Finance Professionals Embrace AI #FutureofFinance

• 71% of finance professionals report that technology allows them to perform their duties more effectively, highlighting the transformative power of digital tools in enhancing efficiency within the finance sector
• An overwhelming majority of finance professionals (84.2%) believe Artificial Intelligence (AI) will lead the technological impact on the finance role over the next five years.
• Yet only 11.8% feel that their organisations are very much prepared for upcoming changes in the financial industry, with almost a quarter (24.0%) of respondents saying their organisation is not very much prepared or not at all prepared (5%).

Download the Renaix Future of Finance Report 

Copy the code above to embed this infographic on your site.

PRESS RELEASE

September 2024: An overwhelming 71% of finance professionals report that technology allows them to perform their duties more effectively, highlighting the transformative power of digital tools in enhancing efficiency within the finance sector, according to new research from Renaix, the international recruitment consultancy for finance and accounting.

More than eight in ten finance and accounting professionals (84.2%) believe Artificial Intelligence (AI) will lead the technological impact on the finance role over the next five years.

The study, which questioned over two hundred finance and accounting professionals globally, reveals that the role of finance professionals is expected to evolve significantly. 52% predict an increased focus on data analysis, and 43.9% foresee a shift towards financial planning and analysis, underscoring the growing importance of strategic financial management.

As technology reshapes the finance industry, 46% of professionals deem working with new technologies the most crucial skill for the future. This is closely followed by data analysis (44.6%) and financial planning (44.2%), emphasising the need for tech-savvy in modern finance roles.

Yet only 11.8% feel that their organisations are very much prepared for upcoming changes in the financial industry. Almost a quarter (24.0%) of respondents say their organisation is not very much prepared or not at all prepared (5%), revealing a gap in readiness that underscores the urgency for strategic planning and skill development in anticipation of future financial trends.

A substantial 41.1% of companies are actively investing in upskilling their finance teams to work with emerging technologies, showing a proactive approach towards adapting to the digital age.

The anticipation of learning on the job is high, with an overwhelming majority of 72.8% of finance professionals planning to update their skills through practical experience. This reflects a hands-on approach to adapting to new technologies.

However, with STEM skills (science, technology, engineering, and maths) 37.1% and data analysis 37.1% identified as the top two tied biggest skill gaps in the finance sector, there is a pressing need for employers to invest in upskilling the finance function and for professionals to enhance their technical competencies to navigate the future financial landscape effectively.

Paul Jarrett, Managing Director at Renaix, comments, “Emerging technologies are set to transform the finance and accounting sectors. Many professionals are excited about the impact of automation, believing it will enhance and broaden their roles. To lead digital transformation effectively, employers should ensure the workforce has the right skills and recruit perse talent, including those with STEM qualifications. This strategic planning is crucial for businesses to stay competitive.

“Remote work has significantly impacted finance professionals, creating a more flexible and geographically dispersed workforce in the industry. Organisations are adapting to the rapidly changing financial landscape, facing regulatory changes, talent acquisition, and retention challenges. The increasing cybersecurity threats further highlight the complex environment in which finance teams operate.”

About the research

Renaix surveyed 229 international finance and accounting professionals in May 2024.

For more information, please contact:

Christine Bowles

07905 384091

christine@renaix.com

About Renaix

Renaix is an international recruitment and executive search consultancy specialising in placing senior management, finance, and audit professionals.

We place talented finance managers, corporate auditors, financial analysts, and financial controllers at Fortune 500 companies, top European multinationals, and large finance services institutions. With a network spanning Europe, the Americas, Asia, and the MEA, our assignments range from introducing a newly qualified auditor to placing a country or regional CFO.

Celebrating our 25th anniversary in 2022, we have built a deep understanding of the international finance industry and nurtured an unrivalled network of clients and candidates around the globe. Our global footprint means our consultants have extensive knowledge of local laws and regulations and an intuitive grasp of the cultural differences that influence role requirements.

Submit Your CV or Search for Jobs to learn about our currently available roles.

Send Us Your Vacancy and one of our consultants will be in contact to discuss your requirements and how we may assist.