The role of CFO (Chief Financial Officer) in financial services is being transformed by the three key macroeconomic trends. The junction of hazard and guideline, succeeding need for a single cause of truth in data, the rise of FinTech (emergent business models that are asset-light, freelance-driven and youth-favored), and an ensuing pent up demand for invention and transformation of legacy platforms.
The conventional revenue streams for financial institutions were in pressure with this phenomenon. As a result, the role with complete visibility and real-time understandings from all sides of the business are been taken up by the CFOs. In addition, the capability to focus the data narrative on guiding statistics based results. The data assets should be really be owned by CFOs perhaps. A new benchmark for standards was been created across the industry for risks and regulations, pushing CFOs to deliver unmatched transparency to internal and external stakeholders.
Despite delays caused by unreconciled systems, these stakeholders demand must be met in real time. Data severance and dormancy often strangle the ability to garner understandings needed to react to changing market conditions. Today’s CFOs must be actively involved in the modernization of the business application and IT infrastructure that aids for simplifying complexity and run simply is because of the continuously modernizing and reimagine traditional business models.