The vast majority of bank bosses in the UK and Ireland feel they are being pressured to implement AI technology more quickly than they feel is comfortable.
Editorial
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This is the main finding from a study commissioned by accountancy software firm AccountsIQ.
It found that 82% of finance leaders feel they are being rushed over AI installation while 41% describe the pressure as 'significant'.
This pressure is also highest in Ireland (91.5%) meaning that there is almost a universal discomfort over the push to move faster than many would wish omn the use of AI.
At the same time, the survey revealed a high level of trust in AI technology with 81% of respondents stating that they trust the outputs that come from AI-driven tools or processes.
Consequently it is the speed of adoption that unsettles finance leaders rather than what is produced.
"With trust that high, the discomfort they describe sits with the speed of adoption. Finance leaders broadly accept what AI produces. The open question for many of them appears to be how quickly to move and what needs to be in place first.
Darren Cran, CEO of AccountsIQ said: “Finance leaders are being asked to move on AI at the speed of the conversation around it," says Darren Cran, CEO of AccountsIQ.
"The discussion of AI starts in the boardroom and the press, and finance is expected to have an answer. Most finance leaders already trust what AI produces, so the hesitation sits with how quickly they can bring it in with the controls they need.”
“In finance, controls mean knowing where a number came from and who approved it," added Cran. "Those take time to put in place, and a fast timetable can leave little room for them. Adopting at a pace that can be explained to a board, and its auditors makes the later questions easier to answer.”
The survey also revealed concerns over the potential dependency on the technology with 76% stating they are concerned that their organisation could become overly reliant on AI in finance decision-making.