Each year, Onguard examines how financial professionals view current trends and developments, such as financial technologies, digital transformation, AI, and new payment methods. This study, titled the FinTech Barometer, has been conducted for the seventh time this year. A total of 304 finance professionals participated in the survey, of which 212 were working in financial management and 92 were financial employees.
This year, the FinTech Barometer consists of 4 different editions, or Baropapers, each addressing a specific topic.
Baropaper 1: Connecting generations on the path to digital transformation
The study reveals that 29 percent of organizations have not yet started with digital transformation, despite many financial professionals recognizing its necessity. This lack of transformation is mainly attributed to a lack of time, prioritization, and resistance to change, especially from older employees. Younger financial professionals (under 55 years) are more open to digitalization and are more willing to push for it than their older colleagues.
Simultaneously, 37 percent of financial professionals would like to see more digitalization within their departments but are being held back by the IT department. Only seventeen percent of organizations are currently data-driven. Younger generations, who grew up with technology, are seen as crucial drivers for further digitalization and data-driven work, despite resistance from older colleagues and occasional hindrances by the IT department.
Click on the image to gain all insights from the first FinTech Baropaper.
Adriaan Kom, managing director at Onguard, emphasizes that younger professionals are increasingly taking on important positions and predicts a second wave of digitalization within the financial sector. He calls for a greater focus on digitalization to avoid falling further behind. The younger generation is seen as ambassadors for the benefits of digitalization, such as more efficient processes and cost savings, which will ultimately result in better reports, insights, and more room for advisory roles.
Baropapers in 2024
This is just the first part of our comprehensive analysis, based on the FinTech Barometer 2024. Would you like to gain more in-depth insights into the digital transformation within financial organizations? Download the complete first report now and discover how these findings can inform and optimize your strategy.
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