Paro, a leading finance and accounting AI-powered growth platform helping companies embrace digital transformation to build for the future, today released new findings from the 2023 Paro Future of Finance survey of 250 C-suite and senior-level managers on the intersection of artificial intelligence (AI) and finance. The data highlights the critical role of strategic finance services in enabling the transformation required to thrive in the modern digital era.
AI is radically transforming finance and accounting by changing how teams operate and interact. This requires strategic enablement and expertise to adapt to new roles, skills, and processes. The new research shows that finance and accounting executives understand the importance of emerging intelligent technology on future success, with 83% of respondents saying adopting AI and machine learning (ML) is important for their business.
Yet despite leaders clearly recognizing the promise of AI in finance, 42% of businesses still haven’t embraced it. The research revealed many obstacles are preventing finance teams from becoming more strategic, including technology and data challenges, regulatory and compliance issues, resource constraints, and cultural and leadership changes.
“Leaders must harness AI to transform their finance teams into strategic catalysts for future success,” said Anita Samojednik, CEO of Paro. “Today’s complex, shifting financial environment is straining finance teams. As a result, they often struggle to provide the strategic insights needed to guide business decisions. Companies that don’t evolve run the risk of underperforming their peers and becoming less competitive.”
Senior finance leaders need more advanced analytical skills from their teams
More than half of all respondents noted that their current finance team lacks advanced analytical skills (53%), followed by lack of data governance and technology proficiency to use tools and software (38% respectively).
It is largely C-suite executives who are flagging the lack of advanced analytical skills, with 59% agreeing on this area of weakness in their company, compared to 43% of owners or partners.
Among respondents who agreed that adopting AI and ML was extremely important for their business, 49% thought that technological proficiency to use tools and software was lacking in their finance team.
Lack of trust and difficulty translating insights undermine data for analytics
When it came to potential concerns or hesitations around AI and emerging intelligent technology, cybersecurity and data security were participants’ primary concern (54%). This was followed by the loss of human judgment or oversight (39%), cost of acquisition or integration, (35%) and lack of transparency or understanding of how it works (33%).
In addition, loss of human judgment or oversight was the most popular choice for AI-related concerns among middle management (55%), compared to roughly a third of owners/partners (35%) or C-suite (31%).
From backward-looking reporting to forward-looking strategic advising
Despite the obstacles preventing finance teams from adopting more strategic approaches, many organizations have embraced the evolving role of finance. Paro’s study found:
- More than half of respondents’ businesses have already adopted AI/ML technology (57%). Of those that have already adopted it, 57% state the technology has been adopted in predictive analytics and forecasting, 56% in process automation for internal workflows, and 54% in personalization.
- More than half of companies are using AI/ML-driven data for long-term strategic planning.
- 44% of respondents are already using AI/ML technology for recruiting and hiring processes.
- Close to two thirds of finance teams (61%) partner with other business teams beyond transactional support.
- Planning and reporting rank high on participants’ finance function readiness for automation.
To learn more about the 2023 Paro Future of Finance survey, visit https://paro.ai/news/future-of-finance-survey/.
The survey was fielded in September 2023 using online interviews conducted in collaboration with Vitreous World. Respondents represented U.S.-based C-suite executives or senior management in Accounting or Finance; the resulting sample was statistically representative.
Accura Scan, The Only Certified Biometric Solution Provider in Middle East & Africa for Banks and Telcos
Global Identity Verification and Digital KYC solutions provider, Accura Scan is pleased to announce being awarded ISO/IEC 30107-03 compliance after passing a presentation attack detection (PAD) iBeta Level 2 audit with 0% FAR, making it one of the few companies worldwide and the only in India, Singapore, APAC & Middle East to have such a recognition.
As part of the testing procedure to assess the performance of Accura Scan face biometric liveness system, which is already being used by clients globally, it was successfully tested with millions of data points in alpha & beta testing modes. Its algorithms were pitted against various forms of spoofing attempts, including but not limited to 3D-printed and curved masks, silicone and paper masks, and videos of real subjects.
Yasin Patel (YP), Accura Scan’s CEO & Founder, expressed great pride in the achievement, adding, “Obtaining the ISO 30107-03 standard after passing the rigorous iBeta level 2 test demonstrates the effectiveness of our solutions against spoofing attacks.” He further announced that in keeping with their motto of ‘Biometrics for All’, Accura Scan would be offering its trusted Identity Verification Suite for free to all start-ups, while established entities would be offered various modules for as little as USD 5,000 a year onwards.
Commenting on this feat, Director – International Sales, Reza Writer, added, “Ambition greater than resources is in the DNA of Accura Scan. We have achieved this feat with a very small but highly skilled & dedicated team that has executed the organizational goal beautifully.”
The ISO 30107-3 framework measures a biometric system’s false acceptance rate (FAR) and false rejection rate (FRR) at the point of presentation. Passing the evaluation with an FAR of 0%, means that the company’s biometric algorithms offer a high level of spoof resistance in all environments.
Headquartered in India, Accura Scan has been completely bootstrapped & profitable since its incorporation. It has firmly established itself in the MENA region over the last 4 years, working with some of the most esteemed Banks, Telecoms & Fintechs globally. As a part of its global strategy, it has now registered itself in Singapore, the EU, the UK, & the US. With top-notch Identity Verification & Digital KYC products, it is confident of making a mark in these markets.
BIM Exchange integrates traditional currency option for buying and selling cryptocurrencies
BIM Exchange revolutionizes the purchase of crypto-currencies: implicity and security guaranteed
BIM Exchange, the French pioneer of crypto-currency exchange platforms, today announces a major breakthrough in the ease of access and security of crypto transactions. With its new feature, it has never been easier to buy and trade crypto-currencies, bridging the gap between the traditional Web and Web 3.0.
Integration of payments in tradtional currencies: Euro, Dollar, Pound Sterling and Swiss Franc
BIM Exchange now enables its users to buy crypto-currencies directly by bank transfer in less than 24 hours, regardless of their currency. The funds are then securely transferred to the user’s decentralized wallet, such as Ledger, TrustWallet, MetaMask or other.
This method considerably simplifies access to digital currencies, while guaranteeing maximum security.
Monzo founder talks Prosper. Company sees incredible demand for its Crowdfund, smashing 130% of its target, raising over £785,000.
Having recently announced its crowdfund was open to the public and with a little more than a week to go, Prosper today confirmed it has hit 130% of its funding target, raising over £785,000.
The company is backed by some of the biggest names in fintech. One of those, Tom Blomfield, the founder and former CEO of digital bank Monzo, said:
“The crowdfunding community was vital to Monzo’s growth and helped us engage with our early users. Like Monzo, Prosper is a customer champion brand shaking up the wealth industry. As I invested in Prosper, it became clear that speaking to the community would also play a part in their journey. It’s only the beginning, but I’m excited to help more people prosper!”
Monzo’s first crowdfunding campaign raised just under £1m at a £30m valuation. Today, that valuation stands at “around £4 billion”, according to Sky News. With a week of its own crowdfund still to go, Prosper hopes to build on that success, already closing in on Monzo’s original raise achievement.
“We’ve been blown away by the demand we’ve seen from our community. It’s a testament to the value we can create building a customer-championing business in the world of saving and investing,” said founder and CEO Nick Perrett.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more.
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