Half of finance AI projects to be delayed or cancelled by 2024

New Delhi : As the banking and financial institutions adopt artificial intelligence (AI)-driven technologies globally, half of current finance AI deployments will be either delayed or cancelled by 2024, a new report has forecast.
At the same time, the use of business process outsourcing (BPO) for AI will rise from 6 per cent to 40 per cent within two years, according to Gartner.
CFOs face major barriers to scaling up the use of AI in-house and will increasingly turn to business process outsourcing (BPO) solutions to meet their digital transformation objectives, the report noted.
“While finance departments have made reasonable progress in laying the groundwork for AI, the challenges come when attempting to scale up solutions that can manage the complexities of function-wide use,” said Sanjay Champaneri, senior director analyst in the Gartner Finance practice.
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Digital automation in finance often fails to meet the expected benefits outlined in business cases for deploying such technologies.