Finance Industry Trends
Accountants and finance specialists are in luck — the global banking industry has reached a never-before-seen point in its evolution. Thanks to technology, organizations are facing new, data-driven growth and entrepreneurial opportunities.
To support aggressive growth and pioneer new business areas, companies need smart, agile professionals on their finance, accounting, and operations teams. If you’re looking to start a new accounting career, find a new trajectory, or grow into leadership, pay attention to the following 3 crucial finance industry trends:
1. Alternative Consumer Financing Models
The stock market has reached new heights, home prices are bouncing back, and consumer spending is on the upswing. The problem, however, is that families are still suffering from the aftermath of the financial melton. Simon Yoo, founder at venture firm Green Visor Capital, points out that there has been a dislocation of traditional credit providers that has been a catalyst for an emerging market of alternatives.
“While regulatory requirements are increasingly complex, advancements in technology and a repackaging of legacy services such as layaway and rent-to-own coupled with fresh investment capital is driving innovation in the space,” says Yoo.
Experienced finance and accounting specialists are crucial to this ecosystem and can help organizations — ranging from startups to large, established firms — navigate this ecosystem.
2. Customer Centricity
Today’s consumers are highly self-directed. By the time that they reach out to a business, they’ve already researched the market — and competing products. Organizations, especially banks, need to build programs that cater to customers’ specific interests. Big data and relevant technologies are untapped resources that can help lead the charge.
Finance and accounting leaders are a core part of the big data equation, helping organizations ‘tell a story’ and make sense out of the volumes of available information.
“The large piles of unstructured data that banks have today provide significant potential in analyzing customer spending patterns, supporting revenue growth, reducing risks, and complying with evolving regulations,” explains a recent report from CapeGemini.
3. Global Changes
Companies and businesses are among the largest stakeholders in the world’s political and socioeconomic transitions.
“Regulatory change, fiscal pressures, social and political unrest are creating instability with the potential to disrupt commercial models and organizational structures across the financial services sector,” explains a recent report from PricewaterhouseCoopers.
Forward-thinking companies must redefine their strategies to fully navigate emerging opportunities in the marketplace.
Finance and accounting teams will be key leaders in helping organizations streamline costs, product design, and organizational structure.
What key trends are most important to the future of the accounting industry? Share your thoughts in the comments section below.
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