The evolving role of the CFO: How financial leaders are shaping business strategy

This transformation is being driven by the growing complexity of business environments, digital disruption, and the increasing importance of data and technology in value creation.

In this regard, the Forvis Mazars C-Suite Barometer: Outlook 2025 highlights that leaders have not lost focus on the transformative opportunities that technology can bring to their businesses.

The report identifies a shift in the rush to embrace the latest tech trend, with C-suite executives relying on deeper evaluation and smarter use cases to maximise return on investment (ROI) and differentiate from the competition with more data-focused, dynamic strategies.

In this regard, the transformation of company IT and technology has emerged as the top strategic priority of business leaders, with nearly half (43%) of respondents confirming that this is at the top of their agenda, up a massive 11 points in just 12 months.

Moreover, a majority (85%) feel confident in the potential ROI this focus will deliver, with business leaders keeping a close eye on new technologies as one of the top three trends expected to have the biggest impact on their organisations, alongside economic factors and increased competition.

The role financial leaders play in exploiting these opportunities and taking on these challenges has given rise to the concept of the traditional CFO acting in a Chief Value Officer (CVO) role for the enterprise.

“Traditionally, CFOs have focused on financial reporting, cost control, compliance, and ensuring the health of the balance sheet,” says Jatin Kasan, Head of Financial Services at Forvis Mazars in South Africa.

“While these responsibilities remain foundational, today's CFOs are navigating a whirlwind of change, and staying ahead means mastering more than just the numbers.”

CFOs are now expected to drive enterprise value, not just measure it. This includes a deeper involvement in business strategy, operational decision-making, risk management, and technology enablement.

Kasan explains that modern CFOs who want to become key architects of long-term value must have a solid understanding of the softer metrics that drive the business outside the financial numbers.

“These metrics include intangible qualitative qualities like innovation, strategic agility, tech fluency, data storytelling, regulatory foresight and the ability to attract and retain scarce skills and top industry talent.”

Using fintech businesses as an instructive insight, Kasan highlights the value that

strategic agility offers in this fast-moving sector.

“Fintech CFOs must be nimble in adapting financial strategies to shifting market dynamics, emerging technologies, and evolving customer expectations.”

With a fintech’s rapid rate of innovation comes a complex and evolving regulatory landscape, which means CFOs must also anticipate changes and ensure compliance without stifling innovation.

“Furthermore, it is crucial that modern CFOs build trust with investors, regulators, and partners as strong networks can open doors and smooth over rough patches.”

Beyond these soft skills, CFOs need to be tech-savvy enough to evaluate investments and the associated risks in these areas.

“This tech fluency requires an in-depth understanding of digital tools like AI, blockchain, and cloud computing,” adds Kasan.

Asad Siddiqui, Director of Finance and Finance Operations at Moment Holdings Limited, a pan-African integrated payments processor that connects African businesses to each other and to the world, agrees.

“At Moment, we currently process over half a million payments every day. Rather than continually adding headcount to manage this scale, our company DNA is biased toward tooling and automation. Our intent is to infuse technology in every aspect of business,” he explains.

“A good example is our reconciliation engine. It does not just improve speed and accuracy, but also reduces the need for manual effort entirely, as we believe, technology is a deflationary force in an inflationary world.”

On the subject of data, Siddiqui says a payment processor’s job traditionally ends when the transaction is complete.

“However, we believe that’s where the real value begins. Every payment journey captures rich data which can be turned into actionable insights. We see our role not just as a payments platform, but as a growth platform for our merchants — using that data to help them increase revenue, reduce leakages and make sharper commercial decisions.”

Although still in the early stages, Siddiqui shares that the company is actively exploring the use of AI agents across finance operations with a clear focus on outcomes.

“AI adoption shouldn't be a vanity exercise,” he says. “It has to deliver tangible efficiency gains and ultimately contribute to profitability.”

For Siddiqui, this mindset reshapes the CFO’s role  from overseeing budgets to reimagining resource allocation, ensuring every dollar spent, whether on people or technology, delivers measurable business impact.

However, Kasan stresses the need to balance long-term vision with addressing short-term pressures, as fintechs often chase quick wins.

“CFOs must balance this with sustainable growth strategies and sound capital allocation. The ability to translate data into compelling narratives that drive decision-making and align stakeholders is a capability that all modern CFOs require,” asserts Kasan.

“This is another example of how the CFO role is no longer just about crunching numbers – it’s about using data for storytelling to deliver business impact.” 

Talent is closely linked to a company’s ability to leverage data in this way, which is why a company’s talent strategy also falls within the modern CFO’s ambit.

The C-Suite Barometer highlights how just under half (43%) of executives report widespread difficulty in attracting and hiring the right talent.

“Attracting and retaining top talent, especially in data analytics and finance tech, is a growing concern. As such, CFOs must foster a culture that supports development, flexibility, and well-being,” adds Kasan.

In this context, the CFO’s role is no longer about only managing money; it is about maximising value across every dimension of the business. As a CVO, the modern finance leader must understand and communicate how technology investments are not just IT upgrades, but key levers for innovation, differentiation, and profitability.

Authors:

Asad Siddiqui, Finance Director, Moment Holdings Limited

Jatin Kasan, Head of Financial Services, Forvis Mazars in South Africa