A recent survey conducted by Chicago-based financial industry tech and consulting firm, Paro.ai, revealed a significant discrepancy in the financial sector’s AI utilization. Despite the prevalent hype around AI, a considerable number of financial advisors lack the necessary expertise to wield it effectively.
The survey, involving 250 U.S. c-suite executives and senior managers in accounting and finance, exposed a glaring reality: a whopping 53% admitted to not possessing the advanced analytical skills required within their teams to maximize AI’s potential.
Moreover, while 57% acknowledged their companies’ current use of AI, a prevalent concern emerged regarding cybersecurity and data security, topping the worry list for 54% of respondents.
Anita Samojednik, CEO of Paro.ai, stressed the urgency for leaders to capitalize on AI’s potential within the finance sector. She emphasized the complexity of the current financial landscape and the strain it places on internal finance teams, urging companies to evolve strategically or risk falling behind competitors.
Interestingly, the survey also highlighted a technological gap within finance departments, with 49% admitting their inadequacy to bridge the AI proficiency void. Paro.ai emphasized the urgent need to reinforce these capabilities to harness the full potential of AI, recognizing the transformative promise it holds alongside the challenges it presents.
Despite the reservations expressed by executives—concerns about security, human oversight, integration costs, and transparency—AI is already being used for predictive analytics (67%), internal workflow automation (56%), and enhancing personalization in offerings (54%).
In conclusion, Paro.ai pointed out the paradoxical relationship the financial sector holds with AI: while there’s evident enthusiasm for its transformative capabilities, substantial concerns linger about its broader implications. The survey underscores the pressing need for a more comprehensive and knowledgeable approach to AI adoption in order to bridge skill gaps and alleviate cybersecurity concerns.