The conversation concludes with the assertion that AI is now a practical tool in finance, offering high-impact areas for immediate value delivery.

In a recent episode of the AI Now with Oracle video series, Miranda Nash interviewed Scott Likens, PwC's Global Chief AI Engineer, discussing AI's transformative role in the finance sector.

Likens highlighted that these factors make finance particularly well-suited for AI applications, resulting in faster adoption aimed at achieving efficiency and compliance.

PwC exemplifies this approach by implementing AI internally as 'client zero,' refining applications before offering them to clients, utilizing a 'human-in-the-loop' model for oversight.

This internal implementation includes integrating AI into audit and tax workflows to automate tasks like anomaly detection and compliance checks, enhancing operational efficiency.

He argues that governance should be integrated proactively into AI systems to foster innovation, encouraging the establishment of AI innovation councils for oversight.

Despite its traditionally risk-averse nature, the finance industry is leading in AI adoption, driven by its data-rich environment and stringent regulatory compliance needs.

He emphasized that AI integration is essential for maintaining competitiveness in finance, urging companies to rethink their data governance strategies.

Likens also noted that early adopters of AI enjoy benefits such as faster product development and market entry, advocating for a balanced approach to AI initiatives.

AI agents are emerging as advanced digital coworkers that can automate workflows and enhance compliance and risk management capabilities beyond traditional chatbots.

Despite concerns about AI's energy consumption, Likens remains optimistic about advancements in chip efficiency and greener data centers, promoting sustainable AI use.

Ultimately, the message is clear: companies must integrate AI across functions to fully leverage its potential and maintain a competitive edge in the finance sector.