FinTech Baropaper 2024: Financial health as a priority

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Manual debtor management a reality for two in ten finance professionals

Two in ten finance professionals (18%) do not use debtor management tools. This is according to the FinTech Barometer, the annual survey by credit management software specialist Onguard, for which 304 CFOs, finance managers and finance staff were surveyed. The results come as a surprise as the use of pen and paper for accounts receivable management has proven significantly error-prone in the past. Meanwhile, thirteen percent deploy a programme such as Excel, Numbers or Google Sheets. 21 percent do already use dedicated credit management software.

Tools improve credit management process

Organisations can improve significantly their credit management process with the use of respective tools for credit management. Currently, finance professionals experience quite a few challenges in that process. Their main problem is gaining access to the right risk information (21%). In addition, they see the uncertain economic conditions (19%) as a challenge and unfortunately, cooperation with external bodies (16%), such as collection agencies, does not always run smoothly either.

Real-time insight faces challenges

Finance professionals also face challenges in the transition to real-time reporting. For instance, eighteen percent indicate that the organisational structure is not yet ready for real-time reporting. In addition, it is not always easy to free up enough capital: 13 percent state that automating the credit management process requires large investments, which are currently not available. Furthermore, 11 percent state that issues around data security and compliance are a barrier to accessing all organisational data. So, there is still plenty of work to be done before finance professionals can enjoy the benefits of real-time reporting and insight.

Adriaan Kom, managing director at Onguard: “The economy is picking up slightly, resulting in less financial uncertainty for organisations. But this does not mean that credit management will become less important. After all, effective debtor management is always necessary for financial health. It is therefore important for finance professionals to properly identify the obstacles they face in terms of credit management and how these obstacles can be removed. This will not be remedied overnight, but will hopefully ensure that the credit management process becomes increasingly efficient. So as to give financial health the priority it deserves.”

About the research

Every year, Onguard surveys how financial professionals view current trends and developments, such as financial technologies, digital transformation, AI and new payment methods. This survey, entitled the FinTech Barometer, was conducted for the seventh time this year. 304 finance professionals participated in the survey. Of these, 212 work in finance management and 92 work as finance professionals.

Fintech baropapers in 2024

This is already the third part of our comprehensive analysis, based on the FinTech Barometer 2024. Do you want more in-depth insights into digital transformation within financial organisations? Download the full report now and discover how these findings can inform and optimise your strategy.

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