Customer not number 1 for CFO

Customer not number 1 for CFO: the majority are not using digital transformation to improve the customer experience

London, 20 August 2019 – According to almost two-thirds of CFOs (65%), digital transformation will result in many fewer jobs in the labour market. Yet 32% of organisations aren’t consciously involved with digital transformation at this point in time, with 23% not going to look at it for at least a year or more, as discovered in the FinTech Barometer 2019, the annual survey by fintech company Onguard.

For CFOs, there are significant reasons to start the digital transformation. 43% of the CFOs cite increasing efficiency in business processes as the main reason. The ultimate goal of improving the customer experience is named less frequently as the reason for starting digital transformation (45%). Almost half of CFOs (46%) report that their own department has progressed furthest with digital transformation.

Bert van der Zwan, CEO at Onguard, said: “It is notable that digital transformation isn’t going to be on the agenda for 23% of CFOs for a year or more. However, this does explain why many companies have not yet got to the point of improving the customer experience through digital transformation.”

Use of fintech for digital transformation

The financial world has been given a wake-up call by the arrival of a host of disruptive fintech companies that live and breathe digital transformation. The majority of CFOs (83%) report that they are already working with an innovative fintech start-up or are developing innovative financial software themselves. For CFOs, the principal reason for working with a fintech company is to make credit management easier (70%). Just 17% of CFOs are carrying on as they always have and are not working with a fintech start-up.

“In order to be successful outside, you have to start inside the organisation. When all the processes are sorted out internally, it’s time for an organisation to look outward and raise customers‘ experiences to a higher level,” added van der Zwan. “Thanks to digital transformation it is easy for organisations to collect all sorts of data about customers. This data is processed in real-time and provides insight so that an organisation can respond even better to the customer’s behaviour and can even predict whether a customer is going to pay their invoice. Ultimately, this will still lead to better customer experience.“

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