When it comes to digital transformation among the BFSI organizations, there are 2 parts – thinking and doing. Banking Frontiers asked the CTOs about the 4 possible combinations of these: (i) think and act similarly or (ii) think similarly but act differently or (iii) they think differently but act similarly, and (iv) think and act differently.
2 SETS OF OPINIONS
According to Rishabh, most of the businesses fall in category 3, ie, they think similarly but act differently. Many of the businesses start with the same vision of digital transformation, but their execution varies vastly, defining whether the transformation journey had been a success or disaster. “I am using the term disaster instead of failure as the resulting process further reduces efficiency and causes more dissatisfaction among all the stakeholders,” he clarifies.
He adds: “A successful digital transformation is more about managing technology, data, process and people as a whole and not in silos. Organizations often think it is about implementing the latest technologies. The pace at which new technologies are arriving, and businesses are innovating are incredible, with massive potential of generating value for businesses and societies. This pace, coupled with the burden of legacy systems, poses enormous challenges in adopting these technologies. Another challenge is choosing the right set of technologies from the plethora of technologies that add real value to the business.”
Denne historien er fra February 2022-utgaven av Banking Frontiers.
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Denne historien er fra February 2022-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Swedbank leverages data to the hilt
Sweden's Swedbank takes innovation to a different level by collaborating with other competing banks:
Digitization is for customer satisfaction, says Argenta Bank
Belgium's Argenta Bank has designed its digitization efforts to enhance customer experience:
Speed, Safety, Compliance
Brijesh Samantaray, Co-founder, Propelld shares the current trends in the education loans how the company is leveraging technology:
Unique methods in fraud perpetration
When we look at some of the very serious frauds that had taken place in the financial realm, it is evident that the perpetrators are somewhat ingenious:
NBFCs: Elevating Organizational IQ
What is more important than hiring smart people is raising organizational IQ. This topic was discussed in depth in a panel discussion at NBFC's Tomorrow conclave organized by Banking Frontiers. Edited excerpts:
Trustful Transformation
Transformation is no longer only about growth & efficiency. It involves aspects like compliance, security and explainability that are impacting NBFCs. These issues are explored in this panel at NBFC's Tomorrow:
CEO Panel: Connecting Traditional Wisdom with Modern Intelligence
Banking Frontiers organized its annual NBFC Conclave titled NBFC's Tomorrow in August 2024 at Mumbai. Highlights of the first panel discussion:
NBFCs EXPERIENTIAL EVOLUTION, TRUSTWORTHY TRANSFORMATION
Banking Frontiers organized NBFC's Tomorrow, its annual NBFC Conclave, in Mumbai on August 21. The program comprised panel discussions on 5 upcoming opportunities for the NBFC sector, along with presentations, fireside chats and a keynote address. Edited excerpts from the conclave:
Smart ATMs - an indication of a resurgence
Smart ATMs can be the future way of how one may be interacting with a bank and doing transactions:
Personalization scores with HNWI & YP
Ghulam Haidar Rasooli, Chief Financial Officer at Afghanistan based Ghazanfar Bank, reveals the impact of personalization and future roadmap: