A recent study from SaaS accounting software company AccountsIQ has found that 23% of senior finance professionals fear AI could put them out of a job, as 24% of financial organisations surveyed begin implementing new AI-driven solutions into their operations.
A further 51% of financial institutions plan to onboard AI solutions in the next 12 months, spiking fears of redundancy at a senior management level.
AI in finance: Are jobs under threat?
However, amid the concern, many junior colleagues at financial institutions are welcoming the change. 82% of those working in junior roles with at least three years of experience, feel generative AI tools like ChatGPT will have a positive impact on finance teams.
Around 75% of junior financiers spend up to a quarter of their working time on manual processes that they feel could be completed at a much faster rate when leveraging generative AI, particularly when it comes to data collection.
In addition, despite the concerns of a minority of senior finance professionals, many of this sect see AI as something that will drive positive change. Over 41% of senior professionals believe AI will transform their ability to add value to their business, while 24% feel AI will help them save time and increase efficiency.
AccountsIQ: Automation is on the horizon
The reservations of the minority of finance professionals will inevitably be put to the test. AccountsIQ’s survey found that 91% of financial functions are planning to automate manual tasks, including data collection and reconciliation.
This shift is likely to support employees working in relevant finance departments, particularly those junior professionals – 60% of whom still rely on manual spreadsheets as a primary tool.
And, 33% of junior staff express frustration at such time-consuming manual processes, hence a call for AI to come in and streamline manual processes.
Many financial workers (96%) also believe automation will help to mitigate errors in manual processes, with 30% of senior professionals and 28% of junior professionals attributing errors specifically to a lack of automation.
AccountsIQ CEO Tony Connolly says: “It’s welcome that finance professionals have a largely positive attitude to technology and its impact on their daily work, freeing them to use their hard-won skills to greater effect.
“Automation and AI are destined to deliver major gains for finance teams, liberating them for a far more strategic role so they are no longer seen as a back-office support function. Some professionals may have genuine concerns about AI, but I believe such worries are misplaced.”