Digital Finance - Finance Transformation at Deloitte
Published May 27, 2023, 5:20 a.m. by Naomi Charles
When it comes to finance, Deloitte is a company that knows a thing or two about transformation. In recent years, we have seen a dramatic shift in the way that financial services are delivered, with an increasing focus on digital solutions and technologies. This transformation is only set to continue, and Deloitte is well-positioned to help its clients navigate these changes.
As the world becomes increasingly digitized, so too must the financial sector. This shift has already begun, with more and more financial institutions turning to digital solutions to better meet the needs of their customers. Deloitte has been at the forefront of this digital transformation, helping our clients to embrace new technologies and find innovative ways to deliver their services.
One area where we have seen a particularly strong focus on digital solutions is in the area of payments. In Switzerland, we have worked with a major bank to develop a new platform that allows customers to make real-time payments using their mobile phones. This platform is now being used by millions of customers and is helping to revolutionize the way that payments are made.
Another area where Deloitte is playing a leading role is in the area of financial inclusion. We are working with a number of partners to develop innovative solutions that will help to make financial services more accessible to those who need them most. This includes developing new technologies that can help to identify and reach underserved communities, as well as working with financial institutions to help them develop new products and services that are better suited to the needs of these communities.
Deloitte is also at the forefront of developing new technologies that can help to make financial markets more efficient. We are working on a number of projects that aim to use blockchain technology to streamline the way that securities are traded. This could potentially have a huge impact on the efficiency of financial markets, and we are excited to be at the forefront of this development.
The financial sector is undergoing a period of unprecedented change, and Deloitte is proud to be playing a leading role in helping our clients to navigate this transformation. We are committed to helping our clients find innovative ways to deliver their services, and we are confident that we can continue to play a major role in shaping the future of finance.
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digital transformation opens the door
for many opportunities within finance
today finance is asked to essentially
set the course for the years to come
thence take a closer look at two
possible scenarios for the future for in
the year 2022 finance as a division has
significantly shrunk in many areas
standardization and automation of taken
place many processes have been autumn
eyes deficiently through robotics
finance consists of a small team of
specialists for topics like IFRS taxes
risk management compliance regulation
and financing mechanisms processing of
financial statements is now fully
automated the operational responsibility
for the closing process is now owned by
IT business decisions are primarily
taken based on information derived from
operational functions marketing and
sales as well as technology invested
early in big data and analytics and are
now jointly leading the center for
analytics
Finance has lost its leading role and is
no longer involved in important
decision-making
instead it focuses on contributing
special expertise where needed the
responsibility of planning and
forecasting has shifted completely
towards operations early on they set up
big data based prediction models within
their divisions the role of Finance is
limited to planning of financial
mechanisms taxes as well as currency and
consolidation effects finance has become
a mere center of excellence that is
limited to providing highly specialized
financial expertise upon request 2017
finance missed the opportunity to claim
and shape new digital trends and
actively build a future vision for
themselves finance was overrun by
digitalization and lost its role of
being part of the strategic development
of the entire organization 2017 finance
decided to become a leading pioneer of
digitalization finance analyzed digital
trends for themselves and developed a
target and vision for the future the
goal was to act not react and develop a
common vision upon this foundation new
opportunities were identified and as a
result a newly formed roadmap has been
developed to define specific actions for
the years to come an interdisciplinary
team coordinates analytical topics and
combines deep business competence with
technical know-how finance was the
driver for building the Center for
analytics information from various
sources are combined in real-time the
planning and forecasting process has
been automated to the highest degree
possible with modern statistical methods
in big data a forecast preparation is
done by a push of a button and Finance
is able to focus on the development of
new insights from day one all finance
executives have been involved in the
development of the target vision finance
now combines strategic competence with
in-depth business know-how
new skills in the area of data modeling
and analytics have been built up and
used successfully finance focuses on
cross-functional and interdisciplinary
cooperation 2022 standard processes have
been fully automated finance has gained
time and capacity to consider and work
with analytical related questions
finance is the co-pilot in the context
of strategic development and appreciate
it as a business partner for operational
functions now it's time to define your
future in the digital world
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