Time, training significant blocks to tech adoption

People want to use AI more effectively, but they’re too busy to learn how. 

Nearly one in five finance professionals (17%) cite limited time or resources to learn new tools as the top roadblocks to AI adoption, according to a recent survey from finance solutions provider insightsoftware [sic]. This then informs other worries that block AI adoption, such as concerns around data accuracy and privacy (21%). It also informs what the report called a “confidence gap” when it comes to AI. While the poll found 58% of finance professionals view AI as essential to their work, only 39% feel confident using the technology at all. The report noted that this, plus other data, reflects a cultural problem, not a technical one. 

“Layer on the 13% who worry about job displacement and the 8% citing high costs, and it becomes clear that adopting AI isn’t just a technical challenge, it’s a cultural one. Teams need more than access to software; they need the bandwidth, reassurance, and guidance to integrate these tools into their daily work confidently,” said the report. 

The report recommended that people invest in training and upskilling programs that combine technical and cultural change, build governance frameworks that ensure transparency, accuracy, and trust, and empower early adopters to serve as internal champions driving grassroots momentum.

The data calls to mind another recent study from Big Four firm EY, which found that while 94% of respondents say digital compliance tools are extremely or very important to expanding team capacity and effectiveness, almost half of respondents, 47%, cited a lack of time as the primary barrier to adopting advanced technology solutions. We can see a similar effect when looking specifically at AI: the report found that only some compliance teams reported actively preparing to implement AI technologies, with 44% of decision-makers indicating they are training existing staff and 30% seeking to recruit new talent with AI experience.

Basically, said the report, compliance professionals are too busy handling their current challenges to acquire and learn new tools that would help them handle their next challenges. And that’s just new tools. Teams are also having trouble maintaining the ones they already have. The poll found 89% of teams admit they face challenges keeping their digital tools up to date, which EY said highlights the need for a unified, scalable approach rather than fragmented solutions.

“Teams do not have the capacity to operate the day-to-day of compliance programs while undertaking a digital compliance transformation. A modular approach allows teams to focus on a critical area and build on it,” said Gary Burke, global integrity and compliance leader with EY. 

Examples include a third-party risk management application that can also perform payment monitoring or a risk assessment tied into policy management and employee education.