RSM/IFOP AI Survey: Is generative AI a challenge for executives and their financial departments?

RSM France, a member of the 6th largest international network for audit, accounting, and consulting, entrusted IFOP with a survey on the adoption of generative AI within corporate finance functions. Conducted with 400 executives from French companies with 100 or more employees, the survey sheds light on several key findings:

Maturity on the Topic – Only 5% of executives report already using generative AI in their accounting and financial processes. In contrast, 76% claim to have never used it and have no intention of doing so.

CFOs vs Executives – Chief Financial Officers (CFOs) are more interested in the possibilities these technological innovations offer. 29% of them intend to use it in the future, compared to only 8% of executives.

Challenges Identified – In the context of the rising prominence of generative AI, data security and the protection of financial data emerge as the main challenges identified by companies.

National AI Strategy – The survey also reveals a significant lack of awareness regarding public programs promoting the adoption of AI in the economic sector since 2018.

As a key player in supporting French mid-sized companies in finance, strategy, risk management, and technological innovation, RSM France surveyed companies with 100 or more employees about their use of generative AI in accounting and financial processes. The findings indicate that generative AI is still rarely used and raises many questions about the upcoming challenges for financial departments.

A cautious adoption of Generative AI in companies

Executives and financial and accounting departments in French companies are generally very cautious about adopting generative AI solutions. In fact, only 5% of respondents report already using generative AI. This figure rises to 8% for large SMEs with 200 to 249 employees.

In this context, 76% claim to have never used generative AI and have no intention of doing so. The lack of adoption is particularly pronounced among general management and accounting departments (80%), in the retail sector (81%), and in companies located in Île-de-France (80%).

Bertrand Dufour, Partner at RSM in charge of Expertise and a specialist in startups and tech companies, moderates this result:

"Many executives claim they have never used generative AI and have no intention of doing so. However, many accounting and financial tools already incorporate both traditional and generative AI solutions without us being aware of it! Within departments, the issue is mainly about education and change management."

In this regard, administrative and financial departments stand out with a more open stance on the topic. A total of 35% of them already use or plan to use generative AI (vs. 22% on average). There is also slightly more enthusiasm in the services sector (24%) and in large mid-sized companies / large enterprises (26%).

The perceived impact of Generative AI on financial activities in companies

The emergence of generative AI raises several concerns among executives. In the medium term, the main challenge identified is the security and protection of financial data in the AI environment, cited by 61% of respondents. This figure approaches two-thirds in the services sector and for large SMEs / small mid-sized companies (200 to 499 employees).

The second challenge (cited by 41%) concerns the integration of AI technical solutions suitable for accounting and financial activities. To a much lesser extent, the need for external support is mentioned by 25% of executives and CFOs surveyed, followed by potential changes in HR policies such as layoffs, training, hiring, etc. (22%).

In light of these relatively mild concerns, Jocelyn Grignon, Partner at RSM, a specialist in "regtech" and supporting large groups, analyzes:

"The apprehension and lack of understanding within companies are legitimate in the face of the new challenges created by the emergence of generative AI. It is, of course, crucial to prioritize the protection of strategic data, not only to comply with regulatory standards but also to maintain client trust. However, this should not hinder the exploration of its potential for finance professions and its thoughtful and structured adoption in the coming years."

With this in mind, he launched the RSM AI Lab in early 2024 to engage with all employees on these upcoming changes in financial functions.

Lack of awareness regarding public funding programs for AI development in companies

With a deadline set for 2025, the government's "National AI Plan" has made numerous funding programs available to French companies since 2018 to support innovation in generative AI. However, the survey reveals that only 16% of respondents are aware of these programs promoting the deployment of generative AI. More specifically, some groups report being more informed, such as business owners (23%) and respondents from small and medium-sized mid-sized companies with 250 to 499 employees (24%).

Is there a specifically French delay in adopting Generative AI?

In a similar survey conducted in November 2023 with UK middle-market companies, RSM UK reports that 45% of respondents are using generative AI in at least one department of their company, and only 6% have no intention of using it in the future. While RSM UK’s survey does not focus solely on financial activities, the adoption gap seems considerable: 80% of executives in French companies state that they "do not use generative AI and do not intend to" in the context of their financial activities.

This perspective suggests that French companies will inevitably accelerate their integration of generative AI across all their processes (both financial and non-financial). As highlighted by the AI Commission in its first report published in March 2024, this is to seize its “major economic potential” and, provided the barriers to innovation specific to the French market are overcome: “lack of understanding of the underlying technological issues of AI and its potential effects on society,” “collective aversion to risk, which leads us to avoid investments in unproven technologies and business models.”

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