Impact of digital revolution in financial sector

Company Secretary - India

May 04, 2017

Impact of digital revolution in financial sector

The demonetization drive in India has undoubtedly sped up the digitization process along its course. Digitization no longer remains a matter of choice, but rather it has become a necessity for the success of an organization. The business landscape is changing so rapidly that the organizations are forced to comply with the evolving technology or else they are faced with the fear of becoming as extinct as the dinosaurs. The digital revolution has gripped the financial and banking sector in its clasp towards progressive development.

The Financial Services industry, particularly in the Indian sub-continent, remained reliant on cash and non-digital modes of transactions for conducting businesses. With the advent of digital technology, slowly but steadily the financial spectrum has seen a sea of change in its operations. The gains enabled by the technology has influenced the pace of Financial Globalization. Consequently, this necessitates the ability to handle large volumes of transactions while being resilient to meet any possible disruptive changes. One of the best ways to embrace the technological innovation is by being “agile” which ensures an efficient and dynamic approach to integrating digital into the financial system of operations.

A potent advantage of the digitization of the financial operations is that it empowers an organization to be more compliant and having increased transparency of operations. Strategies, which facilitate smoothness of operations while abiding by the Strict Regulations and mandatory compliances, need to be assimilated into the system. Valtech has been an early adaptor of technological tools and platforms for managing its financial and allied functions. With its heavy reliance on high-level IT to optimize its business processes and interactions with clients and mission to align its financial operations with the latest technologies to ease smoothness and transparency of operations. The automation processes streamline the business processes thereby managing all important documents and data. Replacement of traditional paper and manual processes with high-end software provides Valtech with the opportunity to automatically collect data that can be mined to better understand process performance, cost drivers, estimate and manage probable risks. Real-time reports are created using digital processes which enable managers to address problems before they become critical.

In our quest for demonetization, digitization has grown by leaps and bounds by yielding the sweet fruits of success and expansion

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