Driving Digital Transformation In Finance And Beyond

Upon the implementation of each particular digitalization initiative, ScienceSoft designs a dedicated training program and conducts user training in a convenient format. This helps the finance team quickly learn how to apply the innovations and improve their daily operations. We develop financial software iteratively to introduce the fundamental functions first and drive faster payback from digitalization. In our projects, we employ proven frameworks, ready-to-use app components (e.g., authentication services, messaging services) and integration components where possible. This helps us streamline financial software development, ensure high quality of the solution, and optimize the project budget.

Robust analytics provided by technology platforms allow top management to make strategic and informed business decisions. There are many marketing automation andbrand management systemsavailable to help control the content you are placing in these digital channels. The key is to centralise and manage all your marketing content in one cloud-based platform, and to automate sharing via permissions and passwords in order to achieve consistent messaging and a strong brand. Rathbones, the wealth management company, uses aWorkflow systemfor marketing production, replacing a legacy process and automating the inclusion of compliance teams.

Why is Digital Transformation in Finance Important

Explore our schedule of upcoming webinars to find inspiration, including industry experts, strategic alliance partners, and boundary-pushing customers. Using our unique experience and expertise, we will help you identify your most pressing accounting challenges and quickly deploy our software by providing a clear vision and predictable, confident delivery and implementation. Accelerate dispute resolution with automated workflows and maintain customer relationships with operational reporting. Unlock full control and visibility of disputes and provide better insight into how they impact KPIs, such as DSO and aged debt provisions.

The acceleration of digital transformation for the financial services industry

To avoid a similar fate as the victims of these attacks, financial services companies must focus more on detection and response (including real-time defense), shore up internal controls, and implement awareness training for all employees. This starts with defining and documenting potential threats and making that a part of their existing risk management framework. Internal controls, especially related to payment functions, should be in place to keep employees from going around the four-eyes principle and the separation of duties. Meanwhile, only 23 percent view themselves as “advanced” of their peers, compared to 35 percent of all organizations. This perhaps indicates that financial services companies have a more realistic assessment of their own digital capabilities—or understand the significant investment and effort that’s needed for digital transformation to take place.

Why is Digital Transformation in Finance Important

This technology also plays a vital role in improving customer experience by providing actionable insights to the company’s management. AI, together with other emerging technologies, can work wonders in the fintech sector in improving key processes. Open banking app development, the fintech sector has brought revolutionary changes in traditional financial services. Security and compliance are crucial problems of financial services/ solutions. Cloud-enabled applications provide increased security to the entire system and scale data for critical functions like consumer payments, credit scoring, statements and billings. Make it a point to also provide companywide skills training for new tools and processes being introduced during the digital transformation process.


The concept is so intriguing because it promises unprecedented levels of visibility and control by digitizing everything from operations to customer services. It’s disquieting because it demands seemingly unlimited investment, without guaranteeing immediate returns. Explore original-content media coverage, commentary and analysis of BlackLine at top-tier business, trade, local and vertical media outlets, as well as contributed articles written by BlackLine experts and placed with leading media organizations. Every executive is committed to ensuring transformational success for every customer.

Centralize, streamline, and automate end-to-end intercompany operations with global billing, payment, and automated reconciliation capabilities that provide speed and accuracy. Ignite staff efficiency and advance your business to more profitable growth. Make the most of your team’s time by automating accounts receivables tasks and using data to drive priority, action, and results.

Finance—and the rest of the company—is operating in the real world of profit, loss, and global competition. Few topics are more intriguing—or disquieting—to today’s boardrooms and top executives than digital transformation. Stay up to date on the latest corporate and high-level product developments at BlackLine. Here you will find a one-stop resource listing recent and historical news items, including announcement of new clients/partners, awards, new offices/facilities, personnel appointments/ changes, major software enhancements, executive speeches and upcoming events. If you recently attended webinar you loved, find it here and share the link with your colleagues. FEATURED CONTENT WEBPAGE Advance your modern accounting journey with BlackLine’s Optimization Academy.

Cloud databases, warehouses and storage

Integrate the software with the required internal and third-party systems. Architecture design – designing a secure, scalable, high-performing architecture for the corporate finance solution. Examine the client’s overall business situation and strategic business goals. Get a behind-the-scenes glimpse at what is digital finance transformation how Twilio customers are putting these principles to work in our Twilio for Financial Services eBook. If an organization was able to truly meet the customer where they are, what could it look like in action? For those organizations that are going beyond “keeping the lights on,” the impact is impressive.

Between one-third and one-half of finance organisations also have initiatives that aim to bolster individual business partnering capabilities, and nearly one-third plan to dedicate full-time staff to the job. Executives believe that the kind of nonroutine analysis many of them had to do to help their company survive the pandemic will https://globalcloudteam.com/ now become the norm. For many industries so many things deviated wildly from earlier projections – up by thousands of percentage points for a virtual video call supplier, or down to zero for an airline. In this volatile world, a company can no longer afford to have some of its sharpest analytic minds focused on processing invoices.

Why is Digital Transformation in Finance Important

According to a 2017 McKinsey survey, only 8% of respondents said their current business model would remain economically viable if their industry keeps digitizing at its current course and speed. That means a whopping 92% of businesses recognize the fact that the ability to change and be flexible is the key to surviving the ongoing period of intense digital transformation. Products are changing, previously reliable revenue streams are drying up, and customer demands are drastically different than they were just a few years ago. None of us knows for certain what the future will hold, but we all have a responsibility to be thinking about what’s likely to happen, and to prepare for it. In the finance function, that means working now to get the right people and technology in place to take advantage of the inevitable disruption ahead.

Digital Transformation Trends in Financial Services

This can be especially challenging for financial institutions that existed in the pre-digital age. For finance and accounting (F&A) teams, digital transformation is optimizing the use of technology solutions to engage, communicate and collaborate with stakeholders virtually. I expect us to continue to learn, improve and evolve as we emerge from the pandemic.

  • But the greatest opportunities for future finance partnerships may lie in marketing-related initiatives with enterprise business units.
  • Shifting towards an ecosystem by engaging in innovative tech to create an integrated digital experience for the customer.
  • Finance executives are also looking to reach out beyond their silo to the organisation in a much more deliberate way than ever before.
  • In a Digital World Class finance organisation, automating transactional work is now increasing staff time available for planning, forecasting and analysis from 28 percent to 37 percent.
  • On average, executives polled expect finance’s workload to increase by nearly five percent, while budgets and head count decline by 0.7 percent and 0.6 percent, respectively.

To survive the digital tsunami engulfing the world, you must take steps to transform. Once you do, you’ll reap the benefits of digital transformation and become stronger and more profitable for years to come. An important factor in a successful digital transformation is to get widespread company buy-in. You need to create a corporate culture where it is clear to everyone that they will ultimately see the benefits of going digital. Host internal webinars, participate in conferences, and send your employs to courses that will update their skill sets. Excellent employees are your greatest asset, so don’t undervalue investing in their growth.

That’s not likely to happen without a clear vision and strategy for finance in a digital world. Now is the time to step back and make sure your roadmap to that future is clear. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

Digital Transformation in Financial Services

Companies should consider a formal digital upskilling program—ideally with personalized training modules based on preferred ways of learning—to future-proof their workforce. As a result of the proven and promising gains, financial services companies are making significant digital investments. More than half of all financial services organizations plan to increase spending by 10 percent or more (vs. 37 percent for all organizations). Lower middle market firms , especially, are planning hefty investments of 10 percent or more.

How will finance leaders cope?

Putting data into action, financial planning and analysis (FP&A) experts can gain clear analytics of the business environment and customer behaviors, alongside employee productivity metrics. This enables an ultimate response to the changes and consequently better servicing, as well as generating more profits. This is a new standard for financial institutions that enables third-party providers to connect applications and services through open application programming interfaces .

Demystifying Digital Transformation in Finance

Traditional financial services organizations have been slow to move to the cloud due to security and privacy concerns in a strictly regulated industry. This hesitation has been a barrier to change for many financial organizations that have been working within the constraints of legacy technology. More recently, cloud providers have been able to offer greater assurance that data is protected and secure — creating an atmosphere more hospitable to financial services organizations.

The technology that’s still in the early stages is blockchain, which will have fundamental and significant impacts on the way finance secures its ledgers. Implementing blockchain will allow finance leaders to focus on other parts of the business, rather than the accuracy of the ledger, according to Klimas. As for the digital technologies, Klimas said robotics and AI are beginning to play roles in many back-office reporting functions, including the transactional areas like payables, receivables and cash management. He added that cloud technologies such as SaaS are “enablers of the enablers.” Said their finance teams have the skills to support their organizations’ digital ambitions.

However, those that are unable to digitally transform will find themselves increasingly losing market share and risk becoming irrelevant in the market landscape. While the process might seem like a high initial investment, the returns gained on it will pay the investment of in no time at all, as long as you play your cards right. The internal changes will be the way that your company and all of its employees work and interact within the enterprise on a day-to-day basis. Through digital transformation, you’re actively investing in streamlining as many aspects of your business, freeing your workforce up to do more demanding tasks. Ultimately, the digital transformation process boils down to internal and external changes. Blockchain technology stands out of all other technologies that have disrupted the finance industry.

Financial institutions can also create their own custom-built communication and collaboration applications using Power Apps. Though the initial shift to remote work was precipitated by the pandemic, 74% of CFOs and finance leaders now report that they plan to move at least 5% of their previously on-site workforce to permanently remote positions post-COVID-19. In order to make this transition as smooth as possible and ensure continued organizational productivity, firms must make every effort to foster collaboration and communication between team members located at all corners of the world. BlackLine and our ecosystem of software and cloud partners work together to transform our joint customers’ finance and accounting processes.

On-demand or micro insurance has added value to the core insurance products. Or by moving from a monolithic architecture, banks are becoming microservices organizations offering flexible services 24/7. Is a vivid example of process transformation in the banking customer experience. Attributed through data visualization, advanced-analytics, and debiasing strategies, etc.) that flow as pillars for integrated, simplified and controlled decisions. And finally, finance organizations tend to revisit the operating model and are bringing about new skills and capabilities.

Digital transformation is the initial act that sets the stage for all subsequent business growth. Without investing in digital business transformation, your company will quickly become obsolete. In the past few years, we’ve seen industry giants like Blockbuster, Toys R’ Us, and Kodak go bankrupt.

I asked LaClair about how Ally has applied its digitally focused consumer practices to its internal operations in finance. Additionally, LaClair elaborated on Ally’s finance function’s efforts to keep high-value professionals engaged with the company. Her remarks offer important lessons for every finance professional navigating an evolving finance landscape. The audit committee will want to make sure that the finance function is effectively using technologies like data analytics, RPA and AI to provide deeper insights and improve audit quality.

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