Accountants in the banking industry have been hearing this for a while – financial technologies (Fintech) will make banks obsolete and robots will replace the accountants. Is this real and how should accountants prepare themselves to stay relevant?
As always, it depends on how banks and their accountants respond to the challenge. The economic environment is constantly changing and those that adapt will thrive. For sure though, Fintech – which essentially is just software used to provide financial services – will radically change business models and can make accountants more efficient. On the one hand, it offers opportunity to remove menial work; on the other, it can be threatening. One thing is certain – it cannot be ignored.
The first of three articles will introduce emerging Fintech that will most significantly impact accountants. The next article will explore what accountants can do to be future-ready. The third article will discuss one of the most debated Fintech – blockchain.