Survey reveals that the potential of generative AI is still not being exploited in the area of risk and finance.

When the topic of generative AI first attracted attention worldwide with the launch of ChatGPT in November 2022, it was quickly apparent that this technology was going to effect a lot of change. The chatbot took just two months to cross the magical 100 million users mark. A huge AI wave is being created and is something that numerous companies have quickly recognized. Meanwhile, many of them understand that what we are dealing with here is a disruptive technology. The McKinsey survey The state of AI in 2023: Generative AI’s breakout year polled around 1,700 company representatives at board, middle and senior management level from all around the world. 

But is this also the case for finance-related tasks within a company? When the McKinsey survey was conducted in April 2023, one third of respondents said that their company was already using generative AI regularly in at least one business function. According to the survey, it is used most frequently in marketing, sales, service and product development, with risk management, corporate finance and other business functions following a long way behind.

If the survey results are to be believed, the use of generative AI is set to increase even more in the future. Accordingly, more than two-thirds of respondents assume that their own company will increase its investments in AI in the next three years. They see untapped potential not just in production, but especially in risk management. In this area, the companies polled have already achieved above-average cost savings and increased their own sales with the help of AI in the past. 

The EOS Survey “European Payment Practices 2022” already showed that digitalization is a major issue when it comes to risk and finance. As a result, if you don’t digitize, you will end up sitting on your receivables. Especially in respect of AI, the respondents were unanimous: Just under half (44 percent) assumed even before the introduction of ChatGPT that the technology would revolutionize receivables management in the future. The results of the McKinsey survey at least suggest that they will be proven right.

At EOS, a leading financial group specializing in receivables management, employees are testing how generative AI can support their day-to-day work. “How can I respond quicker to queries, produce reliable forecasts, and allow staff fast access to information? Generative AI offers potential in many areas,” says Paul Baltag, AI and data expert at EOS KSI Romania. In this context, the technology is not intended to replace any work but to simplify it and in doing so boost staff productivity.