Digitalization or Digital transformation is nothing but the restyling of financial services. Embracing digital finance and strategically creating a digital transformation roadmap now requires prompt action from the financial sector. We'll send you an email containing your password. Take the following banking industry digitalization trends as a basis: artificial intelligence, online services, mobile pay, blockchain and many more. This has led to CFOs being held to a pan-industry benchmark, finance spend as a percentage of revenue. Suite 150 Generally, Finance Transformation is the combination of Technology, Business Process Automation, Performance Management & Data Analytics which can help in achieving the overall objectives & strategy of the company and improve the overall value of the finance department. For years the goal of finance transformation has been focused on reducing the cost of the finance function overall and cost to process individual transactions. What digital transformation can do is take out the drudgery of processes meaning humans can spend more time on roles technology can’t do. Digital Transformation is about more than just process efficiency improvements. The finance organization has emerged as a driving force of this transformation, and CFOs are often leading digital transformation Digital – the buzzword used or over-used for quite some time now, brings in a huge impact on the financial & banking industry. How finance leaders are embracing digital transformation Between March and May 2020, we asked 225 CFOs from global organizations how they’re rising to the challenges of COVID-19 by initiating finance digital transformation. A closer look at Digital Finance Transformation. Loosely defined, the term “finance transformation” is used to describe strategic initiatives aimed at improving Finance within a company. Finance firms are acutely aware of digital transformation – 96% expect it to bring step-change improvement to performance and 97% expect it to alter the function’s operating model. Rather, it is the prospect of having to upskill the workforce and counteracting cultural resistance to change that most cite as roadblocks. The reality is that, with sophisticated technologies, any organisation can improve efficiencies in its finance department. Combined, these trends are creating the conditions necessary for a total transformation of how finance functions operate. New research sheds light on the key pillars of finance digital transformation, including cloud planning platforms , automation, data optimization, predictive analysis, and modern planning processes. Finance Transformation. Seminar Language: The language of instruction … However, businesses should focus on back-office digital transformation processes as well. What is finance digital transformation? It includes driving efficiency in Finance and operational processes, and ensuring they’re aligned. It’s outward-looking and forward-thinking – bridging gaps that allow essential business intelligence to flow at pace. Why? Embracing digital transformation has been crucial for organizations to survive and endure COVID-19, and a continued focus on embracing technology will allow them to thrive post-COVID-19. These are very interesting cases as simple mistakes in planning and deployment can have severe repercussions. The result is a fast-paced game of catch up to update internal operations. Business Areas Concerned: Digital banking, digital finance, transformation strategy, financial technology, client management, payment systems and solutions, crypto currency solution, business strategy foresight. 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