Time flies! Another five years of FinTech Barometer
One thing is certain for technologies: five years is a long time in which a lot happens. A technology may have emerged and just as quickly died out again. Or, what first seemed like a questionable technology is now being used by many companies or new applications may have emerged that we didn’t think possible five years ago. As a fintech company, we help customers to simplify and (partly) automate the entire order-to-cash process with the help of technology. In doing so, we are constantly looking at how technology can make a difference and whether technologies are emerging that can support companies even better in their financial process. Now, five years later, we are taking stock. What has the past five years brought about in the world of fintech?
Every year, Visma | Onguard investigates how financial professionals view the current trends and developments: Fintech, big data, digital transformation and data-drivenness. This survey is called the Fintech Barometer and is conducted both in the Netherlands – through research agency Markteffect – and in the United Kingdom – through research agency Censuswide. At least one hundred of the respondents work as Chief Financial Officer (CFO) and another two hundred as financial employee in an organisation with at least one hundred employees. Let’s have a look at each point:
For many companies, this period was dominated by digital transformation, with an extra boost due to the pandemic. After all, the world started working from home en masse. Some people found it easier than others, but nowadays hardly anyone wants to be in the office full-time. However, there are some stumbling blocks. What is still hindering them in their daily work?
Key skills of a finance professional
In addition, the role of a finance professional has changed over the years. New skills became important and customer requirements also changed. What skills will be important in the future? Is analytical ability still number one?
Blockchain as a transformer of the financial sector?
These past five years, Blockchain was supposed to turn the financial world upside down. For example, it was said that blockchain would change the world even more than the internet did. But did this prediction actually come true?
The importance of data for business processes has been known to companies for some time. But as with the digital transformation, there is still untapped potential here. What are challenges? And what do companies want to achieve by becoming data-driven? The realisation also seems to have dawned that being fully data-driven is a process that cannot be achieved overnight. It is therefore clear that for many companies there is still plenty to gain from being data-driven. Thirty-seven per cent hope to be able to say that they are fully data-driven within two years. So, there is work to be done!
To present the Netherlands as a forerunner of AI applications, the government thought it was time to invest in technology. Do finance professionals also believe that the future lies in AI or are there other technologies that are (or will be) influencing the financial sector? In the order-to-cash process, for example, a lot has been expected from Big Data over the years. And, interestingly, expectations around robotisation have actually fallen in recent years.
Do companies already know how to turn data into real-time information? And have organisations been given more management options over the years with which they can make an informed decision at any time? These are relevant questions when looking at the challenges companies face in the transition to real-time reporting, and at the obstacles that have already been removed over the years.
Tikkie is an online payment app that allows you to forward payment requests to people via WhatsApp, or pay through a QR code.
A range of payment options
‘Tikkie’ has become a household name in the Netherlands. The simpler the payment processes, the more likely it is that you will be paid on time every month. Nevertheless, choosing the right payment methods does not ensure that all customers pay on time. More than half take longer or sometimes don’t pay at all. Is it only sporadic cases or is there a pattern to be discovered?
A lot can change in the world of fintech within five years. Especially in light of the pandemic, which caused a wave of digitalisation worldwide. Technologies have emerged that have not quite lived up to their promise or some seem to have completely disappeared from users. We believe it is important to keep track of all small and large developments in order to improve our services, help our customers better and enrich our expertise. On to another five years of FinTech Barometer.