TLDR: A recent global survey indicates that Artificial Intelligence (AI) and generative AI are perceived as the most impactful forces shaping the finance profession over the next five years. A significant majority of professionals anticipate either a ‘transformational’ or ‘high’ impact, with those adopting AI expecting substantial weekly time savings and organizations with tailored AI strategies already realizing significant returns on investment.
Artificial intelligence (AI) and generative AI are poised to revolutionize the finance sector, with a recent survey of 2,275 global professionals highlighting their profound anticipated impact. The findings reveal that a striking 44% of respondents believe AI will have a ‘transformational’ effect on their profession over the next five years, while an additional 36% foresee a ‘high’ impact. This collective 80% underscores the widespread expectation of AI’s significant influence on financial operations and roles.
Beyond its transformative potential, AI is also projected to deliver tangible productivity gains. The survey indicates that professionals leveraging AI tools expect to save five hours weekly within the next year, an increase from the four hours predicted in a similar Thomson Reuters survey conducted a year prior. This suggests a growing recognition of AI’s capacity to streamline tasks and enhance efficiency.
For organizations, the benefits of strategic AI adoption are already becoming evident. The research shows that 81% of organizations with a specific, tailored plan for AI implementation are currently experiencing a return on investment (ROI) from their AI initiatives. This figure stands in stark contrast to the mere 23% of organizations without significant AI adoption plans that are seeing similar impacts, representing a 3.5-fold difference in ROI realization.
Despite these clear advantages, the adoption of comprehensive AI strategies remains relatively low. Only 22% of the surveyed organizations currently possess a specific, tailored AI strategy, and approximately four out of ten are integrating AI without an overarching strategic framework. This suggests a gap between the perceived potential of AI and its structured implementation within many enterprises.
Steve Hasker, CEO of Thomson Reuters, emphasized the critical need for adaptation, stating, “Professional work is now being shaped by AI, and those who fail to adapt risk being left behind.” He further elaborated on the strategic imperative for businesses: “By developing a strategy to drive both AI adoption and redeploy the productivity gains … organizations will achieve sustained innovation, greater operational excellence, and revenue growth.”
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The perceived impact of AI significantly overshadows other major industry shifts. By comparison, only 22% of respondents anticipated a transformational outcome from the velocity of change in the regulatory environment, and 20% held the same view regarding the explosion in data volumes. The ‘high’ impact expectation for these factors was 37% and 41% respectively, further solidifying AI’s position as the most powerful force for change in the finance profession.
