Bank CFOs Are Embracing The Digital Future

In many ways, these are good times for banking CFOs. Their knowledge and expertise are in great demand throughout the organization, and CEOs are increasingly turning to them as highly trusted advisors at the enterprise level.  So, while CFOs may enjoy this additional influence and status, our research indicates that they face significant challenges to fulfill the additional expectations and take a more leading role in the digital era.The challenges are particularly difficult for CFOs in the banking industry.  More than in other industries we surveyed, banks are dealing with complex and volatile conditions in the form of macroeconomic and geopolitical uncertainty and increased global credit risk.   In parallel, new competitors such as fintechs are emerging, exploiting innovative technology and new open banking regulations to reshape the traditional business model and win customers from traditional banks.  This creates the environment to accelerate the transformation in the industry.Digital transformation agendas, underpinned by new technologies, vast quantities of data, and the desire to bring these together to support new insights and better decision making is at the heart of this change.  Banking CFOs emerged from the back office a long time ago, but they now find themselves in a strong position to guide the these transformations with a focus on value, improved efficiency and measurable outcomes from the implementation.