Finance sector held back by ignorance of technology, says study

A lack of awareness about the improvements that technology could bring to transaction processing is holding back efficiency gains in the majority of financial organisations, according to a report from consultancy and services company Accenture.

A lack of awareness about the improvements that technology could bring to transaction processing is holding back efficiency gains in the majority of financial organisations, according to a report from consultancy and services company Accenture.

The study, based on a survey of more than 120 senior executives, found that 78% of respondents rated the need to improve operational efficiency as the top challenge facing their organisation. Yet just 15% of those surveyed have fully automated most of their accounts payable and receivable functions.

Many firms appear to be held back by simple ignorance about the role that technology could play in improving transaction processing. About  40% of respondents said this lack of awareness was the single biggest barrier to their firm’s adoption of the latest transaction-processing technology.

“The findings show that finance executives are challenged to improve efficiency to reduce the time and cost of process transactions, yet they are not widely embracing technology to achieve change”, said Anoop Sagoo of Accenture. “Technology can address these challenges by automating manual processes and integrating financial information.”

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