CFO Tech Outlook | Latest Finance News and Updates
CFZO tech outlook is a technology magazine for the finance technology. The magazine provides top technology news, insights, updates from top industry experts. Also providing top technology companies in the finance space.
The role of finance is going through a major progression. In today’s business environment, finance departments are becoming ever more elevated as corporations increasingly rely on the financial and strategic prowess of their financial leaders. Today, the Chief Financial Officer is facing an array of new challenges and responsibilities from managing a globally diversified business to mitigating new technology risks. They are responsible for reporting on the past, managing the present, and creating the future. Their role of CFO has become ubiquitous throughout the organization, and its influence only appears to be growing.
Emergence of Financial Technology in Business:
Source : CFO Tech Outlook
Fintech is rapidly gaining ground as it is an efficient and accessible alternative to traditional payment and banking systems. As the tools of financial technology are shaping the world economy, businesses are implementing it to improve and develop their services as well as improve competitive stance.
Digital Banking
The banks have adopted and accepted the idea of proposing services to consumers at the touch of a button within seconds. Banks are bringing the solutions directly to the customer’s smartphone and tablets allowing them a greater chance of interaction and faster transactions.
Blockchain Technology
The primary game-changing technology overlooked by financial professionals is the blockchain technology. It is a public ledger of transactions which cannot be altered and facilitates transparent financial transactions in real-time.
The financial organizations and banks have made sure that the need to seamlessly integrate financial services in their offering to customers in order to stay relevant. With the practice of using artificial intelligence and machine learning which leverages big data to give more efficient financial services to the consumers.
Robo Advisers
The automated financial advisor provides financial advice based on data. It also provides low-cost alternatives and online financial management.
Peer-to-Peer Lending
This fintech service directly connects borrowers and lenders through a platform that eliminates the traditional lending institutions. Peer-to-peer lending focuses in a specific direction of dollars and borrowers as an additional source of funding.
This new wave of digital banking, robo advisors, KYC (Know Your Customer) requirements and so on can offer more power to the customers. This allows banks to gauge their preferences and create custom-tailored services.
