Citizens Survey Finds Mid-Size Companies, Private Equity Firms are Embracing Artificial Intelligence
13 12월 2023 - 11:01PM
Business Wire
99% of respondents agree that AI will become an
essential tool for business operations
Mid-size companies and private equity firms are embracing
artificial intelligence by implementing the technology to assess
data, automate processes and streamline financial operations,
according to a new survey from Citizens released today.
Seventy-six percent of mid-size company Chief Financial Officers
report that they are already using AI and applying it in various
ways. Private equity firms are even further ahead of the curve,
with nearly 100% of PE decision-makers reporting AI use. Notably,
leaders in both groups acknowledge the transformative potential of
AI technology with 99% of survey respondents saying that AI will
become an essential tool for business operations.
“Mid-size companies and private equity firms are increasingly
turning to AI technology to automate processes and improve
efficiency within their financial operations,” said Beth Johnson,
Vice Chair and Chief Experience Officer at Citizens. “As AI
transforms mid-size companies, Citizens is being very thoughtful
about how we implement these new tools and guide clients through an
evolving technology landscape.”
The Citizens survey of 127 CFOs at mid-size businesses ($50
million to $1 billion annual revenue) and 77 financial leaders at
PE firms (fund size less than $1.5 billion) was conducted in
September 2023 and focused on how companies and private equity
firms are thinking about AI technology and implementing AI within
their financial operations. Key findings include:
- PE firms are realizing the benefits of AI and increasing
their investments in the technology. Eighty-one percent of
financial decision-makers at PE firms say using AI has made
business easier. By comparison, only 45% of CFOs at mid-size
companies say the same. Additionally, 85% of PE decision-makers
expect to increase their level of AI investment over the next five
years, compared to just 58% of CFOs at mid-size companies.
- CFOs are driving AI adoption at mid-size companies. CFOs
typically lead the way when deciding if a mid-size company will use
AI. The survey found that CFOs lead 87% of AI implementations for
financial processes. Chief Information Officers come in a distant
second, leading 41% of such efforts.
- Mid-size companies are using AI for cash flow forecasting
and financial analysis. Of the 76% CFOs that report already
using AI, more than half are applying the technology to cash flow
forecasting and financial analysis. However, use cases vary by
industry and span a wide array of applications from risk assessment
to customer support and fraud detection. For example, while
slightly fewer than half of all mid-size companies rely on AI for
payment automation, 75% of health care companies use it for that
purpose.
- Mid-size companies and PE firms using AI have concerns about
potential risks. Concern about AI risk factors varies notably
from industry to industry but, overall, legal compliance is the top
concern for mid-size companies, followed closely by magnification
of errors and privacy violations. Private equity firms are most
focused on privacy violations, followed by legal compliance.
To see more results from Citizens’ survey on AI trends in
financial operations or learn more about the survey methodology,
please click here.
Citizens is a trusted strategic and financial adviser,
consistently delivering clear and objective advice. The Citizens
approach puts clients first by offering great ideas combined with
thorough market knowledge and excellent execution, to help our
clients enhance their business and reach their potential. For more
information, please visit the Citizens website.
About Citizens Financial Group,
Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and
largest financial institutions, with $225.3 billion in assets as of
September 30, 2023. Headquartered in Providence, Rhode Island,
Citizens offers a broad range of retail and commercial banking
products and services to individuals, small businesses,
middle-market companies, large corporations and institutions.
Citizens helps its customers reach their potential by listening to
them and by understanding their needs in order to offer tailored
advice, ideas and solutions. In Consumer Banking, Citizens provides
an integrated experience that includes mobile and online banking, a
full-service customer contact center and the convenience of
approximately 3,300 ATMs and approximately 1,100 branches in 14
states and the District of Columbia. Consumer Banking products and
services include a full range of banking, lending, savings, wealth
management and small business offerings. In Commercial Banking,
Citizens offers a broad complement of financial products and
solutions, including lending and leasing, deposit and treasury
management services, foreign exchange, interest rate and commodity
risk management solutions, as well as loan syndication, corporate
finance, merger and acquisition, and debt and equity capital
markets capabilities. More information is available at
www.citizensbank.com or visit us on Twitter, LinkedIn or
Facebook.
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version on businesswire.com: https://www.businesswire.com/news/home/20231213895884/en/
Frank Quaratiello 617.543.5810
frank.quaratiello@citizensbank.com
Citizens Financial (NYSE:CFG)
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