Fintech and Digital Transformation

Imran Kannuti is working for a reputed bank in UAE. Seasoned professional, Digital thinker, moderator, speaker, member of PMOGA & House of PMO. With diverse background in financial services, Imran speaks about Digital Transformation, Digital Strategy, PMO Governance, technology innovations, Cloud, Cyber Security, Automation, AI/ML & CX enabling disruptive technologies to grow in the evolving market place. Spent 25+ years in the Middle East Banking & Insurance firms, Imran is passionate about Digital Transformation and Technology Innovations and aims to serve  BFSI meeting their digital transformation objectives through disruptive technologies.

Led multi dollar program & project portfolios under PMO governance and successfully delivered digital, strategic, business & technology initiatives for banking & insurance giants in KSA, Qatar & UAE.

Active participant in technology innovation events as a moderator & speaker interacting with market experts on digital innovations and their acceleration.

Latest Digitization methodologies adopted by banks:

The latest advancement in financial technology has posed unprecedented challenges for incumbent banks leaving impact on bank competitiveness and enabling banks to explore the factors that could support digital advancement in banks. The latest digitization methodologies includes establishing a sound digital infrastructure, a strong legal and business environment, adopting newer technologiesand healthy competition. Furthermore, matured banks strategically decide not to digitize / digitalize everything. But, target the core applications, process flows and key customer facing areas to be digitize/digitalize. Adopting real-time AI-based bots to gather information about customer preferences.

The digitization methodologies can be seen in two dimensions: technologies utilized and services impacted. Popular technologies that have been used in the banking industry include the cloud, artificial intelligence (AI),big data analytics, block chain, mobile technology and robo advisors. Further, banks are migrating to cloud technology to reduce onsite infrastructure management, AI-powered chat boxes that mimic human conversation and messaging applications are currently being considered.

Acquiring innovative FINTECH companies is a tactical move to both accelerate their digital transformation and reduce competition in financial industry.

What are the challenges faced by existing traditional businesses to transition to a complete digital infrastructure?

Few of the challenges by traditional business during the transformation journey incudes are developing relevant strategies, understanding its impact on their business, and changing organizational culture and identifying the right technologies. Recent analysis proved that lack of proper digital leadership, unstable management, shortage of skilled resources, legacy ecosystem,  poor strategy and unjustified transformation initiatives, complex software, security challenges& data governance are the key challenges for traditional businesses to transform to a complete digital infrastructure.

Which is the most challenging infrastructure to Digitize?

Digital Infrastructure is a primary source of competitive advantage amongst enterprises. It integrates   physical and virtual technologies, such as Unified Communication and Collaboration (UCC), Cloud Infrastructures, Platform as a Service (PaaS) and Software as a Service (SaaS) platforms.While Data centers and networks are the key challenging areas to digitize under infrastructure, the others contribute from cloud services and their software, enterprise portals, platforms and data encryption.

Fintech has grown by leaps and bounds, Whatare the more groundbreaking developments we can see in that sector?

Fintech is a rapidly evolving development with the potential to disrupt many parts of the financial sector with their cost-effective and seamless services focused on automation in financemaking banking & finance more accessible and streamlined for customers. Fintech’s are accelerating digital transformation journeys for all most all financial firms with a packaged solution tailored to meet customer needs.  While Fintech’s have already made their footprint across the globe and giving a tough competition to banks, they are expected to showcase more technological advancements in coming days. Some groundbreaking developments by Fintech’s includes Block chain technology, Embedded finance, AI-based payments and solutions, Digital exchange and trading platforms, peer-to-peer finance, digital lending and cross border payments.