Artificial intelligence as a value driver in the financial sector

Half of those surveyed plan to use AI in financial reporting. The targeted selection of specific use cases is becoming increasingly more important than broad implementation. 

Compared to our 2024 edition of the study, the companies surveyed increasingly report a selective use of AI. Companies should implement the best use cases first. This enables efficient use of resources. Here it is particularly important 

The significant increase in the use of AI (from 42 to 49 percent) and generative AI in particular (from 13 to 21 percent) shows that companies are increasingly relying on innovative technologies to optimise their financial processes.

Companies should integrate AI technologies into their financial processes to enable automation, efficiency and deeper data analyses. In this context, the further education and regular training of employees in the use of AI technologies is a key success factor.

German companies prioritise generative AI more strongly (52 per cent) than the global average (45 per cent) and also rely on proven and innovative technologies to increase their efficiency when it comes to traditional AI (45 versus 37 per cent).

As German companies prioritise AI technologies more than the global average, they can strengthen their position in international competition through early implementation and the creation of an AI-friendly corporate culture.

Over the next three years, the proportion of IT budgets for AI in German companies will increase significantly, which indicates increased investment in the optimisation of business processes.

Companies should invest the higher budgets in specific AI applications and use cases that achieve a high level of benefit. Strategic partnerships can help with the selection of applications and use cases and then with their successful development and implementation.

The majority of companies are achieving a positive ROI on AI initiatives in finance, indicating an underestimation of the effects and better than expected results - despite some challenges.

Companies should analyse successful AI initiatives in order to identify success factors and apply these findings to future projects. At the same time, it is important to analyse the reasons for less successful initiatives and share best practices and experiences to overcome challenges.

The increase in the evaluation of controls for the AI used from 18 to 23 per cent within six months shows a sharp rise in demand for service provider certificates. 

When selecting external service providers for certification and attestation services, companies should pay particular attention to a deep understanding of the technology used as well as the environment and objectives of the company placing the order. The service provider's experience with the project or product favours smooth cooperation.

A more detailed review of the control environment is desired by 61 per cent of respondents, while 43 per cent expect an assessment of the maturity of AI governance and 35 per cent expect third-party confirmation on the use of AI.

Our survey shows that organisations regularly review and improve their internal control mechanisms to ensure that they meet current standards. For this purpose, experienced, professionally trained external auditors should be brought in to conduct a detailed review of the control environment and identify weaknesses. 

Almost 60 per cent of those surveyed stated that demonstrable experience and success are the most important factors when selecting service providers for AI solutions.

The vendor strategy is a key success factor in the implementation of AI applications. It is therefore crucial to regularly adapt and review your own strategy.