The Association of Financial Professionals has published research into technology adoption by corporate treasury and finance executives. The study found enthusiasm for blockchain, AI and robotic process automation, but few are implementing.
“The gap between enthusiasm for emerging technologies and implementation is very troubling,” said Jim Kaitz, president and CEO of AFP. “These technologies are disrupting every organization — especially the finance function.”
“If treasury and finance do not embrace these emerging technologies and implement them to help make their organizations more successful, they risk being left behind by innovators inside and outside their organizations.”
The survey of 708 executives found that only 6% of firms are using blockchain and distributed ledger technology (DLT). AI adoption was 11%. And 79% have no plans to adopt blockchain (AI 70%).
Some of these technologies could make jobs obsolete. 41% of respondents believe treasury and finance staff have not considered the possibility and 34% have some concern, with 7% very concerned. The balance of 17% believe they have the skills to leverage the technology.
“Embracing new technology can be daunting but it is the only way forward,” said Martin Bellin, Founder & CEO of BELLIN. “The world of treasury and finance has a unique opportunity to not just keep pace with new trends, but to be a driving force behind them.”
Despite the lack of adoption, there are several trade finance consortia working on blockchain projects as well as those outside of consortia such as Tradeshift.