The future of finance will be driven by AI.
According to a recent survey, two-thirds of finance professionals said artificial intelligence (AI) will have a significant impact on their profession in the next five years.
Thomson Reuters, a global content and technology company, found that 67% of respondents believe AI will have a transformational or high impact on their profession. Additionally, most respondents (66%) in the Future of Professionals Report predict that AI will create new professional career paths, while 68% expect roles that do not require traditional legal or tax qualifications to increase over the next five years.
The global survey, conducted in May and June, used responses from more than 1,200 professionals in the legal, tax and accounting, and risk professions.
“We are at a unique moment where we have the opportunity to realise the benefits of human intelligence, thinking, and collaboration differently, while using the potential of AI to overcome some of professionals’ biggest pain points,” Steve Hasker, president and CEO of Thomson Reuters, said in a news release. “Through the application of AI to perform more mundane tasks, professionals have the unique opportunity to address human capital issues such as job satisfaction, well-being, and work-life balance.”
The survey did reveal some fears regarding AI’s influence on the future, led by compromised accuracy (25%). The other top concerns were widespread job loss (19%), the demise of the profession altogether (17%), data security (15%), and a loss of ethics (15%).
Other key findings in the report from tax and accounting professionals:
- AI will produce more free time to deliver more value. Productivity is the highest priority for tax and accounting firms (59%), while internal efficiency (75%) tops the list in corporate tax and accounting departments.
- Professionals should be intentional with AI. Producing high-quality advice tops the list of motivators for most professionals (67%), followed by maintaining a healthy work-life balance (63%) and continuing to develop knowledge and skills (60%).
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