Automation in Finance: Looking back at 2024 and Expectations for 2025
Press Release | February, 2025
In 2024, the finance sector made great strides in automation and AI-driven processes. However, research by Dutch software developer Klippa found that more than 60% of finance professionals were dissatisfied with the current level of automation. So, what were the key developments in 2024 and which trends will continue in 2025?
2024: A year of growth and challenges
The past year was dominated by improved AI integrations, making financial processes faster and more accurate. Dutch finance professionals played a leading role in advocating for further automation. The survey, ‘The State of Automation in Finance 2024’, 76.5% of respondents were in favour of more investment in technology.
Key insights from the research:
– Limited knowledge hinders progress
– Many finance professionals are reluctant to move to further automation due to a lack of expertise.Accounts payable is lagging behind
– more than half of finance departments have not yet automated this process.Fraud remains a problem
– duplicate and fraudulent invoices are still too common.Payment discipline improves
– 72% of companies pay most invoices on time.
What will 2025 bring?
With the increasing adoption of AI and RPA (Robotic Process Automation), companies are expected to continue to invest in smart technologies in 2025 to increase efficiency and minimize errors. However, the challenge is to close the knowledge and adoption gap within the industry.
In 2025, it’s not just about more automation, but smarter automation. AI and RPA can unburden and strategically strengthen finance teams, but without the right knowledge and adoption, the potential remains untapped. The companies that invest in both people and technology will gain the biggest advantage.
2024 showed that the financial sector is becoming increasingly digital and that the benefits of automation are being increasingly recognized. Despite this progress, there are still obstacles to overcome. The future of automation in the sector lies in combining technology with human expertise. Investment is crucial to take the necessary steps towards this future. This is the only way to make the right developments and further accelerate the digital transformation in 2025.
About Klippa
Founded in 2015, Klippa is a globally recognized provider of intelligent document processing solutions. By employing cutting-edge technologies such as AI, OCR, and machine learning, Klippa helps organizations around the world to process and manage documents more efficiently. Headquartered in the Netherlands, Klippa operates in various industries, including finance, logistics, healthcare, and retail.
About the Research
The Automation in Finance 2024 report is the result of a comprehensive survey of 246 finance professionals active in the UK (34.6%), the Netherlands (32.9%) and Germany (32.5%). Finance managers (16.3%), CFOs (9.8%), finance controllers and analysts (both 4.5%) are the most common positions occupied by respondents to the survey.
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Aila Kubat – PR Marketeer
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