Summary CPA Program Australia - Digital Finance

Summary CPA Program Australia - Digital Finance
THE DIGITAL FINANCE ECOSYSTEM LEARN ING OBJECT IVES
After completing this module, you should be able to:
1.1 evaluate the complexity of digital transformation and its impact on the work of accounting and finance
professionals to meet specific business needs
1.2 analyse the complexity associated with the practical implementation of emerging technologies and their
impact on the finance ecosystem
1.3 support the adoption of digital technologies to achieve an organisation’s strategic goals.
PREVIEW
The innovative application of technology has transformed the business world. As increasingly ubiquitous
internet-enabled devices generate, store, process and exchange massive amounts of data at low cost and in
near-real time, a new wave of transformation is underway. This transformation is rapidly changing the way
businesses work, communicate and collaborate with each other, and with their customers, to create value.
In this context, accounting and finance professionals need not only a working understanding of the
current finance landscape, but also the knowledge and skills to evaluate and respond to the opportunities
and challenges associated with the digital finance innovations that are transforming the finance ecosystem.
Part A of this module describes the emergence of the data-enabled ‘Network Age’ and how technologies
and innovations are impacting on finance functions and institutions. This establishes the context in which
accounting and finance professionals will work to evaluate and support the adoption and implementation
of innovations that can help achieve the business’s strategic goals.
Part B of the module explains and illustrates the components, characteristics and function of a digital
ecosystem. This provides an understanding of how a digital ecosystem creates value and thus how to
evaluate innovations to determine their role in helping an organisation achieve its strategic goals. To help
navigate the complexity of the technologies and applications involved, we will describe the goals and
benefits of the digital financial services ecosystem, the enabling environment and infrastructure, and the
issues and challenges encountered during the digital transformation of finance. This part concludes with a
discussion of payments in the digital finance ecosystem.
Part C of the module discusses financial technology (FinTech) applications relevant to the work
of accounting and finance professionals, and to the broader digital financial services ecosystem. We
begin by exploring the role of FinTech businesses in the development of innovative digital finance
solutions. FinTechs leverage technology to create cost-effective niche services to fill needs that are not
optimally served by the traditional financial services institutions. As the sector has developed, FinTechs
and traditional providers increasingly cooperate and collaborate. After discussing the digital finance
applications of FinTech, we discuss emerging areas in FinTech and the opportunities and roadblocks that
must be considered when developing, evaluating, adopting or implementing digital finance innovations.
Part D draws together the tools and knowledge presented in parts A, B and C to enable accounting and
finance professionals to play a valuable role in the evaluation, planning and practical implementation of
digital finance innovations that will digitally transform the business to help achieve its strategic objectives.
By developing the ability to understand and evaluate the impact of technology on accounting and
finance, the components and functioning of the digital finance ecosystem, innovative FinTech, and digital
transformation issues and strategies, this module provides the foundations for evaluating and taking
advantage of the specific digital finance technologies and developments discussed in the later modules.

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