Inside the Future of Finance: Expert Perspectives on Innovation and Digitalization

Finance is changing - fast. New technologies, shifting regulations, and rising customer expectations are pushing the sector into uncharted territory. In this era of rapid change, finance teams aren’t just crunching numbers; they’re shaping business strategy. 

To get an insider’s view of this transformation, we spoke with Liliya Petkova, founder of NOLI Consult and a finance professional with more than two decades in the banking industry. In our conversation, she reveals how digital tools, AI, and smart leadership can redefine the way financial teams work. 

Let’s dive into the Q&As that follow. 

Q1: How do you see the development of the financial sector in recent years? 

The banking sector is undergoing a fundamental transformation, driven by three key factors: technological evolution, regulatory activity, and growing customer expectations for speed, digital access, and personalized solutions. 

Whereas in the past, banks mainly served as infrastructure for storing and transferring funds, today they are required to evolve into technological platforms offering real-time, intelligent financial services. The finance function is no longer merely about reporting - it has become strategic, predictive, and adaptive. It now demands deep analytical capabilities, risk management, and the integration of technologies such as artificial intelligence and process automation. 

This shift requires banks to rethink their customer service models and internal operations. With the rise of new fintech companies, expectations for financial services have accelerated the need for transformation. The key lies in flexibility, the ability to adapt quickly, and the strategic use of data for informed decision-making and long-term value creation. 

Q2: What are the key technological innovations currently transforming the financial field?

Significant innovations include: 

• Process automation through RPA (Robotic Process Automation) 
• Cloud-based SaaS platforms for modeling and forecasting 
• Expanded use of BI tools for data visualization and analysis 
• The integration of AI-based analytical solutions 

Q3: How is digitalization impacting processes within finance departments? 

Digitalization is fundamentally changing how finance teams collect, process, and analyze data. Automated systems and integrated platforms reduce manual labor and administrative overhead, significantly improving the accuracy and reliability of financial information. 

The ability to track key metrics and financial outcomes in real time provides greater transparency and process control. This empowers teams to make faster, more informed decisions, dynamically adjust strategies, and focus on value creation and strategic planning. As a result, digitalization not only optimizes daily operations but also enhances the organization’s overall efficiency and competitiveness. 

Q4: Are there specific tools or platforms you believe are most important for today’s modern finance team? 

Yes. Key tools include: 

• Integrated SaaS solutions for FP&A (like Businessmap) 
• Platforms for automating accounting and reporting processes (such as Xero, QuickBooks, NetSuite) 
• BI tools like Power BI and Tableau 

Equally important is the interconnection of these systems - ERP and CRM platforms are vital for complete data integration. 

Q5: How is artificial intelligence entering the space of financial analysis and planning? 

AI is becoming a catalyst in the transformation of FP&A functions - through forecasting models, anomaly detection, automatic scenario generation, and optimization recommendations. It enables a shift from retrospective to predictive and even prescriptive analysis. 

Q6: What advantages does AI offer to finance teams, and what are the risks? 

Advantages include: 

• Greater accuracy 
• Faster analysis 
• Freeing up resources from routine tasks 
• Enhanced focus on strategy 

Risks stem from: 

• Poorly structured data 
• The need for new competencies within teams 

Q7: Can you give an example of a successful AI integration in a finance department? 

In a joint project with one of our partners, we implemented an AI-based tool for process optimization and forecasting. The result was a 70% improvement in the accuracy of cash flow forecasts, along with streamlined processes and faster execution. 

Q8: How do SaaS solutions facilitate financial modeling and forecasting? 

Modern SaaS platforms, such as Businessmap, fundamentally change how finance teams plan, forecast, and manage their processes. They provide structure, consistency, and full traceability, eliminating the chaos of fragmented processes and unclear responsibilities. 

With Businessmap, finance professionals work in a dynamic and collaborative environment where tasks are clearly defined, execution is transparent, and changes are easy to manage. This not only accelerates workflows but also fosters a culture of efficiency, agility, and strategic accountability. 

In a world where response time is critical, Businessmap enables organizations to make more informed, faster, and confident decisions. 

Q9: Do you encounter resistance from traditional finance teams, and how do you address it? 

Yes - particularly in organizations with hierarchical structures and long-standing manual practices. Our approach includes: 

• Careful evaluation of existing processes 
• Conducting training sessions 
• Piloting implementations 
• Demonstrating measurable benefits 

Success largely depends on leadership commitment and the active involvement of internal teams in the change process. 

Q10: How do you envision the finance team of the future? 

The finance team of the future will be multidisciplinary, technologically adept, and strategically focused. It will treat data as a valuable asset, not just a reporting requirement. Such a team will be able to simulate business scenarios in real time and support leadership with informed decisions in a dynamic market environment. 

Q11: What advice would you give to companies just beginning their digital transformation journey? 

Start with a clear plan and specific goals - don’t digitalize for the sake of technology, but in response to your actual business needs. Choose the right partners, invest in training, and build an internal culture that embraces change as an opportunity. Small early wins build trust and lay the foundation for long-term success. 

The Next Era of Finance: What to Know 

From automation to AI, the tools for financial transformation are already here. But as Liliya Petkova reminds us, success isn’t only about adopting the latest technology - it’s about clear goals, committed leadership, and a culture that welcomes change. 

The finance teams that thrive in the future will be those that combine agility, innovation, and strategic thinking to create lasting value.