The design, innovation and growth in the banking and financial services sector is unarguably very important for any economy. As the former British Prime Minister expressed in 1858 “Finance is, as it were, the stomach of the country, from which all the other organs take their tone.” Digital transformation in this sector, has seen significant momentum in the last decade across processes right from customer engagement, employee experience to governance, compliance and operational processes.
Consumers are adopting digital banking. The innovations in payments are unprecedented. Business processes are increasingly going digital both due to the reduced costs that these innovations are driving but also several are driven by regulatory requirements. There is no doubt any longer that the financial performance of this sector will be directly linked to their adoption of digital technologies. A McKinsey report suggested that digital laggards could see up to 35 percent of net profit eroded, while winners may realize a profit upside of 40 percent or more.
The topic for this edition is “Future of Financial Services with Digital”. In this edition, we have a very interesting guest article written by Apul Nayyar who is the Executive Director at Capital First. Apul shares extensive insights on the digital trends and impact of digital disruption in this sector, as well as the numerous innovations that have changed and have further potential to significantly change the way this industry works.
We hope you enjoy this edition. As always, please keep us posted with your feedback. Thanks for your encouragement and support.
March is a time for introspection and planning for several enterprises. As the fiscal year comes to an end, enterprises are under serious pressure closing budgets and planning discussions for the next year, while at the same time consolidating their financial performance and earnings for the current year. Just to cheer you with some light moments, the Illuminar team has put together a special feature of cartoons that showcases enterprise workplace scenarios that some of us can immediately relate to.
The entire team of Illuminar wishes you a happy closing and a great start to a new fiscal.