Report finds UK SMBs embrace metaverse and cryptocurrency
Apr 13, 2022
13th April 2022
Aaron Harris, Chief Technology Officer, at Sage
A new study has found that over four-fifths (82%) of UK finance leaders believe the industry needs a new breed of CFO. “The Redefined CFO” study by Sage investigates how finance leaders today take a more holistic approach with a reliance on data to engage with the wider strategic priorities of organisations. Stepping out from the shadow of the CEO, the CFO has become a hub of business information – diversifying their expertise, recruiting the right talent, and ensuring they implement emerging technologies and purpose-driven programmes to remove friction and deliver insights. The Chief Focus, Facilitative, and Fairness Officers represent this new breed of CFO. Cryptocurrency and the metaverse embraced by SMBs
The research also found that finance officers within UK SMBs are increasingly embracing cryptocurrencies and the metaverse as digital payments technology forces an evolution. While only 13% of UK finance teams reported currently accepting cryptocurrency transactions, one-third (33%) plan to accept decentralised currencies within the next 12 months. Two-fifths (44%) believe these currencies will prove ‘extremely’ viable as a long-term payment solution. The biggest hurdles surrounding adoption of cryptocurrencies were internal ESG policies (25%) and finding the right talent to manage it (23%). The research revealed that over two-fifths (42%) of finance leaders have used cryptocurrency as payment for personal transactions, whilst nearly half (45%) have personally invested in cryptocurrency. Just under half (47%) plan to invest in it. When it came to the metaverse, SMBs may be further ahead in embracing the new technology than many anticipate. Nearly one-third (30%) of finance teams say their company has already entered the metaverse, while over half (58%) say they plan to increase their presence. Over half (54%) of respondents are planning learning programmes in the metaverse, and almost half (44%) are purchasing virtual real estate (via NFTs). Aaron Harris, Chief Technology Officer, at Sage said: “I’m passionate about elevating the work of humans. By this, I mean letting the machines take the admin burden, spot anomalies, and automate repetitive tasks – freeing up humans to focus on what they do best. The metaverse is a great example of the convergence of our digital and physical lives – integrating human touchpoints through digital means to knock down barriers. And while it’s still early days for most, the metaverse is normalizing some emerging technologies like cryptocurrencies for SMBs which in turn, removes friction and delivers insights. “Yet despite the appetite for new technologies and business models, the availability of skills remains an industry-wide issue that, as a community, we need to solve. Offering more than the traditional finance roles, I hope this will help our profession appeal to an increasingly wider demographic.”
Purpose and people ahead of profit
UK finance teams are now prioritising technology skills over financial experience in recruitment, and it’s impacting the hunt for new skills. One-third (33%) of finance teams say they are now looking for candidates with AI algorithmic building experience; 28% are looking for coding experience and 32% are looking for developer experience. In fact, candidates with a strong AI pedigree were even more appealing than strong finance candidates willing to train and develop AI skills (38% compared to 36%, respectively). However, both are more attractive candidates than professionals without any technical skillset at all. Organisations in the UK are also prioritising people and empathy in business decisions. Nearly three-quarters of financial decision makers are encouraged by their organisation to prioritise people (69%), account for empathy and understanding when making business decisions (70%) and put purpose over profits (65%).