Essential Insights – 2024 AI In Finance Survey

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Hey there, finance enthusiasts! I remember when “AI in finance” would have sounded like something straight out of a sci-fi movie. Fast-forward to 2024, and it’s as commonplace as your morning cup of Joe. With that in mind, I recently conducted the 2024 F9 Finance AI In Finance Survey to delve deeper into this fascinating world.

The aim? To understand how AI is reshaping the finance landscape and what that means for folks like you and me. Oh, and before you ask, no, I wasn’t trying to find out if robots are planning to take over Wall Street! I’m saving that for the sequel.

Key Takeaways

  • There is a gap between desire and adoption. 46% of CFOs are excited to use AI tools in Finance but only 19% of companies surveyed have actually adopted it.
  • Fraud detection has been the primary entry point for companies into AI, followed by customer service.
  • Finance employees are not prepared for AI. Only 30% reported a high degree of familiarity with the technology. And for 28% of respondents, a lack of skilled professionals was the biggest challenge they encountered in rolling out AI tools.
  • Once people understand AI tools, there is a high likelihood that they have a favorable perception and believe that AI tools will improve the finance field.
  • Despite being top of mind for public perception, more than 40% of companies have no guidelines around the ethical or fair use of AI tools.
  • Cost savings and efficiencies are, no surprise, the biggest benefit companies have found from AI tools in finance.

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