Finance firms head great rush to adopt digital tools

home working
By Steve Cox | 8th October 2020 | 13 min read

A huge majority of businesses have greatly accelerated their adoption of digital tools due to the pandemic – with financial services leading the way -  a global survey has found.

The McKinsey report showed 85 per cent of firms “somewhat or greatly accelerated the implementation of technologies that digitally enable employee interaction and collaboration, such as videoconferencing and filesharing.”

Financial services leads the way

Financial services and technology sectors reported the greatest acceleration, with 88 per cent of finance and insurance executives and 76 per cent of information and technology executives revealing increased use of automation and AI since the outbreak.

The report also found:

  • Among executives of companies that moved most of their employees to remote work during the pandemic, 80 percent said they had increased automation
  • About 20 per cent of executives overall reported significantly increasing automation
  • Roughly half boosted digitisation of customer channels, for example, via ecommerce, mobile apps, or chatbots
  • Over a third of firms further digitised their supply chains.

What did IRIS research show?

IRIS conducted its own research in recent months, speaking to nearly 1,200 customers.

Our next normal report for accountancy found already, during the lockdown, 70% of accountants surveyed said they enacted home working.

Our report for business, found for large and medium firms, this figure was even higher at 98% and 97%. More than six in ten businesses said they implemented flexible hours, and this was the case also for 49% of accountants.

Large businesses reported their biggest challenge was moving to a remote workforce – 40%. Some 29% of  organisations who said they were highly confident reported having already implemented flexible working hours.

Where can you find out more?

Download our extensive report for accountants here and for businesses here.

You’ll also learn how confident business owners are of a quick bounce back, their biggest challenges so far, and what their priorities are for the coming months.

How can software help accountants and business leaders?

There is a wide range of tools available to help businesses adapt in the age of COVID-19. Discover more about IRIS solutions such as financial services accounting software.