Preparing For 2015 – Have You Met the 2014 Financial Technology Imperatives?

Part of making new goals is reviewing previous goals and whether they were met, changed or nixed and why.

When drafting your 2015 list of goals for your finance team, you may get some good ideas from a list of imperatives drafted via a Financial Technology Summit that took place earlier this year.

FITECH 2014 issued a list titled Imperatives and Innovation: The Top 10 Financial Technology Trends for 2014.

Here is a quick summary of the list.

1. Cloud Computing

By its very nature, cloud computing will bring you cost savings. No more stalls or expensive upgrades. A chief component of many cloud offerings is the automation they bring to a number of manual processes within the accounting department.

2. Mobile Technologies

Providing access to systems from a secure connection from almost anywhere, means providing your team with an efficient and flexible way for them to work. Additionally, you’ll have access to the numbers, on demand.

3. Big Data and Analytics

Not being overwhelmed by a ton data and instead approaching it from an opportunity-driven, analytical view, will put your team, and teams throughout the company, in position to foresee customer needs and possible trends. The hard part is determining the software needed.

4. Disruptive Technology

Investing in new technology is investing in your company’s future, as innovative companies will want to stay ahead of the curve and be prepared to easily take advantage of new offerings.

5. Internet of Things (IoT)

The Internet of Things is really the perfect storm of the four previously mentioned imperatives. Think future. Think out-of-the-box. Imagine!

6. Compliance

New technology usually translates into new regulations. You need to stay on top of what is happening and how your internal controls are set up to address them. Regular system evaluations will keep you in a proactive, less likely to get a fee, position.

7. IT Governance

Do your IT Governance strategies still reduce risk? When is the last time you evaluated them? Regular evaluations are necessary.

8. Outsourcing and Shared Services

Shared service centers are set up to take a lot of technological risk off of your back. Ensure a perfect fit by thoroughly evaluating their partnership structure and offerings.

9. Fintech Start Ups

“According to VentureSource, investment in fintech leapt 177% in the first quarter of 2014 compared with the same quarter last year.” Large technology players and large banks are challenging the startup environment for ideas and software meant to bring about vast improvements within the financial sector. Stay current on what is entering the marketplace.

10. Emerging Markets

Emerging markets are in someways far ahead of others in that they skipped the legacy technology phase and have instead been utilizing the cloud for a number of years.

You can download your own copy via the FITECH website.