Deciphering the data landscape: Financial insights from the 2022 FinTech Barometer
In 2022, data continues to be the lifeblood of businesses and some of us even dare to predict that smart workflows and seamless interactions among humans and machines will be as commonplace as the corporate balance sheet, with data being the driving force behind almost every single aspect of work.
With this growing level of data importance, we gathered the thoughts of financial professionals in our annual FinTech Barometer, which is now in its fifth year, to gather the data state-of-play for financial businesses in 2022, discover the ongoing challenges and barriers to data-driven insights and determine the current uptake of fintech in today’s business world.
Determining data insights with technology
Financial businesses are very enthusiastic to become more digitised and have data drive the business, but long-standing barriers are proving to be a roadblock. Is the right expertise and technology in place in the business? How do we utilise data effectively for both reporting and making progress in digital transformation strategies? Is the technology able to bring data from different sources together to gain value?
Just a grasp of the top hurdles that many businesses have been battling for years. To move forward it’s imperative that financial organisations address these issues. While the increase in remote workers is making it even more critical for reliable platforms to be accessible anytime and from anywhere as hybrid strategies are more widely adopted.
How do we enable financial professionals to work in different geographical locations being able to access the same real-time and consolidated data, with the ability to harness integrated risk management, credit insurance, invoicing, cash allocation, credit management and collection capabilities? Only this allows for more efficient automated processes and the opportunity for financial professionals to focus on personal communication with the customer and to provide the best experience. So let’s increase the likelihood of becoming fully data-driven, which will allow financial organisations to build stronger long-term customer relationships in a post-pandemic world.