Close Menu
fintechbits
  • News
  • AI
  • Acquisitions
  • Trends
  • Insights
  • Rumors
  • Startups
  • finjobsly

Subscribe to Updates

Get the latest news from Fintechbits.

Trending Now

Startup fintech payment app uncovers

October 2, 2025

UNDOLVE AI reports financial growth alongside a rise in liabilities.

October 2, 2025

Startup founders showcase their fintech innovations to conclude the accelerator program.

October 1, 2025

What $9.6T Daily FX Trading Means for Fintech Startups

October 1, 2025
Facebook X (Twitter) Instagram
Trending
  • Startup fintech payment app uncovers
  • UNDOLVE AI reports financial growth alongside a rise in liabilities.
  • Startup founders showcase their fintech innovations to conclude the accelerator program.
  • What $9.6T Daily FX Trading Means for Fintech Startups
  • AI Masterclass prepares financial leaders for the digital era.
  • Has the Texas Senate authorized the XRP reserve bill for purchasing $100 million in XRP annually?
  • Sofi Technologies speeds up advancements in financial technology
  • Charlie Javice receives a 7-year sentence for defrauding JPMorgan: the story of a 32-year-old CEO who was once featured on Forbes’ 30 under 30 list and deceived the largest bank in the U.S.
Facebook X (Twitter) Instagram Pinterest Vimeo
fintechbits
  • News

    What $9.6T Daily FX Trading Means for Fintech Startups

    October 1, 2025

    How Finjobsly is Helping Candidates Connect With Fintech Firms

    September 29, 2025

    AI-powered fintech job platform Finjobsly.com Launches

    September 16, 2025

    FCCPC recoups 10 billion naira for harmed customers after grievances against banks and fintech companies

    September 11, 2025

    Hyderabad Fintech Viyona secures NPCI approval to function as a third-party application provider.

    September 11, 2025
  • AI

    UNDOLVE AI reports financial growth alongside a rise in liabilities.

    October 2, 2025

    AI Masterclass prepares financial leaders for the digital era.

    October 1, 2025

    Coinbase Executive States that AI Agents Require Cryptocurrency for Large-Scale Operations

    October 1, 2025

    Hackensack Meridian Health Collaborates with IA and Detection Dogs for Cancer Research

    October 1, 2025

    Maximor raises $9 million to expand its AI finance automation.

    September 30, 2025
  • Acquisitions

    Amazon concludes its acquisition of the Indian lender Axio, expanding its fintech efforts.

    September 11, 2025

    The incident involving the Kaustubh Kulkarni movement in Moomoo

    September 3, 2025

    Overview of Acquisitions for US Fintech Companies from the Clifford Chance Guide

    September 2, 2025

    Dentons guides PEAC Solutions in acquiring Fintech Topi

    August 29, 2025

    Truckstop.com purchases the denim division of the transport finish company

    August 24, 2025
  • Trends

    Expansion of the Blockchain and Fintech Sectors in Tokenization

    September 30, 2025

    Expansion and Investment Prospects in the GCC Fintech Sector

    September 25, 2025

    Current Trends in Financial Technology | Teammate | Wolters Kluwer

    September 25, 2025

    Future Business Prospects in the Fintech Market from 2025 to 2032

    September 24, 2025

    Overview of the Size, Trends, Growth Drivers, and Key Players in India’s Fintech Sector

    September 5, 2025
  • Insights

    What $9.6T Daily FX Trading Means for Fintech Startups

    October 1, 2025

    Exploring the Boundaries of Technology: Advantages of the Fintech Sector

    September 30, 2025

    Examining the recent evaluation of Up Fintech following new analyst coverage that emphasizes its growth prospects.

    September 24, 2025

    Riyadh Establishes a New Benchmark with Record 20/20 Middle East Funds, Enhancing Saudi Arabia’s Influence

    September 21, 2025

    Safaricom enhances M-Pesa to Fintech 2.0, enabling 6,000 transactions every second.

    September 19, 2025
  • Rumors

    Has the Texas Senate authorized the XRP reserve bill for purchasing $100 million in XRP annually?

    October 1, 2025

    Bitcoin and Ethereum dominate the market surge

    September 23, 2025

    Dogecoin price aims for $0.30 as the launch of Doje ETF boosts market optimism.

    September 18, 2025

    Pi Network price hits a new all-time low amid delimitation speculation on OKX and Mexc.

    September 11, 2025

    Tether’s Bitcoin Sale for Gold: CEO Paolo Ardoino Shares the Facts

    September 8, 2025
  • Startups

    Startup fintech payment app uncovers

    October 2, 2025

    Startup founders showcase their fintech innovations to conclude the accelerator program.

    October 1, 2025

    Charlie Javice receives a 7-year sentence for defrauding JPMorgan: the story of a 32-year-old CEO who was once featured on Forbes’ 30 under 30 list and deceived the largest bank in the U.S.

    October 1, 2025

    Japan Unleash Capital Partners secures funding to support Indian fintech startups focused on young girls.

    October 1, 2025

    Charlie Javice receives a seven-year sentence for fraud.

    September 30, 2025
  • finjobsly
fintechbits
Home » Organizations Face AI, Skills Shortages, Data Integration and ESG Reporting in a Changing Industry
AI in Finance

Organizations Face AI, Skills Shortages, Data Integration and ESG Reporting in a Changing Industry

4 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
8ff04aa2464a487d242e8637ba42e9b8.png
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link
insight softwareinsight software

insight software

In a fragmented software landscape, rapid technological advances, artificial intelligence, machine learning and cloud computing have exacerbated a growing skills shortage

RALEIGH, N.C., Sept. 10, 2024 (GLOBE NEWSWIRE) — insight softwarethe most comprehensive provider of solutions for the CFO office, has released its 2024 Finance Team Trends ReportThe report analyzes the challenges of data integration, the rise of artificial intelligence (AI), critical changes in cloud computing, and the continued impact of workforce and skills challenges in the finance and accounting sectors.

The study is based on responses to a survey of more than 500 finance professionals in Europe and North America. The survey results indicate that investing in intuitive tools is not just a cost-saving measure, but a strategic imperative. By bridging the skills gap with technology, companies can unlock the full potential of their finance teams, improve decision-making and drive business growth.

The report found that 93% of finance teams use multiple software tools and 94% use software from different vendors, resulting in 98% of finance teams experiencing data integration challenges. Poor management and integration of data from multiple sources, such as enterprise resource planning (ERP) platforms, is seen by 82% of finance teams as the biggest challenge when it comes to financial reporting, forecasting, and compliance. Integration issues lead to inefficiencies and inaccuracies, which ultimately hurt performance.

The increasing complexity of reporting and compliance is creating significant challenges for finance teams. Most organizations (98%) face one or more major challenges when integrating environmental, social, and governance (ESG) criteria into their financial reporting. Two-thirds of finance teams (66%) spend three or more days per month consolidating and collecting data for ESG reporting. To address this issue, nearly three-quarters (71%) of finance teams agree that an automated ESG reporting solution could significantly improve the effectiveness and efficiency of their finance teams.

Skills shortages have rapidly increased within finance teams, from 41% of organizations reporting challenges in the 2023 Finance Team Trends Report to a staggering 92% this year. Rapid technological advances, such as artificial intelligence, machine learning, and cloud computing, have transformed the finance function, requiring new and unfamiliar skills. The financial sector has experienced substantial growth, creating an increased demand for skilled professionals. Yet, there is a number down finance and accounting graduates. This, along with changing work patterns (such as teleworking and the gig economy), has made it increasingly difficult to find and retain qualified talent.

“Finance teams are faced with managing data from multiple tools and data sources, so it’s critical that they regain control with technology that seamlessly integrates with the systems they rely on every day,” said Josh Schauer, senior vice president of finance at insightsoftware. “Working in a fragmented software environment is no longer an option. Finance teams need to embrace an integrated platform that provides a unified view of their data. insightsoftware’s open enterprise data structure is the backbone of our platform, enabling deep customization and seamless technology integration. This empowers teams to gain tailored insights while improving efficiency and productivity.”

Additional key findings include:

  • At least three-quarters (75%) of finance teams spend at least five to six hours per week recreating financial reports, which equates to 24 hours per month or 300 hours per year.

  • While security (42%) and cost management (37%) are generally perceived as the main barriers to cloud migration, this research reveals that skills gaps within the IT team (45%) and integration challenges (42%) are the biggest challenges in practice.

  • More than half of organizations spend at least 30 hours per month on high-level reporting tasks, with the most time-consuming tasks being tax preparation (60%), financial statement creation (59%) and ERP system maintenance (57%).

Download the full findings of the 2024 Finance Team Trends Report here to discover how finance teams can begin to address their data challenges and improve efficiency through the next stage of digital transformation.

To learn more about how InsightSoftware empowers the Office of the CFO to make timely, informed decisions, visit insightsoftware.com.

Research methodology

The insightsoftware 2024 Finance Team Trends Report was developed in collaboration with Hanover Research. It was created to better understand the current trends and challenges facing financial decision-makers. To achieve this goal, a quantitative survey was conducted among a sample of 500 finance professionals in Europe and North America. Participants were selected to represent a broad range of organizations and industries.

About Insightsoftware
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe that actionable business strategy begins and ends with accessible financial data. With solutions spanning financial planning and analysis (FP&A), accounting, and operations, we transform how teams work, enabling leaders to make timely, informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, builds predictability, and increases productivity. Learn more at insightsoftware.com.

Media Contacts
Inkhouse for Insight Software
insightsoftware@inkhouse.com

Daniel Tummeley
Corporate Communications Manager
PR@insightsoftware.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

UNDOLVE AI reports financial growth alongside a rise in liabilities.

October 2, 2025

AI Masterclass prepares financial leaders for the digital era.

October 1, 2025

Coinbase Executive States that AI Agents Require Cryptocurrency for Large-Scale Operations

October 1, 2025
Leave A Reply Cancel Reply

Latest news

Startup fintech payment app uncovers

October 2, 2025

UNDOLVE AI reports financial growth alongside a rise in liabilities.

October 2, 2025

Startup founders showcase their fintech innovations to conclude the accelerator program.

October 1, 2025
News
  • AI in Finance (1,681)
  • Breaking News (171)
  • Corporate Acquisitions (71)
  • Industry Trends (204)
  • Jobs Market News (309)
  • Market Insights (215)
  • Market Rumors (277)
  • Regulatory Updates (166)
  • Startup News (1,091)
  • Technology Innovations (179)
  • X Feed (1)
About US
About US

FintechBits is a blog delivering the latest news and insights in fintech, finance, and technology. We cover breaking news, market trends, innovations, and expert opinions to keep you informed about the future of finance

Facebook X (Twitter) Instagram Pinterest Reddit TikTok
News
  • AI in Finance (1,681)
  • Breaking News (171)
  • Corporate Acquisitions (71)
  • Industry Trends (204)
  • Jobs Market News (309)
  • Market Insights (215)
  • Market Rumors (277)
  • Regulatory Updates (166)
  • Startup News (1,091)
  • Technology Innovations (179)
  • X Feed (1)
Happening Now

November 28, 2024

“ Intentionally collaborative ”: how the Rotman school of U of T leads Innovation Fintech

February 6, 2025

‘1957 Ventures’ to Drive FinTech Innovation in Saudi Arabia

September 10, 2024
  • About FintechBits
  • Advertise With us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Terms and services
  • BUY OUR EBOOK GUIDE
© 2025 Designed by Fintechbits

Type above and press Enter to search. Press Esc to cancel.