A new report released by the World Economic Forum (WEF) and the Cambridge Centre for Alternative Finance (CCAF) shows that nearly two-thirds (64%) of financial services leaders expect to be mass adopters of AI in the next two years, compared to just 16% today. These firms plan to expand AI use beyond cost reduction, and use it for revenue generation, process automation, risk management, customer service and client acquisition. However, the study also reveals executive fears surrounding AI bias and market-wide risks. In fact, more than half of the executives interviewed for the study expect mass AI adoption to'worsen bias and discrimination' within the sector. The report Transforming Paradigms: Global AI in Financial Services Survey, supported by EY and Invesco, explores the impact AI will have on the industry thanks to interviews with over 150 senior financial services executives in both fintech and incumbent financial institutions.

Six in ten businesses believe automation will have a positive impact on businesses to help give them a competitive advantage. The majority of businesses believe that automation will increase productivity and give them a competitive advantage. That's according to research from Robert Half which found that six in ten businesses believe automation will drive productivity. Digital transformation and automation has allowed businesses to use artificial intelligence (AI) and robotics to enhance their performance on simplistic tasks to create a more efficient working environment, by helping businesses to become more efficient, productive and compete within their respective market areas. It was found that 87% of executives have already seen the positive impact that a growing reliance on technology can hold for organisations.

Is the hype surrounding the promise of Machine Learning merited or are we getting ahead of ourselves? Is artificial-intelligence no longer just for the digital-only business models of Amazon, Google, and Netflix? As a finance executive, what do you need to know to maximize the opportunity for both you and your business? In this article, I will answer the questions our clients most frequently ask me. What does it take to get started?

Following a number of years during which robotic process automation (RPA) was something only a relatively small number of companies had yet dabbled in, notable progress is now evident, a new report suggests. In a survey of 500 senior finance executives in North America and Europe by technology and outsourcing consulting firm Capgemini, 41% said their organization has an enterprise-wide automation strategy in place. Finance is leading the way -- something that the report acknowledges may be counterintuitive for IT professionals. "After all, back-office functions are not often the first to benefit from investment in advanced digital technologies," the report states. "But the era of intelligent automation provides a way to change that."

Finance leaders are recognizing that their current ERP systems, often heavily customized and woefully behind on updates, are becoming an albatross--and they're moving quickly to explore new applications. An Accenture survey of some 250 finance executives found that their organizations have adopted blockchain, in-memory computing, artificial intelligence, and robotic process automation at nearly the same rates as mobile, data analytics, and cloud technologies. But implementing such modern technologies while clinging to old processes and organizational structures built on old ERP platforms is like replacing the engine in a Tesla with one from my first car (a 1972 Ford Pinto). You'll end up stranded on the side of the road while others speed by your expensive heap. "If you automate an inefficient process, you just get bad data faster," said David Axson, managing director of Accenture, during a session at Oracle's Modern Finance Experience conference in Boston recently.