Other parts of this series:
In the previous blog in this series, we looked at how bank CFOs are helping with cloud adoption as part of a much broader range of roles and responsibilities within a digital organization.
This is an example of how the finance function should reposition itself as a strategic insights center to provide greater support to the organization, whether creating new value, measuring and managing risk, or guiding investment programs.
To meet these strategic objectives, finance organizations need new skills and a new working culture. In our CFO Reimagined survey, bank CFOs were more likely than their peers in other sectors (other than high-tech) to say that the ability to interrogate data is a core requirement of their role. And they consider data science to be one of the most important skill for their junior finance executives to have.1
People hired should understand and appreciate new technologies and should be comfortable with analyzing data. While this requires new ways of recruiting and upskilling talent, there is another major concern: Updating the finance function’s culture.
Banks should create an environment in which finance teams are comfortable working with robotic process automation (RPA) and artificial intelligence (AI). These technologies can play an increasingly important role in freeing up the workforce’s time by undertaking routine, process-oriented tasks and processing data, and yet some employees may see them as a threat.
In our CFO survey, 40 percent of banking CFOs say that employee resistance to working with non-human colleagues is a principal barrier to adopting automation technologies.2 Attitudinal change is a clear area for improvement, and many look to the CFO to lead by example.
- The CFO in Banking, Accenture, November 2018. Access at: https://www.accenture.com/us-en/insights/banking/cfo-research-banking