A major shift is underway in the financial departments of large U.S. firms. GenAI is reshaping corporate finance by moving from small-scale tests to key strategic roles. A new PYMNTS report highlights how this transition is gaining speed.
The report surveyed 60 CFOs from U.S. firms with over $1 billion in annual revenue. These CFOs confirmed a strong rise in the use of generative AI (GenAI) across their departments. They now use it for core tasks like data visualization, financial reporting, and capital planning. This signals a clear shift away from routine or administrative applications.
In June 2024, 45% of middle-market firms used GenAI for medium-impact activities. That figure was just 35% in March. The technology’s role in high-value decisions is now impossible to ignore. CFOs are increasingly betting on AI to handle economic uncertainty and support faster, smarter choices.
GenAI is reshaping corporate finance in key functions. For instance, 68% of CFOs in June believed GenAI was important for financial reporting. That’s up from 37% in March. Confidence in GenAI for capital management rose from 30% to 58% over the same period.
Another finding showed that over 98% of CFOs expect GenAI to improve the industry within three years. That’s a jump from 77% earlier this year. Most say AI helps them make decisions faster, saving both time and money.
CFOs now rely heavily on GenAI tools to produce better data reports. More than 60% said they use GenAI for data visualization. This makes it the most popular use case among those surveyed.
However, the competitive landscape is changing. OpenAI’s dominance has weakened slightly. Only 20% of CFOs called it the leader in June, compared to 27% before. Microsoft, Google, and Meta are gaining ground quickly. These shifts may lead CFOs to explore new AI tools that offer more value.
Additionally, key personnel moves in the AI world are catching attention. Many experts have left OpenAI for startups like Anthropic. This adds more options for firms investing in GenAI.
In short, GenAI is reshaping corporate finance. CFOs are no longer just curious about it—they are making it a central part of their strategy.
For more business updates, visit DC Brief.
