Analysts identify three characteristics of the most successful financial companies using AI
Sixty-eight percent of financial organizations are using Artificial Intelligence (AI) or plan to use this technology, according to a Gartner survey of 133 global financial leaders. Of this total, the Gartner, a global leader in business research and advice, found that 39% of respondents are already using AI and Machine Learning (Machine Learning), and other 29% indicate that the use of these technologies is planned.
“The most successful financial companies in adopting Artificial Intelligence promote and encourage the technology at the senior management level and embed data science teams directly into financial departments, avoiding dependence on third parties”, he states Mark D.McDonald, Senior Director and Gartner Analyst for Finance (Gartner Finance Practice). “It is only when employees view AI as a co-worker, rather than a threat to their jobs, that companies find a greater likelihood and magnitude of success.”
Source: Gartner (December 2024)
Artificial Intelligence Success Strategies in the Financial Area
To help CFOs (Chief Financial Officers) and financial leaders navigate this new trend, Gartner experts identify three characteristics of the most successful financial companies currently using Artificial Intelligence:
– Short-term results are possible, but transformative changes take time: While short-term benefits from AI are possible through simple or purchased solutions, the transformative value of AI in finance requires a level of maturity that takes time to build.
– Data science emerges as a new role in the financial area: Most finance teams report using data scientists. Once considered a risky and frivolous head count, modern finance teams commonly utilize data scientists, regardless of whether they leverage Artificial Intelligence or not.
– Acceptance plays a role in the success of Artificial Intelligence: Companies with a high level of acceptance of Artificial Intelligence report great success. Without the support of those responsible who are knowledgeable about the processes, building work driven by Artificial Intelligence to emulate their decisions and actions proves difficult.
“These three factors, which seem quite simple, have an impact on the success rates of Artificial Intelligence in financial functions”, says McDonald. “Place data scientists close to the processes and people who will train Artificial Intelligence. Make sure these professionals understand that AI can make their jobs easier, and give them the time they need to produce transformative results.”
Additional information is available to Gartner customers in the “Finance AI Strategies Emerging as The Benchmark for Success“. Finance leaders can assess their current approach to these priorities and understand Gartner best practices for managing them. Companies that are not Gartner clients can watch the video “Gartner Experts on AI in Finance: The Next Industrial Revolution”.
Full video on here.
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