"One of the biggest changes for financial services CFOs is their greater involvement in identifying revenue creation opportunities, along with other initiatives to reduce costs and increase margins."

In the first blog in this series, we looked at the new environment facing bank CFOs and at some of the results of our large-scale survey of how these CFOs view the challenges and opportunities facing them.

One of the biggest changes for financial services CFOs is their greater involvement in identifying revenue creation opportunities, along with other initiatives to reduce costs and increase margins.  Digital platforms allow for the creation of new business models that give customers greater control over their money and change the whole concept of the way banks interact with their customers.  Increasingly, customers expect and demand this level of control and interactivity.

These new business models are largely data-driven, and finance, with its growing influence and responsibility over the focus and completeness of the organization’s approach to data, is playing a key role in using data to identify value creation opportunities.

Three-quarters of respondents to the CFO Reimagined survey said they are personally best placed to pivot the organization to a new era of digitally-enabled growth, and a similar proportion say they have achieved clear success in their ambitions to drive new value across the enterprise, such as in data that could be used for a new business model.1   Four in ten (39 percent) believe finance should be playing a leading role in enterprise-wide value-discovery initiatives relating to company data.2

Prominent among the enterprise-wide areas of emphasis for surveyed bank CFOs and representing a major focus were:3

  • Identifying and targeting areas of new value across the enterprise (82 percent)
  • Identifying and targeting areas of new value across the wider business ecosystem (78 percent)
  • Driving business-wide operational transformation (77 percent)
  • Exploring how disruptive new technologies could benefit the entire enterprise (75 percent)
  • Leading efforts to make entire enterprise more efficient, through adoption of digital technology across the business (74 percent)
  • Identifying and preparing the business for increasingly volatile future scenarios (74 percent)
  • Providing real-time/near-real-time insight of business performance to highlight risks and opportunities (57 percent)

In the next blog in this series, we will look at how bank CFOs are approaching the adoption of cloud technology.  In the meantime, learn more about our CFO Reimagined survey and download the industry report.

References:

  1. The CFO in Banking, Accenture, November 2018. Access at: https://www.accenture.com/us-en/insights/banking/cfo-research-banking
  2. Ibid
  3. Ibid

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