“Digitization in Finance” – Mr. Rahul Malhotra, CFO and Vice President, BFSI Vertical, Genpact.

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In an informative session with students, Mr. Rahul spoke about how drastically the expectations from finance have changed in the recent past and how digitization has played a major role in achieving this. Today every facet of the industry is being impacted by word Digital. Digital is commonly confused with technology but it comprises of much more. It is how a firm’s function, processes and structure is being transformed. “Digital is coming up with ideas to make the work you are doing more refined, organised and simple”, he said.

He spoke about how everything today from organization’s processes and basic foundations to the structure is being automated resulting in a completely digitally driven business. Companies are eager to implement new ideas and things are changing so fast that you can never apply the same concepts. Therefore it is very important for us to quickly adapt to this change.

Digitization can mean different things to different organizations at different times. With numerous technological changes happening, an organization will get confused if it doesn’t have a clear line of vision on what it wants to achieve. Digitization has to be driven precisely by the need and vision of the organization.

Moving further, he talked about the importance of human touch while digitizing. Firms in the aim to digitize are removing the human factor completely. An example of this is how Neural Chat is being worked upon as an experiment by banks to change customer experience completely. In an era, where everything is being automated and robots are taking over, firms must realise that the human factor is still important to deliver customer experience. Digitization is of no use if it doesn’t translate to superior customer experience. The main aim of any business is to make the customer happy. You may have the best system, processes but it will not work if the customer is not happy with the services you provide.

Companies also need to ensure that their front end and back end are streamlined and work hand in hand. Today companies are trying to be objective and use analytics and science in every process. A firm’s customer interaction might be superior but if your backend is weak the process will fall apart.

Moving on he spoke about how Digitization is impacting three broad areas of any business: customer service, operational processes and business model. He talked about how Genpact is helping its clients with their strategy that can help them impart the customer experience and type of operational processes they desire.

He concluded by telling how the world is changing to a digital world which reduces jobs but increases capacity. Today, expectations and roles of Finance in an organization have completely changed. Finance has a role in every major decision of the firm irrespective of the department. The main reason which has led to this change is that with the amount of data available, you need tools such as predictive analytics and forecasting for taking a decision and that requires the help of Finance.

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