Finance firms head great rush to adopt digital tools

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.

Eva Mrazikova

Global Head of Product Marketing

Eva Mrazikova is Global Head of Product Marketing at IRIS, where she leads go-to-market strategy, competitive positioning and product marketing across IRIS’ Accountancy and HCM portfolios in the UK and US.

With more than 20 years’ experience spanning product marketing leadership, commercial strategy and technology transformation, Eva brings a rare blend of strategic vision and hands-on execution to complex, multi-product businesses.

A recognised product marketing leader and qualified accountant, she has spent her career at the forefront of digital transformation, helping organisations navigate the shift from legacy platforms to cloud-based, AI-enabled solutions while driving measurable commercial outcomes through market-led strategy.