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Global Fintech Series
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The AI Paradox: Artificial Intelligence Supporting Business Growth While Fueling Fraud
- AI and automation are transforming business priorities, with a BILL survey highlighting AI's role in improving cash flow and combating fraud.
- The report reveals that businesses are increasingly leveraging AI to enhance financial operations and adapt to economic uncertainties.
- AI is seen as crucial for finance leaders in decision-making, from fraud prevention to automating tasks and adapting operations.
- 92% of businesses are concerned about fraud, with AI playing a dual role as both an enhancer and a risk factor for fraud detection.
- Established businesses show more enthusiasm for AI adoption, with over 70% believing in AI's potential to strengthen financial forecasting.
- AI is perceived as a facilitator for startups, with the majority seeing it as easing the process of starting a new business and surviving the initial years.
- Businesses are focusing on smart cash flow management strategies, including diversifying suppliers, adjusting prices, and accelerating automation.
- Many businesses aim to go paperless by 2026, with improved cash flow visibility considered essential for faster response to opportunities.
- Due to an accounting talent shortage, businesses predict higher accounting service costs and are preparing for increased in-house accounting work.
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