Research - 22.01.2025 - 08:30
How is the use of artificial intelligence developing in finance departments? To find out, 542 finance experts, including over 200 chief financial officers (CFOs), were surveyed for the Future Directions in Finance study. The aim of the study was to identify key challenges and opportunities for the use of AI in finance departments.
Key findings of the study for the DACH region:
The study is based on a comprehensive international survey conducted between July and October 2024. A total of 542 finance professionals from seven countries (Germany, Austria, Switzerland, Italy, Sweden, Spain and the Netherlands) took part. The survey included questions on current and potential uses of AI in finance, as well as on governance, skills and strategic direction. The participants come from companies in a range of industries and of different sizes, ensuring a broad spectrum of perspectives. In addition to quantitative data, such as on the use of AI tools and existing governance frameworks, qualitative assessments were collected on the role of finance departments.
The study was conducted in collaboration with the following universities: University of St. Gallen (HSG), ESADE Ramon Llull University, SDA Bocconi, Stockholm School of Economics, Vienna University of Economics and Business, and Utrecht University.
Prof. Dr Klaus Möller from the University of St.Gallen, who led the study, sees great potential in the use of AI, but also emphasises the urgency of accompanying the topic with appropriate governance regulations. ‘Our study shows that, despite great potential, the financial sector is still a long way from making strategic use of AI. Its success will depend on how quickly competencies and governance frameworks are developed.’
Research into the relationship between artificial intelligence and finance is also being intensified in Switzerland. To this end, Prof. Dr Klaus Möller, together with Prof. Dr Antonio Davila from the University of Lausanne and other colleagues, is founding an Accounting AI Lab. In this project, which is supported by the Swiss National Science Foundation (SNSF), the researchers will explore how AI can revolutionise finance – from acceptance and trust in AI to strategies for effective human-AI interaction. This project ties directly into the findings of the report ‘Future Directions in Finance’, which highlights the growing importance of AI and technology skills in finance. Further information on this project will follow in due course.
Image: Adobe Stock / ipopba
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