Mapping out the Future of Finance

In times of digitalisation in many areas of business life, increasing globalisation and constant demographic change, new demands are being placed on the financial function of banks and insurance companies.

The development of the finance function into an integrated and advisory area for the overall organisation of banks, insurance companies and asset managers is being accompanied and accelerated by complex industry-specific regulatory requirements. In particular, the mandatory requirements from the government have increased enormously in terms of their short-term nature and depth of detail in recent years. They now go far beyond pure financial data. For this reason alone, process automation and complete integration of the requirements in all areas of financial service providers in which relevant data is generated would be necessary.

The use of digital solutions is of central importance here. Repetitive activities will be almost completely automatable in the future. Thanks to digitalisation, financial data can be made available quickly, comprehensively and easily analysed to support important business decisions. As a result, the role of the finance function is growing and changing. It will become a genuine business partner for the entire company with a clear focus on value-adding activities.

The transformation of the finance function is therefore not only aimed at providing external reporting. Networking with all areas and disciplines of internal processes also benefits corporate planning and management and therefore also directly benefits the decision-makers at financial service providers. Good decisions require a solid knowledge base, which a reorganised finance function can provide.

The strategic reorganisation of the finance function is not a classic IT transformation. In order to take advantage of the opportunities that arise, companies need comprehensive expertise so that new technical requirements can be correctly interpreted and implemented in the interests of increased efficiency (value-adding and practicable solutions for regulatory issues).

Appropriate organisational structures, the targeted use of digital technology solutions, the realignment of skills in teams and the consideration of new roles and forms of collaboration are required.

We have been supporting financial service providers for many years in automating their accounting and reporting, optimising their core business processes end-to-end and increasing their data quality. Our experts combine in-depth expertise in the financial sector with many years of project and technology experience. In addition to their extensive core banking knowledge, they have expertise in all SAP transformation issues that fall under CFO responsibility as well as comprehensive module expertise and implementation experience in the area of S/4HANA. Our proven SAP specialists have many years of experience and will be happy to support you with their software and platform expertise in your individual project.

Your finance function can also do more - and our experts know how you can achieve this "more" and use the opportunities of digitalisation for the processes in your company. In doing so, we rely on a close integration of specialist, IT and process expertise. We think things through from start to finish and provide you with future-proof technical solutions. We are happy to advise you on the development of an efficient and integrated financial architecture and support you in the practical implementation.

If your finance function needs an update, please contact us.