Key Findings
- 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.
