We’re already embarked on the transition, yet it remains to be seen what the future will create with new capabilities that are being developed. Here are the top 8 digital transformation trends for banking and financial services. Do not delete! There is ample historical evidence that innovation does not destroy jobs. With decades of strategy experience and data-driven insights, we accompany clients on a journey to understand the opportunities and threats digital transformation will bring to their industries. With Finance’s work and workforce becoming each day more influenced by and dependent on new technologies, our Digital Finance Strategy methodology serves as guidance for organizations to build a solid foundation for their digital journey. None of us knows for certain what the future will hold, but we all have a responsibility to be thinking about what’s likely to happen, and to prepare for it. The Deloitte Africa Center for Corporate Governance offers a number of resources for executives, directors, and others who are active in governance. Similarly in the 1980s, secretaries were one of the largest categories of employees with entire rooms of typewriters and filing cabinets. That’s not likely to happen without a clear vision and strategy for Finance in a digital world. As employees perceive that digital transformation could threaten their jobs, they may well push back both consciously and unconsciously in the hope the project will fail and management will abandon the effort, sparing their jobs. How would the work of finance get done and who would do it? One claim is that robots and other automation tools will help finance departments focus on the human and strategic aspects of their jobs, such as engaging with fellow employees on budgets, governance issues and risk. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. The. The right tools can make a big difference in how finance directors and their teams respond to these challenging times. “With the responsibility of analysing and interpreting financial data frequently falling at the feet of the CFO, AI will be one of the role’s most important tools in driving business success. (2015), discussing their digital transformation framework, call for further research on digital transformation strategies, considering different industries as … Learn how this new reality is coming together and what it will mean for you and your industry. Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January. New products, divisions, and acquisitions create new data sources for financial overview. Finance leaders need to be particularly sensitised to the fact that many of the job categories which are forecast to disappear — telemarketers, clerks, compensation and benefits personnel, receptionist, proofreaders and retail salespeople — are in the majority done by women. Good analytics are a vital component of that. Philip is the Finance & Performance Leader for Consulting Africa. DTTL and each of its member firms are legally separate and independent entities. DTTL and each of its member firms are legally separate and independent entities. are taking centre stage in the rollout of digital transformation projects, need to convince company employees that digital transformation is a career opportunity for employees to upgrade their expertise to suit the marketplace of the future. To set a digital transformation on the right course a company must place it at the core of its agenda, and understand the magnitude of that undertaking. MARKET WRAP: Rand hits best level since January on positive global momentum, MARKET WRAP: JSE leaps to best level since January 2018 on firmer global markets, LUNCH WITH THE FT: SIR MARTIN SORRELL: ‘What temper? It sets a vision for the Commission to become a digitally transformed, user … Human accounting and finance professionals should not fear the changes machines will … Cost-wise, growth companies were not able to enjoy the benefits. © 2019. All rights reserved. Now is the time to step … Now is the time to step back and make sure your roadmap to that future is clear. Fullwidth SCC. Microsoft Finance experienced this transformation to digital as it evolved over the company’s last 40 years. In the finance function, that means working now to get the right people and technology in place to take advantage of the inevitable disruption ahead. Scroll down to the “Get in touch” section and contact us directly. 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