It’s not been an easy ride for the Chief Financial Officer (CFO) over the past couple of years – economic uncertainty, increased regulation and an ever-pressing need to cut costs and grow revenue has taken its toll. And with innovation continuing to buffet the workplace, upending business models and increasing customer demand, it’s no surprise that CFO turnover is on the up.
Financial services, as we enter 2020, have never been more open to innovation, collaboration and transformation, as established banks are challenged to adapt, like it or not. Worldwide, and especially in countries in which access to financial services was previously limited or nonexistent, financial technology is offering a bold and exciting new world to those financial firms that will employ it. What are the probable trends in the coming months?
One of the most common perceived concerns when adopting the cloud is the issue of security. For organisations like banks, safeguarding customer data is priority number one, so security is always going to be a primary consideration when implementing new technology.
Chief financial officers’ talents are too often lost to mundane, routine tasks that do not add much value to their important positions as their CEOs’ main advisers. Fortunately, technological innovations are removing much of the burden, freeing CFOs to fulfill their roles as prime movers and shakers, guiding their companies to new heights. Cloud technology, enterprise resource planning and artificial intelligence are proving to be time-saviors for today’s busy CFOs.