Amsterdam - According to 42 per cent of finance professionals, of all technologies, artificial intelligence has the biggest impact on financial processes. A surprise when you think of the proliferation that ChatGPT, Google AI and other AI models have caused in the economic landscape. This is according to the FinTech Barometer, Onguard's survey on the financial status at Dutch companies, conducted for the sixth time this year. In it, 311 CFOs, financial managers and finance staff were surveyed. The second most influential technology according to finance professionals is big data (37%). In third place is Internet of Things: 23 per cent consider this technology most influential on financial processes.
Blockchain is fence-sitter
Blockchain is the straggler in the list of most influential technologies. Only 14 per cent say this technology has an impact on the financial process. Yet the financial sector also sees opportunities for blockchain. For instance, according to 21 per cent of finance professionals, it can reduce errors in work. In addition, 18 per cent think blockchain can make international and business payments easier.
One technology that finance professionals do rave about is intelligent automation (IA). Currently, a third of finance professionals (33 per cent) know what IA means, but only eight per cent are using it. Twenty-five per cent are already in the early planning stage and 41 per cent even expect to adopt IA within two years. One example of IA is Robotic Process Automation (RPA) software, which makes invoice processing more efficient. Fifteen percent of organisations are already using RPA within financial processes, and a third (33%) are currently considering how to integrate RPA.
Adriaan Kom, Managing Director at Onguard: "The financial sector is pre-eminently a place where new technologies are used a lot. And that is not surprising, because part of the work involves repetitive actions that can easily be automated. As a result, finance professionals again have their hands free for work in which they play an essential role, such as maintaining relationships with stakeholders. This way, people and technology work side by side. However, it is important that finance professionals regularly brush up their knowledge of technologies, as they are constantly evolving. For instance, they could learn more about the possibilities of intelligent automation. Two thirds of finance professionals who say they don't know what it entails now could definitely benefit from that!"