84% of Companies Report Above-Expected Returns from AI Investments in Finance Sector

KPMG Releases Global Finance AI Utilization Report
KPMG Presents 7 Strategies for Successful AI Adoption
AI-Based Financial Reporting Expected to Surge from 28% to 83% in 3 Years
Analysis of AI Usage and ROI Performance from 2,900 Companies in 23 Countries

84% of companies recorded an ROI (Return on Investment) exceeding expectations for AI (Artificial Intelligence) investments in the finance sector, with AI-leading companies experiencing ROI that significantly surpassed expectations.

Global accounting and consulting firm KPMG published the "KPMG Global AI in Finance Report" on the 24th. This report is based on a survey of financial executives from 2,900 companies across 23 countries, analyzing companies' AI utilization maturity, ROI performance, and key challenges.

KPMG classified the respondent companies into three groups according to the AI maturity framework: leaders (24%), implementers (58%), and beginners (18%).

The proportion of leader companies increased with revenue size. Among companies with revenue exceeding $10 billion, 41% were classified as leaders, while companies with revenue between $5 billion and $10 billion accounted for 24%, and those with less than $5 billion made up only 9%.

Regionally, North America had the highest proportion of leader companies at 37%, followed by Asia-Pacific (27%), Europe (22%), South America (20%), and the Middle East & Africa (7%). By industry, the financial sector (29%), consumer goods & retail (27%), and manufacturing (24%) had relatively higher proportions of leader companies.

AI-leading companies utilized AI in finance more than three times as much as other groups, showing particularly outstanding results in research and data analysis (85%), fraud detection (81%), and predictive analytics (78%). They actively use AI in an average of six areas. Additionally, they applied generative AI to various tasks such as dynamic report generation, scenario analysis, regulatory compliance monitoring, and tax process automation.

The main barriers to AI adoption were identified as data security vulnerabilities (57%), lack of AI technology and knowledge (53%), and difficulties in consistent data collection (48%). Leader companies reported overcoming these challenges through a "value-based investment" approach that verifies ROI via pilot operations before AI adoption, as well as through education and change management.

Leader companies invest 13% of their IT budgets in AI and plan to increase this to 17% over the next three years, showing a significant difference compared to other groups (7%). In terms of human resources, over 66% of leader companies have built their own AI resources to secure talent and technology driving AI innovation in finance, and about half utilize external experts. Above all, leader companies are promoting responsible AI use through AI governance establishment and certification.

The report predicts that the proportion of AI-based financial reporting will increase significantly from the current 28% to 83% in three years. In particular, the use of generative AI is rapidly spreading, with 95% of leader companies expected to utilize generative AI within three years.

As AI is introduced across finance, the role of external auditors in governance and control activity reporting is expected to strengthen, and the need for auditors to use AI tools will also increase. Companies surveyed expect external auditors to leverage AI in various areas such as data analysis, risk mitigation and identification, fraud detection, and predictive analytics.

KPMG proposed seven strategies for successful AI adoption: ▲setting AI utilization priorities ▲establishing clear execution strategies ▲expanding the mindset of finance teams ▲investing in technology and talent ▲addressing AI adoption challenges ▲identifying potential blind spots ▲and requesting AI adoption support through external auditors.

Lee Dong-geun, Head of the Samjong KPMG AI Center, stated, “Companies need to consider AI solutions for fast and accurate closing tasks, including subsidiary consolidated settlements, and for proactive monitoring of financial and management risks,” adding, “The ‘KPMG AI Platform’ provides a wide range of services that companies need, offering end-to-end solutions from platform construction to maintenance and operation in the desired form such as cloud.”