Customer experience should be priority number 1 for CFOs

Customer experience should be priority number 1 for CFOs 

32% of companies are still not using digital transformation to improve customer experience

London, 20 August 2019 – Fintech company Onguard recently conducted its annual survey, the 2019 FinTech Barometer to gain industry insights into the impact of digital transformation. According to almost two-thirds of CFOs (65%), digital transformation will result in fewer jobs in the labor market. 32% of organisations are currently not undergoing digital transformation, with 23% not planning to for at least another year.

Almost half of CFOs (46%) report that their own departments have progressed further with digital transformation than other departments. There are significant reasons to start digital transformation, with improving the customer experience cited as the ultimate goal (45%). Another reason is the increased efficiency it brings to businesses processes (43%).  However, with many organisations still yet to begin their digital transformation journey, there’s a missed opportunity to improve customer experience and reap the rewards.

Bert van der Zwan, CEO at Onguard, said: “It’s worth noting that digital transformation won’t be on the agenda for 23% of CFOs for a year or more. This explains why many companies have not yet started improving the customer experience through digital transformation.”

Use of fintech in the digital transformation journey

The financial world has received a wake-up call through 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 or are developing financial software themselves. For CFOs, the principal reason for working with a fintech company is to make credit management easier (70%). However, 17% of CFOs are still carrying on as they always have and are not working with fintech.

“In order to be successful outside, you have to start inside the organisation. When all internal processes are sorted out, organisations can turn 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 organisations can better respond to the customer’s behaviour. Organisations can even predict whether a customer is going to pay their invoice. Ultimately, this will lead to better customer experience.“

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