Digital Transformation of Financial Services with Blockchain and Automation
Difficulty in making a quicker decision is the top challenge for 31% of the CEOs at large companies, says a recent KPMG report. Apart from this, a sudden burst of technologies, security concerns, higher customer expectations, and technology implementation are some other pain points for financial services companies in implementing digital transformation strategies.
While 92% of finance leaders across 89 corporates have started their journey to introduce digital interventions in the finance function, only 11% believe they are at an advanced stage, an EY report suggests. So while digital transformation is an essential goal at most financial services companies, what’s the right path to take that lead?
Finance teams within an organization must come at a strategic goal to redesign processes and transform the operations by replacing traditional and repetitive processes. Some advantages of digital transformation in financial services include-
· Improved business efficiencies
· Reduced errors
· Tangible financial gains
· Accelerated and automated processes
To drive digital transformation in financial services, and reap the aforementioned benefits, some of the key technologies that can be put to use include-
· Blockchain
· Automation
· Robotics
· AI
· Advanced Analytics & Insights
According to Jack Ma, Chairman, and Founder of Alibaba Ground, “The most important thing is to make the technology inclusive — make the world change. Next, pay attention to those people who are 30 years old, because those are the internet generation. They will change the world; they are the builders of the world.” Engineering solutions partners and enterprise Drupal development companies can customize engineering solutions that are digitally sound and help financial companies in scaling up higher.
Strong leadership, strategic decision making, setting clear agenda, and having pre-defined expectations from your digital transformation strategy can help in changing the status quo.
