68% of CFOs See GenAI as Crucial for Financial Reporting

Generative artificial intelligence (GenAI) is gaining attention across industries, as 65% of firms say they are already using the technology.

According to a PYMNTS Intelligence report, “Outlook 2025: CFOs Envision Growing Role for Generative AI in Finance,” CFOs are adopting GenAI in finance for strategic and financial tasks. The report, which surveyed 60 CFOs at U.S. companies with more than $1 billion in revenue, examines how the technology is changing financial operations.

GenAI’s Strategic, Financial Use Is Growing

The use of generative AI in finance is growing, with CFOs using the technology for higher-impact tasks. According to the report, the percentage of CFOs using GenAI for medium-impact activities jumped from 35% in March to 45% in June this year. Among the most common applications, over 60% of CFOs reported using GenAI for creating data visualizations and reports, which helps improve the clarity and accessibility of complex financial data.

By June, 68% of CFOs saw it as crucial for financial reporting, up from 37% in March, while 58% viewed it as vital for working capital management, compared to 30% from earlier. The technology’s role in areas like working capital optimization and strategic decision-making is expanding, although its impact on corporate governance and compliance has slightly decreased. These shifts highlight AI’s growing influence on data-driven financial strategies.

CFOs Hold High Expectations for GenAI

As GenAI becomes more integrated into financial operations, CFOs are optimistic about its potential. According to the report, nearly all CFOs surveyed — 98% of them — predict the technology will positively impact their industry over the next three years, particularly by accelerating decision-making. This is a significant increase from the 77% who shared this view in March. Additionally, CFOs’ expectations for GenAI’s long-term contributions have surged across multiple areas, including faster time-to-market, improved customer experiences, and enhanced product innovation.

According to the report, 71% of finance departments investing in GenAI report increased worker productivity, and 54% have found the technology improves their ability to use data for decision-making. These findings underscore the business impact of GenAI, not just in automating tasks but also in reshaping how businesses approach financial strategy and performance.

As more CFOs use GenAI for tasks like reporting, capital management and strategic decision-making, the technology is becoming a key driver of more efficient, data-driven operations, allowing companies to stay competitive.

How CFOs View the GenAI Horse Race

The landscape of GenAI providers is changing as firms vie for market dominance. While OpenAI’s ChatGPT remains synonymous with GenAI for many, the rise of new players is causing a shift in CFOs’ perceptions. Notably, the exit of several top executives from OpenAI earlier this year, including Greg Brockman and John Schulman, has fueled speculation about the company’s future. As a result, the report found that only 20% of CFOs now consider OpenAI the leader in GenAI, down from 27% earlier this year.

Competitors like Microsoft, Google, and Meta are gaining ground, with Microsoft now ranked second by 18% of CFOs. This gives CFOs more options for GenAI solutions, allowing them to tailor investments to business needs. As the landscape continues to change, CFOs are using flexible strategies to maximize ROI.