The coming years are not going to be easy for finance leaders, especially when it comes to identifying the technologies that are set to transform the financial agenda.
From the rise in digital banking to changes in software and infrastructure, there are a whole host of innovations out there that look set to turn the world of finance upside down. This article will explore exactly what they are.
According to The Financial Brand, a huge amount of cash – $50bn to be precise – gets invested in financial technology firms every single year. One of the consequences of this has been the explosive rise in digital-only offerings from banks such as Monzo, Starling and more, which strip out the traditional institutional look and feel of a bank for an online-only, app-based service.
Any business with a finance operation (so, in sum, all businesses!) will find that this changes customer demand over the coming years: consumers are likely to start demanding more instantaneous transactions that they can control and monitor using intuitive and personalised data dashboards. Any business that offers some sort of financial product will experience this acutely.
When it comes to decaying infrastructure and switching it up for the modern world, banks are leading the way – down, in large part, because they have to. The Monzos of this world are operating lean and highly efficient systems that are data-fuelled and automation-friendly, and traditional banks are starting to do the same.
To a finance leader, this shift is a double-edged sword: for your firm, as a customer of financial services, you’re likely to see benefits such as customer-centred banking interfaces that help you understand your financial position more quickly and easily.
However, as a provider of financial services such as payroll, you’ll soon be at a competitive disadvantage if you don’t upgrade your financial management software to one that can monitor for inefficiencies, allow users to be placed at the heart of everything, and more.
Connected working isn’t just a buzzword: it’s a shortcut to lower costs and higher revenues, and a way to turn around your organisation’s infrastructure to make it more efficient. In short, everyone is going to have to act fast to start running a lean financial operation!
One particular area of the changing infrastructure scene is the cloud. Cloud technology is offering finance leaders the chance to change their finance function for the better, especially when it comes to accounting.
Subscription based software as a service accounting tools mean you can see your overviews as well as detailed financial data from wherever you are, while remote and real-time spreadsheet collaboration is made simple.
Finance is an ever-changing beast, and it’s one that many people have earmarked as a dynamic and fluctuating sector. For a finance leader, developments such as digital-only banks and adapting infrastructure pose both opportunities for change and challenges to current dominance. However, by working hard to incorporate them into your plans, you’ll quickly be able to get ahead of the curve.
One strong way to get on the front foot when it comes to technology is to do your research into our financial software packages.