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Transforming Project Management with AI in Financial Services

Project management is no longer about Gantt charts and deadline chases. The financial services industry, known for its precision and data obsession, has seen a quiet revolution over the last few years. Artificial Intelligence (AI), the poster child of modern tech, is now reshaping how projects are planned, executed, and evaluated in this sector. But what does this really mean for the people running these projects? Especially the professionals from the financial services sector?

As per Gartner’s survey in June 20241, the adoption of AI in finance has surged, with 58% of finance functions using the technology in 2024, a significant leap from 37% in 2023. That is a rise of 21 percentage points in a year.

The Early Adopters

A survey by the Association for Project Management (APM) involving many project professionals unearthed something noteworthy. A whopping 77% of project managers in financial services confirmed they are already weaving AI into their workflows.2 This isn't just a passing trend; it is a tectonic shift in how projects are managed.

Let us pause for a moment. That is over three-quarters of an entire profession leaning on AI. Think about it: AI has gone from being a buzzword to a functional tool on the desks of project managers in a short span.

Why is this happening? The answer is simple.

AI has proven its worth, especially in a high-stakes field like financial services where even minor missteps can snowball into significant issues. It is like hiring an assistant who never sleeps, never forgets, and always has a game plan.

Gartner Survey

Simplifying the Complex: AI’s Key Benefits

The financial services world thrives on complexity. Layers of compliance, tight deadlines, and multi-team coordination are par for the course. Enter AI—streamlining processes, flagging potential issues, and crunching data faster than you can say Jack Robinson.

The 4 main use cases of AI adoption in Finance 1:

  1. Intelligent Process Automation leads the pack, with 44% using AI to supercharge tools like RPA, streamlining information processing.
  2. Anomaly and error detection is employed by 39% to spot mistakes and outliers in data-heavy tasks like expense reports, invoices, and internal claims.
  3. Predictive Analytics, embraced by 28%, is helping finance teams craft sharper forecasts and uncover insights that drive smarter decisions.
  4. Operational assistance and augmentation are leveraged by 27% of finance functions, enabling systems to mimic human judgment in key processes.

Apart from the above standout use cases, AI is transforming the following processes 3:

  • Resource Optimization:
    AI tools do not just allocate resources—they balance them. By factoring in variables like availability, skill sets, and timelines, these tools ensure that everyone is working smarter, not harder. No more Friday panic meetings because three people are tied up in unrelated tasks while a critical milestone looms.
  • Credit Risk Management: 
    Financial services organizations face enormous pressure with credit risk. Think of AI as a crystal ball for lenders. By going through extremely large and complex datasets, it forecasts the likelihood of a borrower defaulting. The shift from intuition-based decisions to data-driven insights is reshaping the way loans are approved. AI digs deep, helping banks cut down on losses while opening up opportunities for borrowers who might otherwise get overlooked.
  • Customer Engagement:
    AI chatbots are stepping in as the tireless assistants, providing instant, tailored responses to inquiries and even generating investment insights that align with customer interests.
  • Document Processing:
    AI tools summarize lengthy reports and contracts in seconds, pinpointing critical details like clauses, risks, and agreements without breaking a sweat.

Let us not forget the grunt work either. Financial projects often involve analyzing endless streams of data. AI automates data extraction and analysis, freeing up project managers to focus on strategy rather than spreadsheets4. Believe it or not, AI is reshaping the future of finance, one algorithm at a time 

My Experience

Picture this: A large-sized financial services firm embarks on an ambitious initiative to integrate digital payment solutions across all of their branch locations.

The timeline? Aggressive.

The stakes? High.

Before AI, this would have been a logistical nightmare. Cross-department coordination, vendor management, compliance checks—each step prone to human error. But with AI, the story unfolds differently. Predictive algorithms identify potential delays before they occur. Chatbots handle routine vendor queries, and compliance checks are automated to ensure that every regulation is ticked off.

The result? A project that not only finishes on time but also under budget. And no one had to pull a dreaded all-nighter to make it happen.

The Pros and Cons

Of course, AI is not a silver bullet. Its adoption comes with its own set of challenges. For one, not every team is ready to embrace it. There is a learning curve, and some employees might be wary of what they see as a “job threat.”

Moreover, AI is only as good as the data it is fed. Poor-quality data can lead to flawed insights, which is the last thing you want in a financial project. And let us not even start on the costs of implementing these systems—budget approvals for AI tools can be a battle in itself.

Still, for all its limitations, the potential of AI far outweighs the hurdles. It is less about replacing human roles and more about leveraging a powerful tool to enhance project management capabilities. Think of AI as your go-to teammate for heavy lifting.

What This Means for You

If you are into project management, the question is not whether you should adopt AI—it is how quickly you can make it happen. Start small. Introduce AI in one area, measure the impact, and expand from there. There is no need to overhaul your entire system overnight. The key lies in smart integration.

For other IT professionals, this is your cue to dive deeper into AI’s capabilities. Understanding how to build and fine-tune AI tools could put you at the forefront of this transformation.

And for those who aren’t sure of AI’s impact, let me ask you this: Would you rather stick to old methods and risk falling behind, or adapt and position your team for future success?

The Road Ahead

AI is not just a tool; it is a partner in modern project management. For the financial services sector, where precision is paramount, this partnership is proving invaluable. From predictive analytics to resource optimization, the benefits are tangible—and they are only growing.

So, the next time you hear someone say, “AI is changing the game,” know that they are not exaggerating. It is already here, reshaping the way we approach challenges, one project at a time.

What is your take? Ready to give AI a seat at the table?

Building the Future

BBI is uniquely positioned to prepare businesses for the AI revolution, given our data engineering focus—we are designed to build a solid data foundation. Our in-house tooling and accelerators speed up projects, reduce costs, and minimize errors. We are ready to ensure you can take advantage of every new breakthrough—let us build together.

References:

  1. The Current state of AI use within Finance, Gartner Report, August 2024
  2. Artificial Intelligence Adoption in Financial Services, International Journal of Services Operations and Informatics, January 2022
  3. Association for Project Management: Grand Challenges and Disruptive Technologies in Major Programmes, July 2023
  4. Artificial Intelligence in Project Management, APM, June 2022