I believe there’s a delay in the finance sector adopting AI because some of the professionals think they have a conflict of interest and worry that AI might replace their jobs, so they choose to adapt slowly to it in order to safeguard their positions. I am fortunate to have a CEO, our leader, who is deeply engaged with digital technology, a visionary for the future. He encourages us to find purpose in our work beyond mundane tasks and explore new opportunities. This leadership, in my opinion, plays a significant role in why some people in the industry are slower to embrace AI technologies.

The concern here is definitely about potential job losses in finance. Some folks are just not too keen on adapting to new technologies and learning new skills. There's a fair share of traditional thinkers in our field, and that kind of resistance to change can lead to job cuts. It's quite staggering, really; there's this estimate floating around that suggests nearly half of finance functions might become irrelevant in the next three to five years. So, to tackle these challenges with AI, it's important to upskill and dip your toes into data science. Those are the main challenges I see with AI adoption.
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In my opinion, the future of finance in the Middle East for the next five years will involve a transition from transaction processing to a greater emphasis on compliance and more partnership-oriented roles in the industry. We'll see increased adoption of digital technologies by companies to enhance efficiency and a shift towards predictive analytics. A cashless economy will likely emerge, driving fintech, payment, and blockchain innovations.

Shafeeka Salim is a Finance Business Partner at Hello Chef, UAE's leading meal kit company. With over 9 years of expertise in accounting and financial management, she excels in developing financial policies, risk management, and process enhancements to ensure corporate stability. Her achievements include leading cost-saving initiatives and process migrations, contributing significantly to operational efficiency. Shafeeka's strategic approach and analytical skills have been pivotal in supporting Hello Chef's growth, showcasing her commitment to excellence and innovation in finance.

In the next five to ten years, we'll be moving away from a very traditional approach in finance towards a more structured, compliance-driven framework. This is due to new corporate taxes and regulatory measures being implemented. As a result, finance professionals in the Middle East must adapt to increased scrutiny and the need for transparent operations. It's a huge shift that requires us to be more precise in our financial reporting and decision-making.

I find AI's introduction to finance to be a game changer. It has revolutionized finance by automating tasks and improving accuracy, thus reducing human errors. It enables us finance professionals to shift from mundane bookkeeping to strategic tasks like analysis and decision-making. This transition allows for a focus on value-driven activities, enhancing the finance function's efficiency and effectiveness.

The integration of AI and digital transformation brings several challenges. The reliance on third-party data providers and the need for accurate data synchronization between different systems pose significant risks. If the data isn't accurately reflected in our systems, it can lead to substantial issues in financial management and reporting. Ensuring data accuracy and integrity is a major challenge as we move towards more automated processes, highlighting the need for robust systems to manage these changes effectively.

Abhishek Tak is a Finance Manager at GuestReady, a leading global hospitality and property management tech company. With over 9 years of experience in finance, Abhishek's qualifications from ACCA (UK), CIA (USA), and Accounting Tech (India) have been pivotal in his roles. At GuestReady, Abhishek has been instrumental in enhancing financial reporting and aligning the company with UAE tax regulations. His prior role as a tax advisor for high-net-worth individuals in the UK has honed his skills in navigating complex financial landscapes. Renowned for his pragmatic problem-solving approach, Abhishek's contributions have been crucial in driving GuestReady's financial growth and stability.

I believe the finance sector in the Middle East, particularly in the UAE, is moving towards smarter, more intelligent solutions. The UAE will continue to solidify its role as a major financial hub, with an emphasis on simplifying banking and financing processes. This advancement towards easier access to funds, powered by technological innovation, is a trend I see persisting.

AI, in my view, is an essential tool that has reshaped the finance sector, but it's critical to remember it doesn't replace the human element. While AI offers potential for efficiency and innovation, the sector's shift towards stringent KYC and anti-money laundering measures has highlighted a gap in customer service. It's a reminder that technology should augment, not overshadow, the personal touch in financial services.

The introduction of AI and digital transformation brings forth challenges, particularly in maintaining a balance between technology and human interaction. The current struggle lies in ensuring that, despite the efficiencies gained through AI, the finance sector does not lose sight of the importance of understanding and connecting with customers on a personal level. The frustrations around the impersonal nature of digital banking and the inefficiencies of the KYC process underscore the need for a more nuanced approach where technology serves to enhance, not replace, human relationships in finance.

Mark Trotter is the Founder & the Managing Director at Unified Aviation, a key player in Dubai's Urban Air Mobility sector. With more than 20 years of experience in aviation and finance across the Middle East, his career has spanned significant roles, contributing to strategic planning and business development in the aerospace industry. At Unified Aviation, his leadership & strategic insights have been vital in driving growth and innovation within the organization.

I see the future of finance in the Middle East being dominated by AI and digitalization. As businesses grow, the focus will increasingly be on how we can leverage systems to handle more of the workload, rather than simply hiring more people. This will involve a significant shift towards automating as much of the finance function as possible, which I think will not only streamline operations but also make many traditional finance roles, particularly those centered around data entry, redundant. The goal is to redeploy human capital to more strategic, value-added activities.

The introduction of AI into the finance function has definitely been a double-edged sword. On one hand, it's exciting because it allows us to automate mundane tasks and focus on more complex and value-adding activities. On the other hand, it has caused quite a bit of anxiety among finance professionals around the fear of job loss. In larger organizations, there's also some resistance from management who are hesitant to reduce or reallocate their teams. However, embracing AI and automation is crucial. It doesn't necessarily mean job losses but rather, enhancing our roles to make them more meaningful and impactful.

One of the biggest challenges we face with the ongoing digitalization and integration of AI within finance is building trust in these new systems. Many finance professionals, including myself, are used to performing numerous checks and balances because we are skeptical of the data accuracy from automated processes. The key challenge will be ensuring that the outputs from AI and digital tools are reliable and trustworthy. Once we can establish that trust, I believe we'll see much broader acceptance and a smoother transition to these advanced systems.

James is a CIMA qualified senior finance professional with over 18 years of experience, specializing as a fractional CFO in the Middle East. His background includes significant roles in global MNC and entrepreneurial ventures, where he has excelled in driving financial performance and supporting strategic decision-making. His expertise in both established and developing markets makes him a pivotal asset to companies looking to innovate and adapt in rapidly changing economic landscapes.