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What role will the finance function at businesses in the financial sector have in the future? In an era in which other areas of business life are being almost completely digitalised, with globalisation remaining a relevant force in the future, and demographic change rapidly accelerating, the finance function also needs to reinvent itself.

Managing rising reporting requirements

The transformation to an integrated and advisory function for the overall organisation of banks, insurers and asset managers is accompanied by the added complexity of industry-specific regulatory requirements, which also serve to accelerate the process. In recent years, state-imposed mandatory requirements have become vastly more granular and of a short-term nature and now extend beyond solely financial data. These requirements demand process automation and full integration into all areas of financial service providers where relevant data arise. 

In doing so, the use of digital solutions takes on key importance. In future, repetitive tasks can be almost fully automated, and financial data can be made available quickly, comprehensively and in a form that can be easily analysed to support important business decisions. As a result, the role of the finance function will change and grow. It will become a real partner for the entire partner through having a clear focus on value-adding activities.

Good decisions are based on comprehensive data

Repositioning the finance function does not just target the preparation of reporting for external users. Business planning and management, and thus the decision-makers at financial service providers, also benefit from the interconnection of all areas and disciplines of internal processes. Good decisions require a solid base of knowledge, which the newly repositioned finance function can deliver.

The strategic realignment of the finance function is not a typical IT transformation project. In order to benefit from the opportunities that arise, comprehensive know-how is needed to correctly interpret new technical requirements and to implement value-adding and practicable solutions for regulatory issues to raise efficiency.

Appropriate organisational structures, the targeted use of technology solutions, the realignment of expertise in teams and the consideration of new types of cooperation are needed.

Making the finance function fit for the future

Your finance function can do more; our experts know how you can achieve MORE from it so that you can make use of the opportunities that digitalisation has to offer. For this, we draw on the close coordination of specialist, IT and process know-how. Our approach is to think things through from start to finish and to provide viable technical solutions for the future. We are happy to advise and support you with developing and putting into practice an efficient and integrated financial architecture.

Does your finance function need an update? Please get in touch.