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Bankinter has published the first “CFO Front Line Report” on the role of CFOs in Spanish companies.

This study seeks to provide an overview of an essential executive figure in companies, as well as identify any trends in evolution.

According to the survey, 62% of CFOs believe that their departments have become more important in recent years and now play a more strategic role.

The study's conclusions identify key features that will define the CFOs of the future, such as a consolidating their strategic role within the company, and being a facilitator for other departments. CFOs will also need to have highly trained teams in both digitization and data analytics in order to stay ahead of the curve.

Bankinter has published the first “CFO Front Line Report” on the role of CFOs in companies, their current situation and future development. The purpose of this study is to provide insight into the role of the CFO in the modern business landscape.

To prepare the report, the bank conducted extensive interviews with CFOs of Spanish companies with a turnover between five and 50 million euros in the following sectors: pharmaceutical distribution, construction, livestock, food, renewable energy, professional services and real estate sectors. In addition, 115 telephone surveys were conducted among managers with this position.

To disseminate the report, Bankinter made a presentation to CFOs from various companies at an event at the bank on Thursday 17 March. The presentation of this study is part of the CFO Forum initiative, which has a dedicated section on Bankinter's website. The bank launched this initiative through Corporate Banking to provide a space for Chief Financial Officers (CFOs) and other professionals working in finance departments. Here they will have access to useful knowledge and tools to help with management tasks.

The study has two parts: the first, called the “CFO Barometer”, analyses the current role of CFOs and the second looks at how this role should be developed in the light of the responses received, as described under the heading “The CFO of the future”.

One of the key findings in the report is that 62% of CFOs have seen their departments evolve significantly in recent years, and that CFOs now play a strategic role in their companies,

especially in sectors such as construction and services, while in commerce the Finance area continues to hold a more technical position.


Digitalisation, the key.


Digitalisation has been one of the major changes to impact finance areas recently, according to 69% of the managers, who say that these areas are more dependent on technology. This is more pronounced in companies with more than 50 employees, particularly those with more than 100 employees.


The concerns of the managers


More than half (51%) of the CFOs we surveyed believe that big changes are ahead for their profession and their functions. The report identifies the main concerns of CFOs with strategic roles in their companies. The main concern is the information and forecasts coming from other departments that affect their objectives and functions. This meshes with concerns about their own education, financial and accounting laws, but also their relationship with the CEO of their company and the technological resources at their disposal.


What traits will define the CFO of the future?


In conclusion, the report identifies the characteristics that define the CFO of the future, based on the responses received, as follows:


- He is directly involved in corporate strategy and has weight in decisions on new business areas, business models, internationalisation, new marketing channels, etc.

-He works increasingly actively and dynamically with other areas of the company, becoming a facilitator.

-He has work teams with a high level of analytics, digitalisation and automation, which even allows them to take on tasks that used to be more outsourced.

-He decides on the technological profile of the company and the tools to achieve it.

-His main competence is analytical ability, and it is also his main motivation.

-He is very much involved in the digital transformation processes of companies.