Research conducted by bluQube reveals that UK businesses are divided on whether they prefer artificial intelligence (AI) or human input in managing financial functions.
The 'Balancing the Human Touch in the Age of AI' study indicates that 71% of senior directors at UK small and medium-sized enterprises (SMEs) find AI, machine learning, and automated analytics effective in supporting financial operations and decision-making processes.
The report also highlights a growing acceptance of advanced technologies in the finance sector, yet simultaneously demonstrates a desire for human expertise in tackling complex tasks and providing customer support. Among respondents, opinions are nearly evenly split regarding the preference for AI or human handling of administrative duties.
Specific functions such as payroll show 35% of directors favouring automated solutions, 42% preferring human interaction, and 23% expressing no strong opinion. Similarly, in tax functions, 37% opt for automation, 41% for human assistance, and 22% remain neutral.
A notable preference emerges in the accounts division, where 44% of senior directors desire human expertise—the highest preference among all examined accountancy functions.
Rob Swan, Operations Director at bluQube, commented, "These findings show that businesses are embracing technology for its efficiency and accuracy in routine tasks. While AI should be able to take over many routine jobs in 10 years, specialised roles requiring decision-making will still need a human touch."
He elaborated, "Everyday tasks in financial services, such as data entry, transaction processing, and basic customer queries, can be effectively managed by AI. However, this divide amongst UK SMEs highlights the importance of striking the right balance between technological efficiency and human insight. While AI excels at data processing and routine tasks, human professionals bring critical thinking and strategic planning to the table."
The research also emphasises the sustained importance of human-delivered support. 79% of companies consider guaranteed access to a human-based support team as a key criterion when deciding to acquire financial services software.
Rob Swan continued, "AI is evolving at a healthy pace and is already benefitting businesses in several ways. However, strategic planning requires human understanding and involvement. The future of finance lies in leveraging AI's capabilities while maintaining the irreplaceable human elements of critical thinking, relationship building, and personalised support."
"As technology advances, businesses must embrace a hybrid approach where AI enhances rather than replaces human expertise in finance. The true impact of AI remains yet to be seen, but one thing is clear: those who adapt will thrive."
