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WHAT KEY INNOVATIONS AND TRENDS IN FINTECH ARE EXPECTED TO SHAPE THE FINANCIAL INDUSTRY IN 2025 ?
Russell Gammon , Chief Solutions Officer at Tax Systems , shares his thoughts .
The obvious answer to this question is , of course , AI – we can certainly expect to see more mainstream adoption of generative AI in 2025 . However , it may not be immediately obvious within the tax and finance world .
It is difficult to pinpoint exactly when we will see mass adoption because the pace of change is so fast . For example , you could spend time building the best support agent using the OpenAI technology today , but a future model released just months later could come and outperform what you ’ ve built . Having said this , what we have now that we didn ’ t have 18 months ago is real use cases of how AI can be used in tax and finance . So , next year , we ’ ll see these being implemented and starting to generate true value . I believe the percentage of people using AI in their day job will more than double in 2025 .
2025 will be the year of strategising , and figuring out where AI will fit within businesses . Business leaders will start to consider the blueprint for Artificial Intelligence within their workforces and decide on implementation strategies . For example , some businesses with developer capabilities in-house may consider using AI to create tailored systems for what they need , to save investing in entire enterprise systems and paying for included functions that aren ’ t utilised . In general , all companies will start to work out what processes and technology within their businesses could be improved with AI but the vast majority of businesses won ’ t begin implementing these changes within the next 12 months .
AI is not the only technology that will be shaping the finance industry in 2025 , although it will help achieve a similar goal . The innovations and technologies that will shape the next year will be those that remove the need for manual work and solve industry challenges . As a result , we ’ ll see a decline in organisations manually using excel spreadsheets . Certain technologies , such as Robotic Process Automation ( RPA ), automate repetitive , manual processes and will allow organisations to be rid of the grunt work that takes up a lot of finance professionals ’ time . RPA is well used but only in a small pocket of the industry . In 2025 , we can expect to see many companies – especially those smaller in size and without the in-house skills to implement AI – adopt RPA to improve workplace efficiency . �
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