Three-quarters of finance executives expect generative AI to replace them

Nov 25, 2023 ·

Three quarters of finance executives believe that generative AI will replace them in the future, according to a new survey from Accenture. The study, which surveyed senior-level finance professionals in 23 countries, found that 76% of respondents think their role will be replaced by AI within the next five years.

This shift is being driven by rapidly advancing technology and increasing demand for faster business decision making with more accurate results. Generative AI is powered by computer algorithms that can learn from data and generate new insights based on past experiences. This enables businesses to make decisions more efficiently and accurately than is possible with traditional methods.

The survey also revealed that the majority (60%) of finance executives are already familiar with AI, despite the fact that it is still relatively nascent in the industry. Those who are using it are taking advantage of its ability to rapidly crunch large amounts of data. A further 26% said that they plan to deploy AI in the next two years, while 8% intend to do so within the next year.

In order to capitalize on the potential of AI, the survey recommends that finance organizations create a culture that is open to embracing new technology. Additionally, finance executives should build skillsets that enable them to use AI effectively, such as programming, data science, and analytics.

These changes are set to have profound implications for the way finance departments operate in the near future. As AI continues to become more advanced, financial institutions must move away from manual processes and instead embrace automation to stay competitive.