November 14, 2024
Human vs Machine: Research Finds UK Businesses Divided on Financial Function Preferences – FF News #UKFinance

Human vs Machine: Research Finds UK Businesses Divided on Financial Function Preferences – FF News #UKFinance

CashNews.co

New research by cloud-based accountancy software, bluQubehas revealed that 71% of senior directors from UK SMEs deem AI, machine learning, and automated analytics effective in supporting financial operations and decision-making.

While the report, titled Balancing the Human Touch in the Age of AIfound a growing acceptance of advanced technologies in the finance sector, it also revealed the desire for human expertise for complex tasks and customer support.

The directors shared an almost even split between their preference for AI or humans to complete administrative tasks. For payroll, 35% preferred automated solutions, while 42% favoured human interaction, and 23% had no strong opinion. Similarly, for tax functions, 37% opted for automation and 41% preferred human support, with just 22% having no strong opinion.

However, when it comes to accounts, there’s a clear preference for human expertise with 44% of senior directors preferring human interaction for accounts – the highest of all accountancy functions.

Rob Swan, operations director at bluQubecommented: “These findings show that businesses are embracing technology for its efficiency and accuracy in routine tasks. While AI should be able to take over many routine jobs in 10 years, specialised roles requiring decision-making will still need a human touch.

“Everyday tasks in financial services, such as data entry, transaction processing, and basic customer queries can be effectively managed by AI. However, this divide amongst UK SMEs highlights the importance of striking the right balance between technological efficiency and human insight. While AI excels at data processing and routine tasks, human professionals bring critical thinking and strategic planning to the table.”

The report also underscores the continued importance of human-delivered support, with 79% of companies considering guaranteed access to a support team staffed by people a key factor in their decision to purchase financial services software.

Swan continued: “AI is evolving at a healthy pace and is already benefitting businesses in several ways. However, strategic planning requires human understanding and involvement. The future of finance lies in leveraging AI’s capabilities while maintaining the irreplaceable human elements of critical thinking, relationship building, and personalised support.

“As technology advances, businesses must embrace a hybrid approach where AI enhances rather than replaces human expertise in finance. The true impact of AI remains yet to be seen, but one thing is clear: those who adapt will thrive.”

Leave a Reply

Your email address will not be published. Required fields are marked *