Stampli research reveals the roadblocks to AI adoption in finance

AI is changing finance. This isn’t the future — AI is already delivering substantial efficiency gains through automation.

So why haven’t more companies adopted AI in finance? This is the question that CFOs and finance leaders need to understand, because it’s their role to influence their teams to lean into AI’s benefits.

To find the answer, we teamed with experts at Probolsky Research to survey senior-level finance managers and Accounts Payable team members in organizations ranging in size from 25 to 15,000 employees, in a wide array of industries. Our research uncovered the precise barriers to deployment: concerns about data privacy, costs, accuracy, and control are hindering successful implementation within AP processes.

It’s essential for leaders to understand these concerns in order to build a path to successful adoption.

Senior management is ready for AI

Our survey results revealed 89% of CFOs, VPs, directors, and managers of finance indicated they are “very interested” in adopting AI for AP tasks like document capture, coding, and payment verification. Leaders cited faster team processing speed, reduction in errors, and more robust fraud protection among the potential benefits.

While senior management is championing AI adoption, the survey showed a clear enthusiasm gap between management and AP professionals across organizations. 68% of AP team members were interested in AI for AP functions, but only 18% gave the most positive response of being “very interested.”

Top barriers to AI adoption

The survey results identified the major hurdles that are holding back AI adoption:

• Privacy and data security (46%): Given the sensitive nature of financial data, mitigating the uncertainty around privacy and security will be critical to gaining trust and acceptance.
• Lack of human oversight of AI (41%): AP team members expressed concerns about giving too much control to AI systems, pointing to the need for human authority to ensure accuracy and prevent errors. 
• AI hallucinations (30%): AP team members expressed apprehension about potential AI “hallucinations” – instances where AI systems generate inaccurate or erroneous outputs.
• Replacing jobs (25%): The worry of job loss remains a stigma attached to automation efforts.
• Technical learning curve (25%): Some respondents consider AI integration a substantial learning investment.
• Vendor dependence (25%): The concerns of vendor lock-in persist in AI adoption.

By tackling these issues head-on, senior leadership can boost buy-in from their teams and give their finance operations added value through efficiency gains and time savings possible with AI.

Human/AI collaboration: A pathway to success

While AP team members were more hesitant about fully embracing automation than their C-suite and senior-level colleagues, they didn’t reject AI outright; in fact, 63% of AP team members said they’d be open to AI if human approval was involved.

This suggests integrating human decision-making into AI systems could smooth the way for AP team adoption. To apply the automation benefits possible through AI, leaders must ensure the entire team knows the humans are in charge. Leaders should paint a picture of a more efficient and productive workflow, where AI handles mundane, repetitive tasks, and humans are free to focus on higher-value activities that require their expertise and judgment.

Overall, respondents were most excited about the ability of AI and automation in AP to streamline processes, enhance efficiency, and reduce errors. The top perceived benefits of AP automation were:

• Improving accuracy (51%)
• Improving processing speeds (46%)
• Improving fraud detection (40%)
• Cutting costs (38%)
• Improving financial system efficiency (38%)
• Refocusing humans on more valuable tasks (37%)

It’s evident that many finance professionals want a smoother-running and more secure AP system, and that finance workers view AI as a tool that can streamline and improve the quality of their work. Making this a reality requires a strategic approach that validates the human role in the work with tangible performance gains.

Download the full AI in Accounts Payable research memo from Probolsky Research.