In this week’s financial software news: Excel’s star wanes; Finastra and Microsoft shape the future; EU opens up to FinTech pre-Brexit; Governor Software integrates FCA handbook.
Just two years ago, Excel proficiency was seen as an essential skill by a full 78% of CFOs. Today, that figure is down to 5%, according to Adaptive Insights’ new chief financial officer (CFO) indicator report.
Instead, CFOs are putting greater emphasis on the power of new financial technology, as Adaptive Insights CFO Jim Johnson says:
“The new skills finance leaders need are those that can use technologies to access, analyze and amplify data for insights to better manage the business.”
Simon Paris, Deputy CEO at Finastra said, “As we change the way software is written, deployed, consumed and monetized with our FusionFabric.cloud open architecture, it makes sense to team up with a trusted technology powerhouse like Microsoft which shares our values in providing secure, accessible and modern technology in high performance environments. FusionFabric.cloud completely opens our software up to third parties, and our broad solution set is unparalleled, enabling us to revolutionize the traditional development model and pave the way for future generations to embrace a collaborative ecosystem approach. The Azure cloud ensures we are best placed to make this happen and offer our customers robust technology on a secure and proven platform.”
While London remains the FinTech capital of Europe, EU leaders are working hard to encourage the growth of new financial technology throughout the continent. This includes the drafting of a new law, set to make it easier for firms to navigate (and pass) regulatory barriers.
The document from the European Commission, reads:
“An EU-wide FinTech market will not reach its full potential without the development of open standards that make interoperability possible, simplify the exchange of data between market players and facilitate competition”
Governor Software Ltd today announced it has obtained a licence from the FCA which will allow its clients to automatically link internal policies and controls to the Financial Conduct Authority (FCA) Handbook.
Richard Pike, Founder and CEO, Governor Software, commented:
“Keeping abreast of the FCA Handbook is no mean feat for financial institutions, with requirements differing between organisations and updates frequent. While other companies publish this handbook within their software we believe we are the first to take the structure and enable clients to link their policies directly to it. This not only saves considerable man-hours, automatically alerting appropriate team members when their policies need updating or reviewing, but also provides comprehensive oversight and compliance through auditable mapping.”