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The digital transformation delusion: what’s the state of accounts payable transformation in financial services?

January 31, 2020

Financial services firms are undergoing  dramatic digital transformation, changing how they operate and deliver services to customers. This is as they leverage emerging technologies to meet changing regulatory standards and better service customers in an increasingly competitive landscape.

But the change isn’t only happening in the front-end, firms are also transforming the back-office to deliver the efficiency, innovation and speed that’s needed to improve business performance and enable differentiation. 

Accounts payable is a crucial part of digital transformation. But are financial services firms setting the right digital transformation objectives for accounts payable? Are they compromising—or are short-term savings more important than unlocking accounts payables’ full potential?

We ran a study in partnership with IDG to find out, here are some key takeaways:: 

  • While 60 percent of financial services firms claim they are undergoing digital transformation, only 10 percent claim they have completed their projects. 

  • 33 percent of firms claim that workflow silos are a major issue and yet just two percent claim that breaking down those silos is a key objective.

  • AP transformation objectives—such as shifting from paper to digital invoicing—came in surprisingly low at just 18 percent.

  • 78 percent of FS finance managers claim they currently use electronic invoicing, while 60 and 50 percent respectively claim that emailed PDFs and paper-based invoicing are still very much in use.

  • 56 percent of FS firms chose ‘Automated Data Capture and Extraction (e.g. OCR)’, as the technology they want as part of a digital transformation project.

  • 90 percent of FS finance managers claim that their digital transformation projects are already successful in achieving project goals.

Download the survey for more insights into the state of accounts payable transformation in the financial services industry. 

 
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