# Five Tech Trends Changing The Face Of Finance
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-02-03
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Evolution of Finance Teams: Tech-led Change and Core Considerations
Meta Description: Discover how technology is revolutionising finance teams, from AI and automation to cloud-based collaboration tools, driving business growth and strategic
URL: https://financedigest.com/five-tech-trends-changing-the-face-of-financehtml

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_By **Hugh Scantlebury,** founder and CEO,_ [_Aqilla_](https://www.aqilla.com/)

The traditional role of finance teams is evolving. Always a fundamental part of any organisation’s ability to operate, technology is now driving significant developments beyond core responsibilities such as reporting, governance and analysis. Increasingly, the finance function is tasked with broader goals, perhaps most notably digitally transforming its capabilities to focus on business growth.

In practical terms, this is about adding value to core fiscal competencies, with [business leaders](https://www.financedigest.com/how-business-leaders-can-adapt-or-replace-covid-related-perks-to-the-post-pandemic-world-while-keeping-employees-on-side.html "How business leaders can adapt or replace Covid related perks to the post-pandemic world while keeping employees on-side") looking to finance to deliver data-driven insight and decision-making across planning, long-term strategy and operational priorities. Financial leadership – increasingly in the form of a Chief Financial Officer – is a broader [role](https://www.financedigest.com/whose-role-is-it-anyway-why-finance-underpins-data-led-digital-transformation.html "Whose role is it anyway? Why finance underpins data-led digital transformation") than ever, central to achieving holistic organisational goals and corporate vision.

Technology [innovation is playing a huge role in the ability of finance](https://www.financedigest.com/innovations-in-finance.html "Innovations in finance") teams to evolve. No longer just a set of tools to help optimise performance and efficiency, today’s IT solutions [hold the key](https://www.financedigest.com/ai-holds-the-key-for-both-competitive-advantage-and-risk-mitigation-in-2022.html "AI holds the key for both competitive advantage and risk mitigation in 2022") to the ability of finance to deliver against broader objectives. Take [cloud computing](https://www.financedigest.com/how-cloud-computing-saves-businesses-money.html "How cloud computing saves businesses money"), for example, which has become one of the enduring tech success stories of recent years, spawning a huge range of specialist finance-focusing services and solutions.

Whether it’s providing more affordable IT options so finance can [build a better technology portfolio](https://www.financedigest.com/building-a-portfolio-for-retirement.html "Building A Portfolio For Retirement"), more efficient collaboration or, perhaps most exciting of all, the growing use of automation and Artificial Intelligence, finance is currently seeing more tech-led change than at any time in recent experience. But beneath the buzzwords, where should [finance teams be focusing their attention and investment to deliver on their business](https://www.financedigest.com/the-four-pillars-of-data-integrity-what-finance-businesses-need-to-know.html "The four pillars of data integrity: what finance businesses need to know") objectives? Here are five core considerations:

**1\. Collaboration**

Among the most important and widely adopted cloud-based services has been the recent [major increase in the use of collaboration technologies](https://www.financedigest.com/banks-deploy-ai-3-major-technological-advances.html "Banks Deploy AI – 3 Major Technological Advances            "). In common with other roles, finance teams have turned to [digital services](https://www.financedigest.com/maintaining-security-and-compliance-amid-digital-transformation-in-financial-services.html "Maintaining Security and Compliance amid Digital Transformation in Financial Services") to facilitate efficient home working. Perhaps most important of all, this is not just a short-term [adaptation to work](https://www.financedigest.com/how-the-uk-adapted-to-working-from-home.html "How The UK Adapted to Working from Home") through the challenges of lockdown. Finance teams have gained valuable experience in the use and impact of [digital collaboration technologies](https://www.financedigest.com/how-banks-can-use-digital-technology-to-become-more-sustainable.html "How banks can use digital technology to become more sustainable"), and for many the changes they have made in the last year will be permanent. By [embracing tech-led innovation today](https://www.financedigest.com/cfos-need-to-embrace-todays-technology-for-tomorrows-success.html "CFOs need to embrace today’s technology for tomorrow’s success "), finance teams are also more likely to implement more cloud-based services in the future.

![Hugh Scantlebury](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/hugh-scantlebury-ceo-founder-aqilla-450x674-1736838592092-compressed.jpeg)

Hugh Scantlebury

**2\. AI and Automation**

When talking about ‘transformational’ technologies, the greatest potential lies with [Artificial Intelligence](https://www.financedigest.com/the-future-of-artificial-intelligence-in-cyber-security.html "The Future of Artificial Intelligence in Cyber Security") (AI) and automation. Indeed, there are a [growing range of cloud-based services that allow finance teams](https://www.financedigest.com/finance-teams-using-ai-outperform-peers-as-demand-for-skills-grows.html "Finance Teams Using AI Outperform Peers as Demand for Skills Grows") to use AI to significantly increase their ability to collect, manage and deliver insight from their data sets. What’s more, [automation technologies are helping finance](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?") teams take manual, repetitive tasks off their daily to do list and focus on more strategic goals. This is a win-win situation, with technology reducing the likelihood of errors, improving efficiency and broadening the scope for finance to make a bigger [business impact](https://www.financedigest.com/how-technology-consultants-impact-business-growth.html "How Technology Consultants Impact Business Growth").

**3\. Compliance**

As a key financial responsibility, [compliance is also benefiting from a range of specialist cloud-based solutions](https://www.financedigest.com/quality-and-compliance-management-solution-market-to-rise-at-a-high-cagr-of-9-4.html "Quality and Compliance Management Solution Market to rise at a high CAGR of 9.4%"), designed to improve accuracy and efficiency. Available for the most niche requirements, there is often a software [service out there designed](https://www.financedigest.com/nanotechnology-to-spell-the-growth-quotient-gq-of-drug-designing-services-market.html "Nanotechnology to spell the growth quotient (GQ) of Drug Designing Services Market") to satisfy compliance obligations, often saving finance professionals considerable time and effort.

**4\. Security**

Although not a core responsibility of finance teams, security – or the lack of it – can have enormous [implications on their work](https://www.financedigest.com/helping-employees-recover-from-remote-workings-mental-health-implications.html "Helping employees recover from remote working’s mental health implications"). For instance, teams can’t be expected to maximise their use of [digital assets](https://www.financedigest.com/how-financial-services-organisations-can-address-the-vulnerability-lag-and-safeguard-their-most-important-digital-assets.html "How financial services organisations can address the ‘Vulnerability Lag’ and safeguard their most important digital assets") if their technology is at risk from a cybersecurity breach. But the nightmare scenario is having to deal with the impact of a serious cybersecurity incident. Today’s market-leading cloud-based technologies focus on demonstrable levels of security, data protection and backup, not only to minimise the risk of a serious [security breach](https://www.financedigest.com/transport-operator-go-ahead-flags-cyber-security-breach.html "Transport operator Go-Ahead flags cyber security breach"), but also to help organisations recover quickly in the event of a crisis.

**5\. Cost-efficiency**

It also seems fitting to focus on prudent financial management as a factor behind the [development of finance-focused technology](https://www.financedigest.com/nano-one-awarded-10-million-from-sustainable-development-technology-canada.html "Nano One Awarded million from Sustainable Development Technology Canada"). Many of today’s cloud-based services sell themselves on a significant level of cost efficiency over [traditional models](https://www.financedigest.com/insurers-must-reimagine-traditional-risk-models-to-adapt-to-climate-change.html "Insurers Must Reimagine Traditional Risk Models to Adapt to Climate Change ") of IT procurement. In contrast to the capital outlay associated with legacy software solutions, many cloud-based services offer the more flexible alternative of a monthly pay-as-you-go [subscription model](https://www.financedigest.com/the-rise-of-the-subscription-model.html "The rise of the subscription model").

This also considerably widens the potential for finance to test and invest in a range of [software solutions](https://www.financedigest.com/healthcare-software-solutions-to-ride-the-immunohematology-market.html "Healthcare Software Solutions to ride the Immunohematology Market"), both large and small. As a result, there are now a huge choice of specialist technologies that can be geared to the precise requirements, not just of finance in general, but the [needs of individual](https://www.financedigest.com/insurance-that-every-individual-needs.html "Insurance that every individual needs…") organisations and their teams.

But this is just that start, and the impact and importance of finance professionals will continue to grow, [driven by the innovation and momentum behind cloud](https://www.financedigest.com/cloud-professional-services-market-to-be-driven-by-technological-innovation-tmr.html "Cloud Professional Services Market to be Driven by Technological Innovation | TMR") computing. Teams that fully embrace emerging technologies as part of their wider skill sets will be ideally placed to deliver on the [goals business](https://www.financedigest.com/business-goals-vs-business-purpose-and-how-to-combine-them-for-success.html "Business Goals vs Business Purpose and how to combine them for success") leaders are setting out.


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