Finance trails in active gen AI adoption despite broad corporate uptake: report

The report cited issues over data accuracy, security risks, and use-case selections.

Despite widespread generative AI active deployment in corporate functions, finance remains slower to adopt, according to data from McKinsey.

In a report, McKinsey said gen AI is being deployed with active users across various corporate functions, with IT leading adoption at 36%, followed by customer care (25%), HR (24%), and legal (21%).

In contrast, the finance sector lagged with only 6% reporting active generative AI deployments. McKinsey noted finance may be in "pilot purgatory" as 44% remain in the piloting phase, while 45% are still researching. 

Challenges such as concerns over data accuracy (55%), security risks (39%), and selecting appropriate use cases for investment (36%) hinder leaders in the finance sector and other areas from advancing generative AI deployment.

However, the report noted that organizations may have limited oversight or central coordination in their approach to generative AI development, with 35% that follow an enterprise-wide approach to AI investments have successfully deployed at least one use case.

Meanwhile, functions that pursued AI within a single business unit or region had a success rate of only 24%.