- 78% of global business and technology leaders reported that their use of artificial intelligence (AI) has helped improve fraud detection and risk management.
- 56% said they are scaling or fully implementing AI, and 45% plan to increase investment over the next two years.
- High implementation and maintenance costs and lack of in-house expertise are slowing wider adoption.
Global business and technology leaders are already seeing benefits from the use of AI and automation, with over three-quarters (78%) reporting measurable improvements in the ability to detect fraud and manage risk after their organization’s integration of the technology. This is according to “The Harmony Gap: Finding the Financial Upside in Uncertainty” report, published in full today by global financial technology leader FIS® (NYSE: FIS) in collaboration with Oxford Economics.
With a preview of the findings released on April 10, the full report delves further into the use of AI by businesses to combat the sources of financial, operational and technological disharmony, defined as disruptions and inefficiencies across the money lifecycle.
To combat this disharmony, businesses across a range of industries are adopting AI, with 56% of the leaders surveyed reporting that their firms are either scaling or fully implementing AI to support financial processes. Encouraged by early results, particularly in fraud mitigation, nearly half of the businesses surveyed are planning to double down: 45% of respondents say their firm intends to increase their investment in AI over the next two years, signaling strong, long-term confidence in the technology’s value.
Yet barriers to AI adoption remain. High implementation and maintenance costs are the top concern, cited by 73% of respondents, while 64% say there is a lack of in-house expertise and a further 58% report difficulty integrating the technology with existing systems. These financial and strategic challenges are preventing broader integration of AI across organizations, despite interest in using AI and growing awareness of its potential, according to the study.
Firdaus Bhathena, chief technology officer at FIS, commented: “As threat actors adopt AI to commit fraud, it becomes increasingly important for businesses to employ AI to combat these sophisticated threats across the money lifecycle to help drive efficiency and bolster security. While AI can have benefits, challenges in adoption such as financial and leadership hurdles are slowing down scalability despite optimism, based upon early uses in areas like fraud detection.”
“Ultimately, overcoming these barriers and harnessing AI’s potential requires strategic investment, rigorous cybersecurity, empowered employees and strong leadership,” added Bhathena. “It’s about moving from acknowledging AI’s value to embedding it into the fabric of daily business operations.”
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The Harmony Gap report can be found here.
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