Chartered Institute of Management Accountants (CIMA) has charged finance professionals to embrace technology in three years or risk being redundant.
According to the Chartered Institute of Management Accountants (CIMA), most finance teams and professionals are not evolving their skills fast enough to account for the impact of artificial intelligence.
Director of Education at CIMA, Dr Noel Tagoe warned that failure to adopt financial technology spells doom for the financial market.
“You can’t be in the financial market with thinking analytics and blockchain technology. For those who service the financial market, they must know these things. The challenge is how they are deploying the technology because a detachment from it risks making you redundant” Noel Tagoe spoke to JoyBusiness at the launch of Future of Finance Syllabus by CIMA.
The Chief Executive Officer of Databank Group, Kojo Addae Mensah said technology will improve efficiency in the banking sector.
According to him, “technology is bringing change at an unprecedented speed and scale. Organizations must constantly enhance their capabilities to seize new opportunities and remain viable.”
Also, COO of Barclays Bank, Michael Mensah-Baah, outlined how artificial intelligence has helped shore up growth yields. “Technology is what drives every financial institution. Failing to adopt new modules risks kicking you out of business,” he noted.
Meanwhile, CIMA’s updated professional’s qualification and CGMA competency framework which addresses emerging digital skills gaps reveal that 61 per cent of finance professionals surveyed expected over 20 per cent of finance tasks will be automated in next three years.
Future of Finance Syllabus
The syllabus equips students with hands-on financial technology literacy to make them relevant and employable.
This will specifically look at helping finance professionals develop competencies to understand, leverage and harness technology and support businesses to identify and mitigate cybersecurity threats.
About Chartered Institute of Management Accountants
The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants.
As part of the Association of International Certified Professional Accountants, its members and students operate in 184 countries, working at the heart of businesses.
CIMA members and students work in industry, commerce, the public sector and not-for-profit organizations. CIMA works closely with employers and sponsors leading-edge research.