AI Revolution in Accounting & Finance: Part 3 – Further Use Cases & Next Steps

In our previous articles we introduced the integration of Artificial Intelligence (AI) in accounting and finance and explored some key applications of AI in the industry in Australia and abroad.

In this article, we continue our investigation of key applications and consider where we go from here.

Increasing Productivity with AI Assistants

AI assistants such as Microsoft Copilot and Deloitte’s MyAssist are fundamentally changing how accounting and finance professionals work by automating repetitive tasks and enabling focus on strategic decision-making. According to Accenture, AI could increase business productivity by up to 40%.¹

The productivity gains are substantial and measurable. Microsoft reports that 70% of Copilot users experienced increased productivity, with users completing searching, writing, and summarising tasks 29% faster than before.² Government evaluations confirm these findings, with 69% of trial participants agreeing that Copilot improved task completion speed and 61% reporting improvements in work quality.³ Most impressively, users estimated time savings of approximately one hour per day for common tasks like summarisation, information searches, and preparing first drafts.⁴

These productivity improvements extend beyond individual performance to broader organisational outcomes. Following Copilot’s release, Microsoft reported an 18% year-on-year increase in revenue for 2023.⁵ Research from MIT provides further validation, showing that generative AI tools decrease task completion time by 40% while increasing output quality by almost 20%.⁶ This productivity boost is especially pronounced in sectors with high AI exposure, which are experiencing nearly five times higher growth in labour productivity according to PwC Australia.⁷

Talent Management & Training

AI is transforming how organisations manage and develop their workforce. Adaptive learning platforms like Evolve claim to accelerate onboarding by 40% and enhance efficiency by up to 30%.⁸

The benefits extend to employee retention and engagement as well. A Deloitte study found that organisations leveraging AI in performance management reported a 30% increase in employee engagement scores.⁹ This improvement is attributed to AI’s ability to provide personalised feedback and real-time coaching, fostering an environment where employees feel valued and understood.

Improving Client Experience

AI-driven tools are revolutionising client interactions through 24/7 support¹⁰ and personalised insights.¹¹ Bank of America’s virtual assistant Erica handles over 676 million client interactions annually. Erica has contributed to Bank of America’s digital interactions growing by 12% year-over-year, reaching over 26 billion in 2024.¹² Gartner predicts that by 2026, one in 10 agent interactions will be automated, up from an estimated 1.6% today.¹³ Companies using AI report a 37% drop in first response times compared to those without automation.¹⁴

The predictive capabilities of AI enhance advisory services as well. CogniCor’s AI Wealth Copilot for Advisors offers predictive capabilities that allow advisors to anticipate client needs, ensuring proactive and timely recommendations. In a case study, a firm using CogniCor’s AI platform achieved a 30% increase in client acquisition while maintaining consistent client satisfaction ratings.¹⁵

Thomson Reuters reports that AI excels at analysing data trends and patterns, enabling firms to deliver more proactive insights. Predictive analytics can identify potential financial risks or opportunities for clients, helping advisors move from reactive problem-solving to proactive strategy-building.¹⁶

The wealth management sector has been particularly transformed by robo-advisory services. For example, Vanguard’s hybrid model combines automated robo-advisory services with human financial advisors. Vanguard Personal Advisor Services manages $206.6 billion in assets, offering clients low-cost index funds and ETFs alongside personalised financial planning. The platform charges a fee of 0.30%, which is lower than many traditional advisory services.¹⁷

Where to from here?

As AI continues to reshape the accounting and finance landscape, Australian firms must strategically position themselves to harness its full potential. The path forward involves a multi-faceted approach. We see the path forward as follows:

Organisations need to invest in robust AI literacy programs for their workforce, ensuring that employees at all levels can effectively collaborate with AI tools.
Firms should focus on developing AI governance frameworks that address ethical considerations and data privacy concerns, particularly given Australia’s stringent regulatory environment.
There is a growing need for cross-functional collaboration between finance professionals and data scientists to create AI solutions tailored to specific industry challenges.
As AI automates routine tasks, firms must reimagine job roles to emphasise higher-value activities such as strategic analysis and client relationship management.

By embracing these strategies, accounting and finance executives can not only adapt to the AI revolution but lead it, setting new standards for innovation and efficiency in the global financial sector.

About the Authors

Nick Abrahams is an AI Strategist and Speaker. He is the Global Co-leader of Digital Transformation at Norton Rose Fulbright. He is also a successful entrepreneur having co-founded Lawpath, an online legal solution with more than 500,000 customers. He is an Adjunct Professor at Bond University where he teaches the popular online course GenAI Productivity Training for Executives. This short, online course is designed for busy professionals. It shows how to use GenAI immediately and safely to drive personal productivity and organisational transformation.

Ben Kende is an Associate in Nick’s team at Norton Rose Fulbright

References:

1 https://fortune.com/2023/05/11/ai-impact-work-hours-accenture-careers-tech-paul-daugherty/

2 https://www.microsoft.com/en-us/worklab/work-trend-index/copilots-earliest-users-teach-us-about-generative-ai-at-work

3 https://www.digital.gov.au/initiatives/copilot-trial/microsoft-365-copilot-evaluation-report-full/productivity

4 https://www.digital.gov.au/initiatives/copilot-trial/summary-evaluation-findings/cts-evaluation-findings

5 https://www.aa.com.tr/en/economy/microsofts-revenue-jumps-18-in-final-quarter-of-2023-with-drive-in-ai/3123455

6 https://www.science.org/doi/10.1126/science.adh2586

7 https://www.pwc.com.au/services/artificial-intelligence/unlocking-australias-growth-potential.html

8 https://evolveplatform.ai/

9 https://www2.deloitte.com/us/en/pages/consulting/articles/state-of-generative-ai-in-enterprise.html

10 https://www.nice.com/info/customer-service-chatbot