How automation will change your fintech career

Fintech – the term for any technological innovation used to support workers in accounting and finance – is driving rapid change in these sectors and creating new business models, processes, products and applications.


Automation is an increasingly integral part of our lives, helping with repetitive processes, eliminating human errors and freeing humans up to do more meaningful work. Anyone working in industry and commerce needs to be aware of the latest developments in AI, as data-driven decisions are becoming the norm in finance and accounting.


AI, automation, open banking, cloud accounting and making tax digital will all contribute to a digital transformation in the sector, creating both challenges and opportunities for businesses.


Who will this affect?


Fintech will become commonplace across businesses, as it provides a continuous personal connection with clients in a way that would have been unthinkable just a few years ago. A global survey by Sage found that 50% of accountants are looking into AI and automation as a way to free up their time.


Junior accountants in particular will be affected by the introduction of new AI applications, with Fluidly, Xero and the redevelopment of Quickbooks already making waves. Those in administrative roles will need to update their skills to avoid being made obsolete by technology.


How to stop the robots taking your job


With more and more roles becoming automated, it’s understandable to be concerned that your job may be taken over by AI. As invoicing, credit control, reconciliations and cashflow forecasting become more automated, employees working with these functions will need to adapt their skillsets and processes to stay relevant, and to demonstrate the ability to work with technology as well as a knowledge of accountancy.


To develop these skills, candidates should look to learn from colleagues or consider joining companies that offer internal training or funding for accountancy studies. Understanding the developments in AI and how to work with them can mean the difference between progression and redundancy.

Posted by: Marlin Selection