This week, Fintech PayEm released today the results of exclusive research that reveals that 86% of financial professionals still rely on Excel for budgeting and forecasting and 75% use manual reviews and approvals rather than AI or automated solutions. PayEm said these statistics demonstrate the technological gap that currently exists in the financial industry and the critical need to modernize spend management and financial operations in 2025.
“Comparing the rate of technological adoption in other industries and seeing the discrepancy in the financial industry is uncovering a tremendous opportunity for growth and expansion in the financial sector,” said Itamar Jobani, founder and CEO of PayEm. “The industry will benefit tremendously from AI and automation since the technology provides efficiency and transparency across businesses that is just not possible without them.”
In the new report, PayEm surveyed 270 finance professionals from diverse roles, industries, and organization sizes. Roles ranged from accounting managers to CFOs across 25 industries, including banking, healthcare, and manufacturing. Organization sizes varied from small businesses to large enterprises.
Respondents stated that some of the challenges when managing spend included manual and inefficient processes (55%) and breaking the budget or lack of budget performance (35%). The responses were reflective of the use of outdated tools like Excel. Without clear, real-time insights that automation and AI provides, tracking expenditures accurately, enforcing budgets, and making informed financial decisions becomes difficult. This lack of transparency can lead to overspending, inefficiencies, and missed opportunities for cost optimization.
The survey noted that the most important factor in implementing new technologies was cost effectiveness, with 80% of executives stating cost as their main concern. A similar percentage, 78%, of respondents also expressed that ease of integration with existing systems was critical to the implementation of new technology.
“Many organizations hesitate to adopt new solutions, fearing substantial initial investments and intricate integration processes. However, these challenges are often overstated, especially with the availability of scalable, subscription-based SaaS solutions,” Jobani concluded.
Respondents could pick multiple responses to some questions.
