The survey results show that 83% respondents suggested that day-to-day transaction processing, monthly management reporting or financial statement closing process are among their 3 topmost priorities to automate and optimise. In Financial accounting advisory services , we are digital in everything we do. We believe digital helps us unlock human potential and introduces new and better ways of working. Discover how EY insights and services are helping to reframe the future of your industry. CFOs are beginning to realise that digital transformation cannot be a bandwagon effect; it’s a unique need for each enterprise. Digital transformation in the finance sector is no longer a technology upgrade, but a core business strategy.

• By investing in a digital transformation, you’re actively laying the foundation needed for leveraging innovation later down the line.
• Having deep expertise in large-scale digitalization projects for Fortune 500 businesses, ScienceSoft knows for sure how to help companies reimagine and smoothly transform their financial management processes.
• Digital transformation doesn’t necessarily create more data, but it does create better data.
• You don’t have to abandon your existing software solutions when you switch to Nitro.
• Solid expertise in SharePoint services has earned ScienceSoft a place in Clutch’s list of Top SharePoint Developers in 2023.
• According to a recent survey by Statista, 34 percent of SMEs and 29 percent of larger organisations said their migration to the cloud has been significantly higher than planned due to Covid-19.

A certified Microsoft partner, ScienceSoft creates CRM and ERP solutions powered by Dynamics 365 and optimizes most effectively a range of business operations. By request of a leading market research company, we have built a Hadoop-based big data solution for monitoring and analyzing advertising channels in 10+ countries. We use Google Cloud Datastore to set up a highly scalable and cost-effective solution for storing and managing NoSQL data structures. With ScienceSoft’s managed IT support for Apache NiFi, an American biotechnology corporation got 10x faster big data processing, and its software stability increased from 50% to 99%. With Ionic, ScienceSoft creates a single app codebase for web and mobile platforms and thus expands the audience of created apps to billions of users at the best cost.

Success Story: Mobile Money Transfer App Development

Already at the planning stage, we prioritize the initiatives that bring prompt and clear improvements to the regular finance-related tasks, thus showing the innovations in an appealing light. By implementing a digital transformation, you’re actively cutting down on the costs of some of the many necessities that needed to be performed manually. The beauty of digitization is that it streamlines many processes, speeds them up massively, and even automates them to a degree – significantly cutting down on the cost finance businesses have to chock up to menial and repetitive tasks. In today’s digital world, it is important to quickly adapt to market trends to stay relevant in the business. This holds for the financial services sector, where there is a greater need to exceed the customer expectations while providing uninterrupted services.

Feature road-mapping – preparing a detailed list of features for the digital finance solution and prioritizing them based on the cost-benefit analysis. The types of data the software should be able digital financial transformation to process (financial data, asset-related data, supplier and customer data, etc.). Enhance the team’s productivity by 75%+ due to automated aggregation and processing of treasury transactions.

Related Insights

Today's cloud offers a promising destination for financial services to outsource their data storage and access advanced software applications. Moreover, cloud migration can save around 15% on all IT spending, and small to medium-sized businesses can save up to 36%. Financial institutions need to focus on business outcomes rather than digital activity. Therefore, the digital transformation of basic economic activities is critical to enhancing its overall productivity and profitability. Integration of innovative technologies into financial services offers robust, secure and flexible solutions for empowered customers.

So consider current processes and what procedures and software need to change. Also, consider the new required ways of working and who is involved in that. You need to understand what your aims and goals are, and problems and pressure points — and develop strategies that are clear and communicated to all, and that support the organisation's vision.

Buy Now, Pay Later (BNPL) growth

Plus, around 46 percent of the FSI respondents agreed or strongly agreed that their firms were adequately preparing for digital disruption. Today, the global Fintech funding stands at over $100 billion, and the sector is all set to adopt emerging technologies to enjoy a competitive edge. With the global pandemic posing unrelenting challenges for Fintech companies, the sector evolved and generated new opportunities https://globalcloudteam.com/ with some transformative ideas. There's also the possibility that projects go past your expected timelines and budgets. If you're getting rid of old systems, notify the providers so you're not left footing the bill for another year of subscribing to applications you don't need. For as much there is a need and for all the benefits that go with digitally transforming, the change itself won't be easy.

It has completely revolutionized the economy and changed the way of transaction processing. The cloud’s intrinsic features such as resource pooling, availability, on-demand service, security, and easy maintenance are the primary reason for its growth and popularity among various organizations. ScienceSoft used MongoDB-based warehouse for an IoT solution that processed 30K+ events/per second from 1M devices. We’ve also delivered MongoDB-based operations management software for a pharma manufacturer.

AI & Automation: Excellence, Value, Benefits & Application:

There are exciting possibilities, such as financial messaging services that take days to facilitate global payments, and money transfers can be completed within a matter of seconds and run 24/7 with blockchain-powered systems. With such brilliant benefits, over a third of all financial services organizations are considering its deployment in 2023 and beyond. What are the digital transformation trends to look out for in the financial services industry? Security and compliance are crucial problems of financial services/ solutions.

"What that finance transformation does is enable finance to transform from being a scorekeeper in the back office to becoming a partner and really driving revenue and customer experience," he said. "So unless digital transformation enables finance to move from the back office to an architect of value, I wouldn't really call it transformation." Like other areas, digital transformation can eliminate repetitive tasks, improve business agility, and reduce costs. While you may run into some roadblocks such as dealing with non-digital suppliers and customers, adopting these initiatives can help you streamline operations across your entire business. For business owners just beginning the digital transformation journey, the process can feel overwhelming.

Workforce skill change – focus on the future skills needed

It has also enabled more efficient and effective collaboration on projects and initiatives, as teams can now easily share documents, track progress, and provide feedback in real time. This leads to more streamlined processes and better alignment between departments, ultimately driving better financial results for the organization. The purpose of digital transformation is to offer customers improved efficiency and consistent user experience across platforms. Traditional banks and enterprises find this hard to achieve because it requires extensive research, time, strategy, and marketing to offer the right choices to customers. Our client, a well-known multinational conglomerate operating in multiple industries across multiple regions, had grown over time through an aggressive acquisition strategy .