Two thirds of UK millennial finance professionals feel threatened by automation, Metapraxis research reveals

Two thirds of UK millennial finance professionals feel threatened by automation, Metapraxis research reveals
11.10.2018 10:34 am

Two thirds of UK millennial finance professionals feel threatened by automation, Metapraxis research reveals

  • However, 78% agree that the implementation of technology will add strategic value to the business
  • 1 in 2 believe that advanced analytics has the potential to transform the finance function

Over two thirds of millennial finance professionals in the UK (67%) believe that automation of core processes and strategic decision support in the finance function is a threat to their role, according to new research revealed today by Metapraxis, the leader in financial analytics technology. However, whilst respondents may feel their role is threatened by this technology, over three quarters (78%) agree that it will enable the creation of more strategic value in the finance department and overall business, a more optimistic opinion from the generations before them.

The survey, which questioned millennials in the finance function of large businesses in the UK and US as part of Metapraxis’ ‘Future of Finance’ research, found that between the two jurisdictions, US millennials felt more secure in their role, with 27% disagreeing that they felt threatened by automation – 11% higher than those in the UK. A potential explanation behind US respondents’ higher sense of security may be due to UK finance departments being more advanced in their adoption of automation, with over 64% of finance departments based in the UK already using aspects of this technology, compared to only 52% in the US.

Whilst millennials agree that technology has the potential to transform the finance function and add value, there is discrepancy over which technologies will have the most impact. Over half (52%) of those surveyed consider advanced analytics to be the most transformational for the sector. 47% felt cloud services still carries the most opportunity for transformation, even though this technology is already well used by most businesses. However, perhaps more surprisingly given the current hype around its capabilities, only a quarter think that blockchain will be the most transformational for the department, less than both data visualisation (39%) and AI and machine learning (33%).

Simon Bittlestone, CEO of Metapraxis says:

“For years it has been known that finance employees feel threatened by the impact that new technologies will have on their day to day role and job security. It is no huge surprise that even digitally native millennials feel the same; however, what our research shows is that unlike their predecessors, these individuals clearly understand the value that data and analytics can bring to the finance function, which is particularly encouraging. By harnessing the power of advanced analytics, finance functions will be better equipped to make quicker, more effective decisions and truly drive the strategic direction of the business.”

Related News

Countdown to the Million Dollar Challenge - Forty startups from about ten countries have been selected to head to the grand finale at the Vizag Fintech Festival

Over 40 startups from over 10 countries will be competing for the million dollar grant from the Government of Andhra Pradesh at the Vizag Fintech Festival that will be held... Read more »

IFC and Alipay Announce 10x1000 Tech for Inclusion Programme to Inspire Technology Leaders in Emerging Markets

International Financial Corporation (“IFC”), a member of the World Bank Group, and Ant Financial Services Group (“Ant Financial”), the world’s leading tech company and the... Read more »

Visa demonstrates Olympic payment experiences

On the heels of its renewal with the International Olympic Committee through 2032, Visa (NYSE:V), the International Olympic Committee (IOC) and the International Paralympic... Read more »

GITEX 2018: DVM Chooses Dizmo for Their Latest Generation of Transformational IoT Solutions

DVM IoT Solutions and dizmo, the Interface of Things™, are today announcing at GITEX Technology Week a... Read more »

Global digital signature market is expected to reach $3,410.8 million by 2023

Digital Signature Market by Solution (Software, Hardware, Services [Managed, Professional]) by Deployment Type (Cloud Based, On-Premises), by Application (Government, IT,... Read more »

Director of AMI Talks About Economic Recovery and Cross-Border Opportunities in Latin America at the EBANX Summit 2018

The Southern city of Curitiba, in Brazil, has become an important location for a high-level global debate on the business landscape of Latin America. The EBANX Summit 2018... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App