James Patrick Bonus l July 5, 2023 l Business Mirror
AS a finance professional, it is essential to stay ahead of the curve and constantly adapt to the dynamic landscape of the finance industry. I recently had the privilege of being invited as a resource person to participate in a comprehensive review of a financial management curriculum in a prestigious university in the Philippines. This insightful discussion provided an opportunity for me to share valuable insights and recommendations on how to enhance the curriculum and equip future finance professionals for success. As a result of the insightful discussion, here are three of the key suggestions as significant areas of focus:
Personal finance
Prominent finance advocates such as Efren LI. Cruz, Randall Tiongson, and Chinkee Tan have long emphasized the importance of incorporating personal finance into the financial management curriculum. It is time for schools to recognize the significance of personal finance and make it a mandatory subject. Understanding the principles of personal finance, including budgeting, saving, investing, and debt management, are crucial for individuals to help them make informed decisions about their own finances. Integrating personal finance as a mandatory subject will allow students to possess valuable life skills that can help them establish a solid foundation for their future financial well-being.
Design thinking
IN today’s increasingly dynamic and fast-paced business environment, finance professionals need to embrace design thinking. This skill allows individuals to approach problem-solving with creativity, adaptability, and a focus on user-centric solutions. Embracing design thinking principles empowers finance professionals to develop innovative strategies, improve customer experience, and drive sustainable growth for organizations.
Ethical use of artificial intelligence
With the rapid advancement of artificial intelligence (AI) technologies, it is vital for finance professionals to have a comprehensive understanding about the ethical uses of AI. Dominic “Doc” Ligot, founder of CirroLytix and a board trustee of the Analytics and Artificial Intelligence Association of the Philippines, has been a champion in advocating for expanded understanding and ethical use of AI. I highly encourage readers to explore his YouTube series entitled “AI for Lunch” to gain an in-depth understanding about this topic. Adapting the responsible and ethical implementation of AI in financial processes has a good impact on the finance industry; professionals can enhance efficiency, mitigate risks, and safeguard consumer trust.
Finance professionals must evolve with the times and equip themselves with the skills of the future to thrive in the industry. Incorporating personal finance education, fostering design thinking disciplines, and making ethics central in the use of AI are essential steps in preparing for the challenges and opportunities that lie ahead. By embracing these skills, finance professionals can navigate the complexities of the financial landscape, drive innovation, and make a positive and meaningful impact in their organizations and society.
*** James Patrick Bonus is the Deputy Country Manager & Chief Finance Officer of FinScore, a fintech firm providing alternative data-based consumer credit scoring and identity verification solutions for financial institutions. Japs is also a regular subject matter resource speaker for the Bankers Institute of the Philippines and other organizations through Acepoint.ph Training Consultancy Services.