting, especially gen AI, is rapidly gaining traction globally. Over 40% of organisations are piloting or actively using it, with 56% planning future use. Leaders are ahead, with 95% expecting to use it for reporting in the next three years, highlighting gen AI’s growing importance over traditional AI.
Auditors important role in AI adoption
As AI use grows, organisations will look for more auditor support in AI for financial reporting, especially across governance, controls and third-party attestation. AI leaders in particular want more communication and frequent updates from auditors. There is also growing interest in how auditors are using AIto enhance data analysis and move towards real-time auditing for proactive risk management and to drive insights.
Speed up your AI in finance implementation with our 7 recommendations
KPMG AI Maturity Assessment Tool
How does your organisation measure up? Try our quick AI benchmarking tool to understand where your organisation stands in the AI transformation journey and identify priority areas.
Leaders double-up AI investments
AI leaders invest nearly twice as much as others in enterprise-wide AI activities as a proportion of IT budgets.
Portion of company’s overall IT budget spent on AI-related activities
Time to transform your finance function with AI?
Integrating AI in finance requires commitment and planning, but the rewards could be high.
Here’s what you can do next:
- Read our report (PDF 8.6MB) for seven recommendations to make progress with your AI in finance journey.
- Try our AI Maturity Assessment Tool to understand where your organisation stands in the AI transformation journey and identify priority areas.
Why choose KPMG for AI in finance?
AI is part of our mindset – it has become integral to how we tackle challenges and create technology solutions that empower and enable clients. As the first in the world to be ISO certified for AI by BSI, we are global leaders in AI excellence and deeply committed to taking a Trusted approach to AI use. We collaborate widely through strategic alliances and have developed a range of AI support tools such as the KPMG Clara audit workflow, Tax Digital Gateway platform and our Trusted AI framework.
We provide comprehensive AI governance, assurance, and advisory services, empowering clients with innovative AI solutions across finance and other key business areas, promoting responsible and ethical AI deployment.
Meet the team leading the way in AI and finance
Frequently asked questions
How is AI used in financial reporting?
AI in financial reporting is increasingly being used to enhance activities such as data analysis, risk mitigation and identification, fraud detection, predictive analysis, speeding up the auditing process, real-time auditing, document gathering, trend analysis, and improving responsiveness.
What are the benefits of AI in financial reporting?
Embedding AI in financial reporting offers faster, more efficient processes, granular data analysis, improved accuracy, and better predictive power, allowing finance staff to focus on value-adding tasks. Among leading adopters, 57% report that AI exceeds ROI expectations.
What is the future of AI in finance?
The future of AI in finance is more than promising, with 95% of leaders expecting to use generative AI in financial reporting within three years. AI adoption is also expanding globally, widening it to areas like treasury, risk, and tax management. Although emerging economies are slightly behind major markets, the gap is closing, demonstrating AI’s global impact on finance.
How does the KPMG AI maturity framework work?
The KPMG AI maturity framework assesses AI progress in financial reporting and finance through three survey questions, based on an organisation’s recent and future use of AI and generative AI, as well as AI application in various financial areas.
In the results, you will be categorised as a beginner, implementer, or leader. You will discover how your organisation compares to your industry peers and priority areas for action. Take the quiz – KPMG AI Maturity Assessment Tool.
