Page 44 - DCICAI SOUVENIR 2018

DIGITAL ERA –

A DEFINING MOMENT

FOR CHARTERED

ACCOUNTANTS

Dr. R. Seetharaman, CEO Doha Bank

The digital economy is the single most important driver of innovation, competitiveness and growth.
Digital eco system is significantly more than digital banking, it takes a holistic view of the customer.
The connectivity between various service providers is lot more in a “digital eco system” than in a
digital banking environment. Customers are information centric and not location centric. To adopt to
the digital changes either you need to be quick or dead. Financial institutions Worldwide are realizing
that they need focus on a different sort of innovation, better technology, modernize infrastructure
and improve customer experience. Fintech, internet of things, block chain and artificial intelligence
are some of the major technological developments. Robotics, enabled by artificial intelligence and
machine learning, is proving to be a game changer that can bring unique operational efficiencies to
the financial services industry. Accelerating digital ecosystem development could lead to cashless
economies. It is not for just banking alone organisations in various other industries should realign
their business models to build their digital ecosystem. Building digital eco systems is the need of
the hour.

Banks and the financial
regulators should address the
trade-off between convenience
and security when it comes
to digital banking. From
compliance perspective banks
and the regulators have to
deal with questions arising
from digital banking. To protect
customers, thwart organised
criminals, and ensure financial
stability, prudential and conduct
regulators, and legislators,
need to ensure that regulation
is future-proofed for the digital
age. Fintech sector is one of the most happening sectors across the globe. Fintech would continue
to disrupt banks, they have also become technology providers, competing with other fintech firms
and sometimes collaborating or acquiring them to roll out shared platforms to enable services. A
number of banks are examining the methods employed by tech leaders to imitate their prowess
at innovation, flexibility and speed to market. The key benefits of fintech include enabling better
customer experience without restrictions of time, place & proximity. Data generation that enables
insight driven solutions.

44 | DCICAI - 5th INTERNATIONAL CONFERENCE