Finance professionals lead in AI adoption, report reveals

Finance professionals are the most enthusiastic users of artificial intelligence (AI) in the workplace, according to a recent report from Sapio Research.

The 'Finance Pulse 2024' report detailed that 63% of finance roles now utilise AI, primarily for purposes such as fraud detection, risk management, and investment management. This adoption rate surpasses other departments like information technology (IT) and accounts.

The survey encompassed 800 consumers and 375 senior business decision-makers from the UK, Germany, France, and the Netherlands. While the finance sector leads in AI adoption, marketing and sales departments showed significantly lower usage, with only 27% and 19% respectively reporting AI implementation.

The trend towards AI investment is gaining momentum, with a majority of businesses expected to invest in AI technologies within the next two years. This is particularly noticeable in Germany, France, and the Netherlands, where 82%, 75%, and 76% of businesses respectively plan to invest in AI. Additionally, 21% have cited AI as a top investment priority.

Despite the enthusiasm for AI, there remains a significant awareness of potential risks, with 93% of organisations recognising concerns.

Data security is the most cited risk at 43%, followed by intellectual property and legal risks at 41%, and the lack of accountability or transparency at 29%. However, many businesses lack concrete guidelines or strict access limitations on AI usage, with 62% having no strict access limitations and 54% lacking clear guidance on acceptable use.

The report also examines consumer perspectives towards AI. It found that consumers are generally apprehensive about AI, particularly in advisory roles.

Only 15% of survey respondents would be comfortable seeking financial advice from an AI-powered chatbot. This contrasts against the optimism of senior financial decision-makers, 50% of whom believe generative AI holds high potential for the front-end operations of their businesses. The findings suggest that while AI can offer efficiencies, a personalised approach is crucial to gaining consumer trust.

Sapio Research's report highlights other areas of the financial sector, including consumer attitudes towards digital banking and financial concerns.

Rising prices are impacting daily expenses for 61% of consumers, with younger demographics demonstrating more financial optimism. 58% of individuals aged 25–34 believe their financial situation will improve in 2024, compared to just 13% of those aged 55–64.

The younger demographic also shows a greater receptivity to new financial products, with 64% of 25–34-year-olds believing that cryptocurrency will revolutionise the world. This age group also leads in digital banking adoption. Nonetheless, widespread concerns about cryptocurrency prevent mass adoption, with the general population worried about its potential use in fraud (55%), money laundering (51%), and social-engineering scams (36%), as well as environmental impacts (39%).

A section of the report dedicated to B2B payments demonstrated contrasting development levels between B2B and B2C payment sectors.

Approximately 60% of senior business decision-makers believe the B2B payments sector lags behind B2C, with only 48% reporting exclusive use of digital payment methods. This is in stark contrast to the significant digitalisation seen in the B2C space over the last decade.

Andrew White, CEO and Co-Founder of Sapio Research, commented on the findings, noting the significance of understanding consumer attitudes, AI, and B2B payments for financial services providers. He acknowledged the rapid technological advancements within the finance sector, citing innovations such as digital banking and cryptocurrency.

"It's clear that employees within the finance sector have embraced new technology, and this is reflected in the innovations we've observed in recent years. However, there's a considerable educational task ahead for financial services providers to win over more reluctant buyer categories, especially those outside the 'digital native' category and B2B buyers," White said.