Make way for the rise of the Finance Super Apps – Consolidation of Financial Digitisation Tools & Platforms

Published On : 01/04/2023

Guy Sear, Country lead for UK at Payhawk 

Guy Sear, Country lead for UK at Payhawk 

“Companies that were once pioneers in digital transformation and early tech adoption are now looking towards better-connected solutions, and even super apps.

Super apps, described by Gartner as “like a Swiss Army knife, with many tools that serve a purpose,” mean that teams don’t have to jump from tool to tool to complete and manage business needs. Instead, they can rely on the multiple tools within the ‘super app’ to deliver one connected experience.

What are the pros of super apps? Increased efficiency and centralised governance and control, plus only one place to worry about security and data. The cons? Again, it’s that there’s only one place to worry about security and data. And the potential risk for a large data store to be abused.”

CFOs that double up as process miners will be the heroes of 2023, as digital transformation spend is redirected towards operational efficiency 

Guy Sear, Country lead for UK at Payhawk 

“‘Process mining’ will become widely understood by companies of all shapes and sizes, with firms understanding a need to pinpoint areas of inefficiency within their business, whether done manually or through more costly outsourced SaaS platforms.

As companies shift towards a strategy that allows them to batten down the hatches, they will move away from the allure of the metaverse, and towards a prioritisation of cost control – managed by the CFO. The sweet spot for technological advancement will be automation, efficiency and headcount reduction, with process mining underpinning the roll out according to commercial priorities.

Finance and fintech leaders will have more of a role to play than ever before in how to drive efficient growth for businesses, meaning that a fundamental understanding of where their bucket is leaking, as well as a digitally ambitious leader, will become necessary.”

We’ll see the birth of the CMFO — a new, and necessary, C Suite mainstay 

Maise Richardson, Marketing Director UK, Payhawk 

Maise Richardson, Marketing Director UK, Payhawk 

Marketing departments are moving from ‘cost centre’ to ‘profit centre’, which requires closer alignment between marketing and finance. Better alignment requires better real time visibility, and leveraging tools and technology in order to facilitate that i.e. spend management solutions. We have seen a melding of sales and marketing roles in the past i.e. the invention of the CRO role, so does this lean towards more critical grounding in financial analysis for marketing teams open the door for a CMFO role?

Dystopian B2B Tech Sales Requires Technology Focused Cultural Shift

Maise Richardson, Marketing Director UK, Payhawk 

Could Netflix’s black mirror episode around social media ratings impacting social status happen to businesses? Bear with me… in a world where ‘intent data’ and ‘online footprints’ are increasingly utilised to determine how sales ready businesses are, could we get to a point where only digitally adept businesses are targeted by SaaS and technology companies, therefore facilitating a cycle of less technologically advanced remaining the the doldrums?

And if that does happen, what’s the answer? In my opinion, and particularly in smaller businesses, there needs to be an element of top down technological advancement. Gone are the days where C-suite are focused on business-as-usual, they need to be at the helm driving digital transformation across their business, regardless of size. Technology is no longer a choice but a necessity, and if you’re not on board, you’re only going to be left behind one way or another. Business owners, CEOs, CFOs, should be aware not only where pain points are within their business, but also how easily the majority of these pain points could be alleviated with a technology first approach to problem solving, and they need to be the ones driving these changes.

Jessica Weisman-Pitts

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.