KPMG Launches New Fintech Platform – KPMG Digital Finance
One of the ‘big four’ professional services networks, KPMG has launched its new KPMG Digital Finance platform.
Powered by Aptitude Software and Microsoft Azure and Dynamics, the service will provide finance teams with a modern finance platform.
It features a pre-configured and managed finance solution with AI capabilities, enabling access to a range of finance and data analytics capabilities as a service.
KPMG: Delivering solutions for modern finance
KPMG Digital Finance offers finance teams a fully integrated solution providing finance teams with access to a modern technology stack, helping professionals to spend more time completing value-added tasks as opposed to laborious back-office finance work.
With a modular and scalable cloud-native design, KPMG Digital Finance incorporates machine learning and generative AI capabilities to deliver finance teams an easily managed solution.
KPMG says its new platform will be available via subscription, which includes the underlying application licences, and access to a financial accounting sub-ledger, control reports and analytic dashboards.
Build on Aptitude and a curated, preconfigured set of Microsoft Azure, Dynamics 365 and Power BI capabilities deployed through a KPMG Modern Data Platform, the key features of KPMG Digital Finance include:
- Microsoft Dynamics 365 F&O - An enterprise resource planning (ERP) solution that provides financial management, supply chain management, and customer relationship management capabilities to organisations.
- Microsoft Power BI – State-of-the-art data visualisation software that includes KPMG preconfigured finance and data quality dashboards and reports.
- Azure Databricks - Unified analytics platform for data science and engineering, providing a collaborative workspace for performing data engineering, machine learning, and analytics tasks and includes KPMG preconfigured data transformation, quality, and monitoring capabilities.
- Azure Cosmos Database - Highly scalable database service that optimises performance of globally distributed applications.
- Azure Data Factory - Hybrid data integration service to create, schedule and manage workflows that can move data between various data stores.
- Azure Virtual Desktop - A desktop and app virtualisation service that runs on the cloud, enabling users to securely access their desktops and applications from anywhere, on any device.
Indeed, KMPG leverages Microsoft365 technology soon after the launch of Microsoft’s Copilot for Finance – the latest business function in Microsoft365. It’s clear that with Microsoft, KPMG has a partner alongside it continuing to innovate.
David Fourie, Partner at KPMG states: “As the speed of technology, business and regulatory change continues to increase, organisations are increasingly looking to move to a managed service model for finance provided by trusted, proven partners.
“Moving to a FaaS model ensures finance teams have a secure, scalable, cost-effective solution that leverages best practices, while also moving finance from mundane, repetitive tasks to forward facing analytics and informed decision making.”
The launch of KPMG’s proprietary fintech solution comes as investment in fintech starts ticking up once again, after VC funding dipped for FY2023, as reported in KPMG’s Pulse of Fintech Report 2023.
Further investment comes as VC firms see the demands of more businesses wanting to onboard gen AI capabilities in all functions of their operations – finance chief among them.
Now, KPMG hopes to deliver that to many clients looking for a simpler, more efficient and secure finance solution.
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