- Report claims financing leaders prioritize Excel over AI for automation and security
- Caution optimism defines the finance approach to AI integration challenges
- Regulatory compliance is still a significant barrier to AI implementation
There is a significant gap between the industry’s excitement over AI tools and the cautious reality of their implementation in financing, new research has claimed.
Rossum examined 470 finance leaders from the UK, USA and Germany to understand how they navigate in the current landscape of automation and what challenges are ahead.
It found that finance leaders are cautiously optimistic, and recognize the potential benefits of AI, but still on duty to the associated risks – a point reflected in 58% of finance leaders still depends on traditional productivity tools such as Excel.
Leaders in the financial sector, known for handling sensitive and heavily regulated data, face unique challenges when it comes to adopting AI.
CyberSecurity is a top concern for many leaders as AI agents and systems introduce new vulnerabilities that cyber criminals can exploit.
AI also complicates the compliance of GDPR and Financial Data Protection Act, and financial departments must establish clear guidelines to control how these technologies are used.
AI or not, compliance and legal requirements have long made a barrier to cloud -based tools. Google Sheets, often touted for its Sky-Native Benefits, remains far less popular than Excel, especially in larger companies.
While AI is seen as a powerful tool for automation of document management, the study found that 27% of finance leaders believe that the risk of implementing AI outweighs the potential benefits.
For economy leaders who want to embrace AI-driven automation, the report outlines more tactical steps. First, it is crucial and Rossum advises organizations to invest in the training of employees in AI implementation.
In addition, building robust cyber security frameworks and ensuring compliance with rules will help mitigate the risks associated with AI resolution and establish control protocols, especially for generative AI, will be important to navigate the complexity of maintaining ethical standards while implementing AI.
