Tuesday 17 September 2019

Tech will drastically reshape finance industry - report

Critical: Amy Ball of PwC encourages adoption of digital technologies
Critical: Amy Ball of PwC encourages adoption of digital technologies
Ellie Donnelly

Ellie Donnelly

Most Irish chief financial officers believe technology will either "completely or significantly" reshape competition in the finance industry over the next three years.

Automation and use of artificial intelligence will be the top drivers for drastic change of traditional and accounting models beyond 2020.

That's according to the latest 'Chief Finance Officers' Survey' from consulting group PwC.

Despite the expectation of drastic change, the survey also points to poor exposure among finance leaders to key technological innovations.

Fewer than one in three survey respondents have significant exposure to cloud-based technologies and data analytics.

Meanwhile, fewer than 20pc have major interaction with artificial intelligence and robotics.

Other emerging technologies such as blockchain, augmented reality/virtual reality and chatbots also scored very low activity levels in the report.

As a way of combatting low levels of exposure in emerging technologies, nearly half of survey respondents said that they plan to invest more than €1m in the area over the next three years.

"Leading finance functions will take on increasing responsibility and oversight for business performance and enhanced influence over decision making," Amy Ball, partner at PwC, said.

"The increasing adoption of digital technologies will be critical as the volume and breadth of data increases," Ms Ball added.

Elsewhere, the report found that over half (57pc) of Ireland's finance leaders feel favourable about the overall prospects for the Irish economy in the year ahead. That figure is significantly down from 81pc just two years ago.

Irish Independent

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