Finance Fintech News

PayEm’s New Survey Demonstrates Financial Industry Still Lags in Technological Adoption and Highlights Need to Modernize Spend Management and Financial Operations in 2025

PayEm’s New Survey Demonstrates Financial Industry Still Lags in Technological Adoption and Highlights Need to Modernize Spend Management and Financial Operations in 2025

Nationwide Survey Reveals That 86% of Financial Professionals Still Rely on Excel and 75% Use Manual Reviews and Approvals Rather than AI or Automated Solutions

PayEm, a leader in financial technology solutions, 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. 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,” says Itamar Jobani, Founder and Chief Executive Officer 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.”

“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”

Read More: Keeping up with AI in Accounting: 5 Crucial Skills to Learn

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 The responses were reflective of the use of outdated tools like excel.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. 78%* 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,” continues Jobani.

Read MoreGlobal Fintech Series Interview with Frank Pagano, Executive Sales Director at VizyPay

[To share your insights with us, please write to psen@itechseries.com ]

Related posts

Matrixport’s Cactus Custody Partners with ConsenSys’ MetaMask Institutional to Offer Institution-Compliant Custodian Services

Fintech News Desk

Advisor Group Announces Organizational Realignment To Accelerate Delivery Of Industry-Leading Technology, Platforms And Tools To Financial Professionals Across Recently Acquired Ladenburg Firms

Fintech News Desk

Abu Dhabi: The Capital of Capital Ends 2023 with ADGM as the Region’s Fastest-Growing IFC

PR Newswire
1