KPMG

KPMG Canada is investing heavily in agentic AI—advanced digital agents that can operate independently—to help Canadian businesses boost efficiency and adapt to growing economic pressures. The new Agentic AI Engine will develop and deploy AI agents across risk, tax, audit, and ESG functions, while expanding collaboration with academia and tech leaders.

Early solutions include underwriting, customer service, and due diligence agents. KPMG also launched new executive training modules with Microsoft and integrated agentic AI into its audit platform and internal systems, including KPMG Kleo. The goal: revolutionize Canadian productivity through responsible AI innovation.

Want to know more? Check out the source code here.

A new KPMG survey reveals growing interest in agentic AI among Canadian business leaders. While only 27% have deployed it, 86% consider it a top investment priority, with 57% planning adoption in six months. Agentic AI uses language models to perform tasks autonomously—handling refunds, customer inquiries, and compliance without human input.

KPMG’s Stephanie Terrill calls it “the most transformative AI” yet. Despite optimism, 55% say their workforce isn’t ready, and 89% foresee major upskilling needs. Cost, data quality, and cybersecurity remain key concerns. Still, 88% believe agentic AI will sharpen competitiveness.

Want to know more? Check out the source code on Newswire.ca.

Canada’s fintech sector secured a record $9.5 billion in 2024, fueled by major deals like Nuvei’s $6.3B take-private transaction and Plusgrade’s $1B private equity investment, according to KPMG’s H2’24 Pulse of Fintech report. Excluding these, fintech investment still doubled year-over-year, surpassing $2B.

The most active sectors included crypto/blockchain (34 deals), AI (19 deals), and payments (14 deals). Venture capital remained strong, with $1.09B invested across 90 deals, including rounds for Koho and Neo Financial. KPMG predicts continued fintech growth, though private buyouts may increase as public companies seek regulatory relief.

Want to know more? Check out the source code on Fintech.ca.

AI is transforming finance in Canada, with 82% of organizations integrating AI, outpacing the global average of 71%, according to KPMG’s latest survey. Nearly 70% report AI meets or exceeds ROI expectations. Canadian firms lead in AI adoption for tax management, but implementation remains slow.

A maturity framework identifies 25% of firms as AI leaders, with stronger investment and governance. Data security and talent shortages remain key barriers. As AI use grows, companies seek regulatory guidance, with over half expecting auditors to review AI governance. Experts stress the need for strategic AI adoption to drive enterprise-wide innovation.

Want to know more? Check out the source code on Newswire.ca.

A 9% increase in cyberattacks over the past year has elevated cybersecurity to the top growth threat for Canadian businesses, according to KPMG’s latest survey. Despite the risk, 70% of small and medium-sized businesses lack skilled cybersecurity staff, up from last year. High-profile breaches at the Canada Revenue Agency, Indigo, and London Drugs underscore the risks.

Canada faces 25,000 unfilled cybersecurity positions, though initiatives like BC’s partnership with NPower Canada, Check Point’s SecureAcademy, and Toronto Metropolitan University’s Catalyst Cyber Accelerator are striving to close the talent gap and enhance defenses nationwide.

Want to know more? Check out the source code on Techtalent.ca.

KPMG’s latest survey highlights cybersecurity as the leading threat for Canadian small and medium-sized businesses (SMBs), with 72% reporting cyberattacks in the past year. Despite this, 71% treat cybersecurity as a “tick-the-box” measure, lacking skilled personnel (70%) and financial resources (69%) for effective defenses.

The survey also shows rising concern over generative AI threats, with 75% fearing it could increase vulnerability. While 36% are raising cybersecurity investments to counter AI risks, 66% lack a ransomware response plan. KPMG’s Hartaj Nijjar stresses the importance of proactive investment to reduce long-term costs and protect business continuity.

Want to know more? Check out the source code on Newswire.ca.

KPMG’s latest Canadian CEO Outlook reveals a rebalancing between technology and talent investments. While 80% prioritized tech in 2022, that figure dropped to 59% this year, with 41% now prioritizing people. CEOs increasingly focus on AI, data governance, and upskilling to fuel long-term profitability. Many CEOs (72%) expect measurable AI returns, despite concerns over AI’s regulatory and technical hurdles.

Most CEOs envision a return to office, with 83% expecting in-office work within three years, favoring knowledge transfer and organizational continuity. Canadian tech leaders are addressing data management gaps, seeing it as vital to successful AI deployment.

Want to know more? Check out the source code here.

A new KPMG in Canada survey reveals that 59% of Canadian students now use generative AI for schoolwork, up from 52% in 2023. Although 75% say these tools improve assignment quality, two-thirds worry they aren’t learning as much. Alarmingly, 82% of students admit they claim AI-generated content as their own work, while 70% turn to AI rather than seeking help from instructors.

With educators facing pressure to set clear guidelines, KPMG’s C.J. James emphasized the importance of balancing AI use with critical-thinking skills. Students want more AI in course planning, admissions, and career services.

Want to know more? Check out the source code on Newswire.ca.

In 2023, Canadian fintech firms witnessed a notable slowdown in investments, as reported by KPMG in its latest global Pulse of Fintech. Investments plummeted to US$920 million across 109 deals, a sharp decline from US$1.29 billion in 2022.

Despite a global dip in fintech deals and values, Canada’s situation remains comparatively stable. However, this marks the second consecutive year of investment reduction since a peak in 2021.

Georges Pigeon, from KPMG Canada, predicts a critical 2024 for fintechs, as they navigate financing challenges and seek to establish themselves as sustainable businesses. Open banking legislation could potentially boost investor confidence. KPMG also notes that, despite global factors like economic slowdown and geopolitical tensions affecting investments, there’s potential growth, particularly in blockchain and web3 sectors.

Want to know more? Check out the source code on Fintech.ca.