With the Coronavirus disease impacting almost every economy around the world, it has become imperative for businesses to take advantage of digital opportunities to help keep them afloat. As companies move boldly toward a more digitized future, the chief financial officer is in the best position to support business strategies in digital transformation.

Traditionally, the CFO function has largely focused on compliance and financial management, with tasks revolving around financial planning and analysis, risk management, and cost control. Today, we review the role of the CFO in business transformation.

In 2018, the European Union changed the way its citizens proceed with payments. The PSD2 (Second Payment Serviced Directive) ends the monopoly of banks on their customer’s data and allows third-party payment services to access your bank account information, with your consent. But what would this mean for your business? What exactly is PSD2? What is open banking? And how do these two terms differ from one another?  

Automation is taking over a number of roles in the finance and accounting (F&A) industry. From bookkeeping to data analytics, and even to the offices of Chief Financial Officers (CFOs) automation and digitalization have made their marks. Today, the digital transformation of CFO roles is necessary to help CFOs benefit most from new F&A technologies and navigate the demands of the industry. But how exactly does this digitalization affect the role of CFOs? Here are a few points on how automation and digitalization will affect CFO roles.