Artificial intelligence in the financial sector

Our "AI in Finance" study shows a rapid increase in the use of artificial intelligence (AI) in finance: 71 per cent of the companies surveyed already use AI, 41 per cent of them to a significant extent. Our survey of 2,900 CFOs and finance executives from 23 countries revealed that AI is being used in areas such as accounting, financial planning, treasury, risk and tax management.

Transformation of finance through AI

AI is spreading from accounting to other financial functions. 78 per cent of companies are using or testing AI for accounting and financial planning, over 60 per cent in treasury and risk management. In tax management, however, the majority are still in the planning phase.

Return on investment and technological focus

Companies are increasingly investing in machine learning, deep learning and generative AI, with most reporting a positive ROI. Generative AI in particular is gaining in importance: 41 per cent of managers are actively using it, and the trend is rising.

Obstacles and solutions

The biggest challenges are data security (57 per cent), a shortage of skilled workers (53 per cent), inconsistent data (48 per cent) and high costs (45 per cent). Cybersecurity remains a key issue for generative AI, as it can utilise sensitive data and increase the attack surface. Leading companies are actively addressing these hurdles: almost 75 per cent have introduced guidelines for the responsible use of AI.

Shifts in financial reporting

Currently, 30 per cent of companies use AI in financial reporting; this figure will rise to 83 per cent in three years. Leading companies are pioneers: more than 75 per cent already use AI extensively. They are increasingly focussing on best practices and technical infrastructure.

To help companies realise the full potential of AI, we have developed the KPMG AI Maturity Benchmarking Tool to assess a company's progress towards AI transformation.

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