Digital Transformation in the Finance Industry: A CFO’s Roadmap for 2024

Written byEPAM Startups & SMBs

The Editorial Team of EPAM Startups & SMBs is an international collective of tech consultants, engineering managers and communications professionals who create, review and share their insights on business technology and project success tips.

The Editorial Team of EPAM Startups & SMBs is an international collective of tech consultants, engineering managers and communications professionals who create, review and share their insights on business technology and project success tips.

Digital transformation in finance is quickly becoming a critical business strategy for ongoing success. By transitioning away from antiquated and cumbersome paper-based business processes, greater efficiency is achievable. Plus, finance digital transformation can elevate the customer experience, support compliance, streamline operations, and address a variety of fintech challenges.

For CFOs looking to leverage digital technologies strategically, here’s a roadmap for success.

What is digital transformation in finance exactly?

Digital transformation for financial services and financial institutions is a strategy that embraces current and new technologies as a means of streamlining operations, enhancing decision-making, improving workflows, and reducing costs. The goal of financial transformation is to boost operational efficiency while increasing profitability, all while meeting customer expectations in a post-pandemic landscape.

Precisely which technologies are involved may vary depending on the needs of the financial services organization. The digital transformation journey can include fintech software development with such technologies as artificial intelligence (AI), machine learning (ML), blockchain, robotic process automation (RPA), real-time data analytics, cloud-based computing, enterprise resource planning (ERP), chatbots, internet of things (IoT), and many others.

However, digital transformation in finance doesn’t mean you need to fully reimagine the ecosystem and shift away from all tried-and-true processes. Even when introducing cutting-edge technologies to an organization, initiatives should focus on introducing digital tools strategically, allowing a finance team to enhance its function without complete disregard for the user experience. The decisions should align with the profile of the finance organizations adopting the changes, ensuring it’s a net gain for finance leaders, relevant stakeholders, finance professionals, and customers alike.

Top business cases of digital transformation for finance


Insurance companies operating in the finance industry have a lot of gain from a successful digital transformation:

  • Using an omnichannel approach to communication makes it easier to connect with current and prospective customers, ensuring their needs are met.
  • Automation reduces operating costs while enhancing the user experience
  • Analytics can assist with financial reporting and supply chain management. Insurers can also easily gather data from respondents for analysis, making it easier to identify trends within the industry and adapt to shifting conditions quickly.

Retail banking

The retail banking industry strongly benefits from digitalization. Today’s customers are increasingly reliant on smartphones, and digital transformation in banking creates opportunities to help them leverage their devices while increasing convenience. Developing apps with APIs that connect to third-party providers can enhance the digital banking experience. Introducing contactless payments or “buy now, pay later” (BNPL) services expands functionality, too.

From an operational standpoint, cloud computing can streamline processes, improve banking cybersecurity, and support scalability. Plus, it can reduce costs, allowing retail banks to offer better pricing to their customers.

Trading & investing

Cloud adoption, automation, and APIs all have the ability to make trading and investing more efficient, both from a customer perspective and that of the company. By using the right frameworks, algorithms, and technologies for forecasts, it’s easier for investment services providers to provide customers with cutting-edge access to capital markets.

Wealth management

The wealth management financial sector can also benefit from digital transformation. Automation can streamline various tasks, enhancing the employee and customer experience. Analytics make sound decision-making easier, while cloud solutions can speed up the delivery of services without sacrificing security.


Our extensive digital transformation experience makes adopting cutting-edge solutions a breeze, allowing you to leverage the newest technologies quickly and efficiently.

contact us

7 digital transformation technologies disrupting the finance function right now

When it comes to digital transformation and the finance function, specific technologies are undeniably making waves. Here’s a look at which ones are disrupting the finance function most significantly, making them wise starting points for organizations interested in digitalization in finance.

digital transformation in finance: top 7 technologies

1. AI and ML

AI and ML technologies can substantially reduce the risk associated with fraudulent transactions. AI is particularly adept at identifying anomalous activity, while ML allows the system to adapt over time, ensuring it’s able to detect newer threats as they emerge. When properly designed, an AI and ML-supported fraudulent activity detection system can even take action when suspicious actions are identified, safeguarding accounts immediately to limit or avoid potential theft.

2. Robotic process automation

Robotic process automation (RPA) allows technologies to handle tasks that are highly repetitive, ensuring financial professionals can focus their energies on duties that genuinely require their expertise. Plus, RPA can boost the customer experience by allowing customers to handle specific tasks themselves without the need to contact an employee. With process automation, it’s also possible to replicate data across connected systems, which can reduce errors by eliminating tedious data entry.

3. IoT

IoT devices can gather data in real time, ensuring financial companies are well-informed about customer activity. For example, vehicle sensors can collect information for insurers about customer driving activity, creating opportunities to adjust pricing based on customer behavior. Smart ATMs can provide immediate alerts about malfunctions or low levels of available cash, leading to better experiences.

4. Cloud computing

Cloud technology has been a boon in many industries, including finance. Along with offering heightened security in many cases, cloud solutions are incredibly agile, offering exceptional scalability and agility. Additionally, many cloud services providers offer solutions for improved business continuity and disaster recovery.

5. Big data and analytics

In the finance sector, big data and analytics provide exceptional value. Data scientists are able to harness collected data for predictive purposes, making it easier to anticipate future needs. Trends analysis can help financial institutions identify potential opportunities, allowing them to increase their profitability by offering next-gen solutions for evolving customer needs. With analytics, it’s also possible to adjust marketing approaches to target specific audiences, boosting customer acquisition.

6. Blockchain

The decentralized finance (DeFi) landscape is evolving, and many traditional financial institutions are incorporating blockchain to harness some of the more intriguing features. Speedier transactions and highly secure records can both improve the customer experience. Similarly, smart contracts featuring blockchain can provide significant benefits.

7. Mobile apps

Today’s customers often prefer using their smartphones to engage with their financial institutions over other mechanisms. Since that’s the case, financial institutions of all types are developing capable mobile apps to allow customers to access information, conduct transactions, and engage with customer service using their preferred devices.

What challenges to expect on your way to finance digital transformation

Undergoing a digital financial transformation does come with challenges. As a result, financial institutions need to prepare for the journey ahead, ensuring they’re in the best possible position to succeed. Here is a quick overview of some of the potential challenges associated with digital transformation in the financial industry.

Legacy systems

Replacing or integrating legacy systems is often one of the more cumbersome parts of digital transformation. While the new IT solutions typically offer far more capabilities, managing the transition requires significant preparation and planning, as well as the right know-how.


While many updated technologies perform well when it comes to cybersecurity, any update to a tech ecosystem can introduce vulnerabilities. As part of a digital transformation, financial institutions need to fully evaluate their new security position to ensure it’s suitably strong.


Another issue that can result from updating a tech ecosystem is non-compliance. Financial institutions need to ensure that any solutions or systems under consideration meet all legal requirements for the industry before they’re fully implemented.


A digital transformation means the financial institution is undergoing a significant change. As a result, organizations often need to upskill or reskill employees to make sure they’re ready to use the new systems, solutions, or procedures. Additionally, process updates are a must, ensuring any established protocols are revamped based on the digital updates.


Leverage our experience to make your finance digital transformation achievable.

get in touch

Key benefits of the financial digital transformation

While corporate finance digital transformation is a significant undertaking, financial institutions that undergo it have a lot to gain. Here are the benefits of digital transformation in finance and accounting.

Better customer experience

Today’s customers are highly tech-savvy, and they have specific expectations about how their experience should unfold. By embracing the digital transformation of the finance function, institutions are better equipped to meet or exceed those expectations. They can offer the features and services today’s discerning customers prefer, making it easier to maintain customers and attract new ones.

Greater operational efficiency

One of the core motivators for digital transformation in the finance industry is increased operational efficiency. Through digitalization, financial institutions can streamline processes, reduce workloads, eliminate waste, improve tracking, and much more.

Higher profitability

Digital transformation can increase profitability in several ways. By boosting efficiency, financial institutions are more productive, creating more opportunities for revenue generation. Reducing waste can cause operational costs to drop while offering services and features that attract new customers and boost revenue. As a result, most financial institutions experience a strong return on investment (ROI) after their digital transformation.

Agile operations

Cloud technologies, automation, and other types of digital transformation can make financial institutions more agile. For example, cloud computing offers greater scalability than in-house alternatives, while automation allows repetitive tasks to be handled by technology, freeing up employees to focus on activities that genuinely require the human touch.

Data-driven decision-making

By incorporating AI and data analytics, financial institutions can harness the power of their data to support wiser decision-making. They can analyze trends and patterns to identify unique opportunities, allowing them to capitalize on shifting customer sentiment and remain ahead of the competition.

Digital transformation in finance and accounting: a CFO’s action items

Define your goals

Well-defined goals are at the core of a finance digital transformation strategy. Determine what your financial institution wants to achieve and the business areas you’re hoping to improve, giving you specific targets.

Identify potential obstacles

Even an ultimately successful digitalization in financial services will encounter roadblocks and challenges along the way. Identify the potential obstacles early in the planning phases, allowing you to outline possible solutions before moving forward.

Create a strategic plan

Once you understand your goals and know about potential obstacles, it’s time to create a formal strategic plan. Outline how you envision the digital transformation unfolding, determine the expertise you’ll need along the way, and work out an initial timeline. Additionally, make sure to factor in your budget.

Choose partners wisely

Whether you have an internal team that can spearhead a digital transformation or need everything handled by a strategic partner, choose those partnerships carefully. Digital transformations require a significant amount of expertise, so it’s best to focus on experienced partners with strong reputations, ensuring you’ll have the best possible experience.

Get started with EPAM Startups & SMBs

Digital transformation in finance is a significant undertaking, but it’s far easier with the right partner. EPAM Startups & SMBs has substantial experience with finance digital transformation. If you’re ready to start your journey, we can guide you through the process, connect you with talent, and design the technologies you’ll need to succeed.


Let our experienced team assess your current position and create custom solutions designed specifically for your needs.

contact us


Written byEPAM Startups & SMBs

The Editorial Team of EPAM Startups & SMBs is an international collective of tech consultants, engineering managers and communications professionals who create, review and share their insights on business technology and project success tips.

The Editorial Team of EPAM Startups & SMBs is an international collective of tech consultants, engineering managers and communications professionals who create, review and share their insights on business technology and project success tips.