AI coming for your money? Who keeps watch as tech becomes new financial advisor

Artificial Intelligence is starting to play an increasingly important role in the financial industry. A recent KPMG report found that active AI use in finance has more than doubled since 2024, with 75% of organizations now incorporating AI in financial planning.

For individuals, AI could help with tasks such as estimating tax liabilities and providing explanations for changes in financial information. However, AI is not able to make judgement-heavy decisions like tax positions or treaty interpretations, which still require human expertise.

In the corporate world, AI is being used to handle data-heavy finance tasks such as bookkeeping, reconciliation, and compliance. This can lead to faster processing, fewer manual interventions, and quicker book closures. It is also allowing finance professionals to focus more on analysis, forecasting, and business decisions.

However, while AI can assist with preparing tax positions or analyzing investments, it does not automatically become the authority responsible for final filings or decisions. Human intervention and governance frameworks are still crucial for ensuring accountability and regulatory compliance.