We’re in an age of digital disruption. And Chief Financial Officers (CFOs) are standing at a crossroads.

It’s no longer a question whether technological transformation will shape the future of finance – it already has. The global fintech market is projected to grow from $340.10 billion in 2024 to $1,152.06 billion by 2032. Clearly, the pace of innovation is an unstoppable force.

The more pressing question today is how can CFOs guide their organisations through the change – and perhaps more importantly, how they themselves can evolve to meet the challenge.

Too many CFOs remain conservative, hesitant to seize the digital future that will define the next generation of financial services (FS). But to lead successfully, CFOs must jettison this mindset and undergo their own transformation, embracing a digital-first approach to ensure their companies not only survive, but thrive in tomorrow’s world.

The CFO of the future is more than just a number cruncher

Traditionally, the path to becoming a CFO was paved with roles in accounting, audit and compliance. Yes, these set the stage for success when it comes to maintaining financial discipline and keeping an eye on costs. But the landscape has shifted dramatically, and in response, the remit of CFOs must expand:

82% of CFOs say they have taken on additional responsibilities in the last two years
62% say that strategic planning is their most valuable skill – not financial reporting

Today’s CFOs are expected to wear many hats – to be strategic leaders, changemakers, who can navigate a complex mix of financial responsibilities while driving innovation, promoting collaboration and advocating for technology.

In other words, the CFO of the future is not just a steward of financials but a key architect in shaping the business’ direction. This transformation requires a new mindset, one that is open to collaboration, commercial thinking and, crucially, technology.

Embracing technology: The key to achieving CFOs’ biggest priorities

According to Deloitte’s 2024 survey, the top priorities for CFOs are:

Reducing costs (51%)
Increasing cash flow (35%)
Expanding into new markets (24%)

The ironic thing is that finance leaders are reluctant to fully embrace the tools that could help them achieve these goals. 90% of CFOs admit to having little trust in artificial intelligence (AI), and Blackline reveals that a further 73% are concerned about the impact of disruptive technologies on their business.

This presents a paradox. While CFOs are worried about AI adoption and technological transformation, a lack of it is driving down innovation and opening them up to more risks. Per Blackline:

37% of CFOs don’t fully trust the accuracy of their organisation’s financial data, hindering strategic decision-making
98% lack confidence in cash flow visibility, and 48% say this makes it harder to respond to market fluctuations
64% say that the rise of manual work impedes proper financial planning, while 68% say it leaves their organisation vulnerable to errors that undermine decision-making

Embracing a digital-first attitude, and leveraging tools such as AI, machine learning and blockchain, can help CFOs address many of the issues that hold them back today.

For instance, AI-powered systems can automate mundane tasks, freeing up time for CFOs to focus on strategic decisions. And blockchain, with its promise of secure and transparent transactions, can reduce fraud and enhance financial reporting. When CFOs start honing these technologies, they unlock the potential for greater efficiency, security and growth.

Driving innovation and breaking down silos

Beyond adopting the latest technology, digital transformation is about creating a culture that is open to change. CFOs must lead by example, advocating for data-driven decisions and breaking down the silos that halt innovation.

Collaboration is crucial here. CFOs need to step outside their comfort zones and engage with other departments – whether it’s risk, operations or commercial. It’s about recognising the value in other perspectives, particularly when it comes to technology.

Top CFOs are already demonstrating this behaviour. In ’The Secrets of Successful CFOs’ report:

CFOs have increased cross-departmental collaboration by 30% to enhance their company-wide influence
64% of CFOs’ responsibilities include implementing new technology, with 88% leveraging AI and automation to drive better decision-making
60% of CFOs expect to engage more with IT to promote digital transformation in their companies – and 78% identify keeping up with new technology knowledge as crucial to success over the next three years

This willingness to collaborate and promote digital transformation fosters a culture where innovation – and success – can flourish. By breaking down barriers between departments, CFOs can ensure that digital initiatives succeed across the organisation.

Upskilling for the future

One of the most important aspects of digital transformation is the need for upskilling. As technology continues to evolve, so too must the skill sets of those in leadership positions. This includes not only technical skills, such as understanding AI and blockchain, but also soft skills like communication, strategic thinking and leadership.

The future CFO will need to build a workforce that is agile and capable of dealing with constant change. That means creating a culture where digital skills are prioritised, and employees are encouraged to try new ways of working.

By investing in upskilling, CFOs can help their organisations stay ahead of the curve, ensuring they remain competitive in an increasingly digital marketplace.

Becoming a digital champion

To lead their organisations into the future, CFOs need to be champions of change, advocating for innovation and collaboration, and forging a culture that supports digital transformation.

Ultimately, tomorrow belongs to CFOs who are willing to evolve. By adopting a forward-thinking approach, today’s CFOs can become the leaders their organisations need to navigate the complexities of the digital age.

If you’re a firm looking for this visionary talent, I can help. Contact me directly to learn more.