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Fintech for CFOs Newsletter
Erez Greenberg| May 10, 2023
Welcome to Fintech for CFOs, a twice-monthly news digest for CFOs and finance teams with three key fintech stories – summarized by experts and powered by Papaya Global.
Here’s what you need to know right now, May 11, 2023 👇
What next for fintech? – Maddyness
- Funding for fintech startups fell 83% in Q1 2023 compared to the same period in 2022, and the sector is facing challenges, including low funding, a lack of trust from banking users, and accessibility issues.
- However, startups that offer personalized experiences with value-adding benefits such as real-time budgeting tools, financial advice, and seamless connections between different accounts can elicit organic growth.
- Leveraging open banking technology to offer greater transparency and personalized services can also help banks and fintech startups alike compete.
- Additionally, financial literacy tools, investment guides, and accessible solutions can help improve customer experiences.
How fintech can improve data access for finance institutions – FinTech Magazine
- The fintech industry can drive improvements in data access for financial institutions in three key areas: data security, data interoperability, and data analytics.
- Data security is top of the agenda as cyber threats are on the rise, with research showing a 77% increase in attacks on businesses in 2022.
- Additionally, data interoperability is crucial in today’s interconnected financial ecosystem. Customers increasingly rely on multiple financial providers while still expecting a high level of customer service and a seamless experience.
- Finally, the enhanced use of data can improve business operations by transforming the way financial institutions make decisions, manage risk and serve their customers. So, embrace the fintech-data connection.
6 CFO Skills Still Needed Amid Generative AI, ChatGPT – CFO Magazine
- Automation and AI are changing how CFOs and finance teams work – but there are some things that the robots just can’t do.
- There are six elements of the CFO role that no technology can fully take over: finance decision-making, ethics and culture, innovation and creativity, communication and leadership, regulatory compliance, and risk management.
- Finance decision-making involves weighing factors beyond just data, such as organizational goals, experience, stakeholder interests, and risk limits.
- CFOs are responsible for ensuring their organization’s financial goals align with its ethics, morals, and values, which cannot be fully determined by AI.
- Innovation and creativity require human skills and problem-solving abilities that AI cannot replace.
- Although AI can assist with regulatory compliance and risk identification, CFOs’ expertise and experience are required to assess and define necessary parameters. In other words, not so fast, robots.
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