Just under 50% of respondents are familiar with artificial intelligence (AI) technology, although their professional roles do not currently benefit from its use.
Fifty-five percent of respondents would opt for a hybrid model/partnership with a third-party specialist for their AI technology provision and would look to share the development/implementation work.
Just under three-quarters of respondents either already have AI in a live environment, are trialing the technology by way of a proof of concept (POC), or are considering a POC with the view to introducing it in the foreseeable future.
More accurate processing, fewer mistakes, greater transparency and significantly reduced processing times were cited by respondents as the two most significant benefits of implementing AI technology across the back office.
Seventy-five percent of respondents believe reconciliations to be the business process most likely to benefit from AI adoption, followed by compliance functions (73.7%).
The biggest obstacle to AI adoption is a lack of knowledge about the technology and its specific use-cases, with 31.6% of respondents believing this to be the case.
