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News » Survey reveals 39% of finance sectors embrace AI

Survey reveals 39% of finance sectors embrace AI

Gartner survey on AI finance
Photo from Gartner

CONNECTICUT, UNITED STATES — A recent survey by research firm Gartner found growing but cautious adoption of artificial intelligence (AI) in finance functions. 

According to a survey of 133 finance leaders last May 2023, 39% said that they are currently using AI and machine learning (ML) in their operations, with another 29% are planning for its implementation. 

However, 30% still have no AI/ML plans at all.

“The most successful AI-forward finance organizations embrace and evangelize AI at the C-suite level and embed data science teams directly within finance departments while avoiding reliance on third parties,” said Mark McDonald, senior director analyst in the Gartner Finance Practice.

The research identified three key factors shared by leading AI users in finance: patience to see transformative results, embedding data scientists within finance teams, and securing executive buy-in to ensure employee adoption. 

“These three quite simple factors have an impact on success rates with AI in the finance functions,” stated McDonald. 

“Put the data scientists close to the processes and people that will train AI, make sure those people understand that AI can make their jobs easier and give them the time needed to produce transformative results.”

Meanwhile, despite the availability and convenience of AI in finance functions, a CNBC survey revealed that the general American population still harbors mixed trust in using the technology.

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