While accountants are intrigued by the latest version of artificial intelligence that has captured much of the world's attention, generative AI, they have been slow to adopt and deploy the new tech. This is in part due to the industry's conservative approach when it comes to new tech, but also due to the perceived risks AI holds. Meanwhile rival financial services sectors are adapting to generative AI at a much faster rate, raising the risk of outside disruption if the accounting profession cannot evolve and adapt in time.
This new research conducted by Arizent, parent company of Accounting Today, explores how the accounting profession is approaching generative AI, what it needs to accelerate adoption and the risks it perceives that the new tech holds.
Key findings include:
- A majority of accountants expect in the next three to five years that AI will change the nature of their jobs, increase opportunities and create new roles.
- Many expect that their clients' expectations will change as a result of AI, demanding greater cost efficiency, faster and better service delivery along with greater privacy.
- Most think that AI is advancing too quickly; a higher proportion than in banking.
- Many are concerned that AI will degrade relationships and introduce ethical concerns.