The financial world will be completely reliant on big data within five years

Over a third of CFOs see big data as a threat to employment

London, 05 November 2019. Almost two-thirds (64%) of CFOs expect that within the next five years the financial world will no longer be able to operate without big data. However, 13% of CFOs think this is already the case. Currently, financial directors are using big data to make well-informed decisions (54%), to make predictive analyses (41%) and to analyse large, unstructured databases (29%). Almost one-fifth of CFOs (18%) do not use big data at all. These figures are from the 2019 FinTech Barometer, Onguard’s annual survey with 1000 finance professionals.

Impact on employment

38% of CFOs expect big data to have a significant impact on the financial sector, particularly on aspects such as job opportunities. Big data and robotisation are among the technologies seen as a threat to employment. Other trends such as robotisation and Artificial Intelligence (AI) are also on the radar of financial directors. 42% of CFOs expect AI to have a major impact on employment opportunities.

Marieke Saeij, CEO, Onguard: “I’m not surprised that CFOs expect to be completely dependent on big data within such a short timeframe. Big data can help them, as well as finance professionals within their organisations, with the execution of their work. Finance professionals have a great deal of information from both internal and external sources that add value for the performance of the organisation and customer service. The more information that is available about the market and customers, the better finance professionals can advise customers. Thanks to big data, risks can be assessed more accurately. It is also possible to predict in real-time if and when customers will start paying. This development will require finance professionals to develop new skills, such as greater analytical capacity, as a necessity.”

For more from the FinTech Barometer 2019, download our whitepaper.

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