A recent survey conducted by next-generation reconciliation software specialists, Aurum Solutions, and international market research agency, OnePoll, has revealed crucial insights into the prevailing concerns and perceptions surrounding digital acceleration, the impact of AI on job roles and what a changing political landscape will mean for FinTech in the UK.
Over 100 Chief Financial Officers and senior financial leadership professionals surveyed raised significant concerns regarding the speed of digital acceleration and its implications for their roles and teams, providing crucial insights into financial leaders’ sentiments on technological advancements and their impact on the future of finance.
Digital acceleration fears escalate: 42% ‘very concerned’ about the pace of digital acceleration
An overwhelming 80% of CFOs and senior finance professionals expressed varying levels of apprehension about the swift pace of digital acceleration, with 42% indicating they are ‘very concerned.’ These findings emphasise the pressing need for finance departments to address apprehensions and develop comprehensive strategies to navigate the evolving digital landscape effectively.
Diverse perspectives on digital acceleration: urgency for competitive edge and tailored approaches emerges
The survey’s results revealed nuanced perspectives among financial leaders. While 34% view digital acceleration as an opportunity if approached cautiously, 25% emphasise its immediate importance in gaining a competitive edge. Simultaneously, 13% believe they’ve reached a saturation point in reaping benefits, signalling the need for tailored approaches to address varying needs within finance departments.
AI worries loom large: 63% express concerns about job functions; calls for enhanced education
Concerns surrounding AI’s potential impact on job roles within finance departments are substantial, with 63% expressing worry, including 28% being ‘very worried’ and 35% being “fairly worried.” Despite relatively high levels of understanding about AI in financial services (84%), 14% lack confidence in their comprehension, highlighting a need for enhanced education and awareness initiatives specifically tailored for finance professionals.
Results show that 60% are worried about the financial outlook of their company compared to the same time last year
Across the UK there is a general worry about organisations’ finances with 60% of finance professionals worried about their company’s financial outlook compared to this time last year. This is highest in the East Midlands at 67% compared to 18% in London, signifying a considerably lower level of worry in the capital about their company’s financial prospects.
Liberal Democrats emerge as frontrunners for FinTech support in 2024 onwards among UK finance leaders with the Labour Party trailing behind
The survey, exploring political backing for FinTech within the UK financial landscape, revealed a noticeable divergence in opinions among finance leaders. It unveiled varying levels of support for different political parties in driving the growth of FinTech, signalling a shift in perceptions within the sector.
The survey revealed divided opinions; when asked about their opinion about what political party would be the best at supporting and investing in the future of FinTech in the UK, the Liberal Democrats garnered the most support, emerging as frontrunners with 32%, closely followed by the Conservatives at 29%, with the Labour Party at 23%.
The survey findings underline a shift in perception, with the Liberal Democrats emerging as the frontrunners for fostering FinTech support in 2024 onwards among finance leaders. This divergence in opinions emphasises the necessity of a unified governmental approach to steer the future of FinTech within the UK’s financial landscape.
The findings stress the importance of policymakers considering the diverse perspectives and priorities of finance leaders across political spectrums. A cohesive strategy incorporating varied opinions could lay the groundwork for an environment conducive to fostering innovation, attracting investment, and maintaining the country’s competitive edge in the global FinTech sector.
As the UK navigates its position in the rapidly evolving FinTech landscape, a collaborative and coherent governmental approach becomes critical to providing the requisite support and frameworks for sustained success and growth in the FinTech sector.
Tiago Veiga, CEO Aurum Solutions, said: “These comprehensive insights from the survey highlight the intricate landscape of concerns, perspectives, and expectations surrounding digital acceleration, AI integration, and political support for FinTech among CFOs and senior finance teams. Understanding these sentiments is pivotal for financial departments and policymakers to navigate challenges and capitalise on opportunities in the rapidly evolving technological landscape.”