• Register
Return to: Home > News > Data reveals how digital transformation has impacted finance firms

Data reveals how digital transformation has impacted finance firms

Approximately 11% of finance firms will permanently alter their approach to working in the office, and allow some employees to work from home in the future, according to data from the Xerox Future of Work studyApproximately 11% of finance firms will permanently alter their approach to working in the office, and allow some employees to work from home in the future, according to data from the Xerox Future of Work study

The study of 600 IT leaders across five countries revealed how the financial sector was impacted by its technological abilities following the COVID-19 lockdown, and how this would impact firms in the future.

The survey revealed the need for technological advancement, after 76% of IT leaders in financial services reported that they were not technologically prepared for the shift to remote working. A further 36% of finance firms said that technology was the biggest issue they faced whilst working from home.

However, the study also revealed that the sector is the most likely to invest in this issue, with 57% of respondents saying that they planned to allocate a greater proportion of their budget to technological improvements. Financial firms are also the most likely to invest in collaborative software for its staff, such as Slack, out of all surveyed (61%).

Whilst financial firms have prepared to improve how its staff work from home, data collected by Xerox showed that companies across all sectors don’t see this move as permanent for all employees, with 82% of respondents expecting to return to the office within 12 to 18 months. 

Steve Bandrowczak, Xerox President and Chief Operations Officer, said: “While there is no doubt the COVID-19 pandemic has changed the way we work, our research found that over time many companies plan to have most employees back in an office environment. 

“This could be for a variety of reasons, including communication, speed of decision-making and talent development. At the same time, the sudden shutdown and ongoing hybrid work environment has exposed technology gaps that require new or additional investment in the coming months.”

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.