A third of financial brands believe that digital skills are a “key gap” in their business, while just a quarter believe that they are currently on the cutting edge of technology, a new report by cloud solutions provider Sage has found.
As the demand for digital content and experiences continues to rise, a large number of CFOs at financial corporations admit to not having the infrastructure in place to support advanced forms of digital transformation.
Eight in ten CFOs say that their organisation’s culture is currently not equipped to handle the increase in scale and scope of artificial intelligence (AI) and automated tech.
Sage’s EVP Marc Linden said that modern CFOs have been required to evolve from mere number collectors to “trailblazing” strategic leaders capable of creating a revolutionised workplace for future business.
He added: “The digitalization of business is fundamentally changing the way finance leaders work and embracing technological evolution will separate the leaders from the laggards in this new era.”
Linden noted that a dearth of culture readiness could be disastrous for finance companies as they will be unable to adopt new tech and deliver the best possible results as the pivot to digital solutions continues.
While CFOs are struggling to adapt, the vast majority recognise the value of emerging technologies.
Around 91% of respondents surveyed by Sage said that AI would have a positive impact on the workplace, and 93% would be comfortable with automation supporting core accounting tasks.
Digital skills gaps remain a problem, though financial companies and other forward-thinking enterprises can address this problem by outsourcing tasks such as marketing to specialists such as agencies.
The study found that CFOs are key drivers of change, with 76% of decision-makers being at the forefront of digital transformation schemes and initiatives.
Sage’s managing director Nancy Harris added that CFOs must also work hard to build company cultures that enable the effective integration of new tech.