November 06, 2018

Accenture Research Shows CFOs Play a Growing Role in Digital Transformations at Financial Services Companies

NEW YORK; Nov. 6, 2018 – Chief financial officers (CFOs) at banks and insurance companies are playing a growing role in digital transformation by leveraging new data and analytic technologies and by assuming greater influence in decisions about technology investments, according to new research from Accenture (NYSE: ACN).

The research — based on a global cross-industry survey of CFOs and qualitative interviews with more than 700 finance executives — is published in two reports, one for the banking industry and one for the insurance industry.

A key finding from both reports: Three-quarters of the financial services CFOs surveyed believe that driving business-wide operational transformation is within their purview (77 percent in banking and 74 percent in insurance) and more than three-quarters see identifying and targeting areas of new value across the business as one of their main responsibilities (82 percent in banking and 81 percent in insurance).

“Banking and insurance CFOs are at the center of the organization, working alongside the CEO, acting as the economic guardian to ensure that the digital transformation strategy is effective across the entire enterprise,” said Steve Culp, a senior managing director at Accenture and global head of the company’s Finance & Risk practice. “By leveraging predictive analytics and artificial intelligence to better interpret data for key business decisions, CFOs can drive value, improve efficiency and enable strategy beyond the borders of the finance function.”

Both reports highlight the following key findings:\

“Financial services CFOs are increasingly performing a difficult balancing act between managing risk and unlocking value,” Culp said. “The use of data and the broader adoption of digital technologies offer an extraordinary opportunity, but only if the finance team — and the broader organization — have the talent, skills and resources to capitalize on them.”

To view the banking report visit:

To view the insurance report visit:

About the research
As part of the research, Accenture surveyed more than 700 CFOs and senior finance executives, including 97 in insurance and 146 in banking, and conducted qualitative interviews with dozens of CFOs, senior finance executives, CEOs and chief data officers. All interviewees worked for global, billion-dollar enterprises representing a mix of sectors and geographies. The online survey was conducted between December 2017 and April 2018.

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 459,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at

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Michael McGinn
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