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BTOES Insights Official
By
April 08, 2021

BTOES in Financial Services Live - SPEAKER SPOTLIGHT: Digital Transformation and Operational Excellence in Financial Services

Courtesy of Doha Bank's Dheeraj Ahluwalia, below is a transcript of his speaking session on 'Digital Transformation and Operational Excellence in Financial Services' to Build a Thriving Enterprise that took place at Business Transformation & Operational Excellence Summit in Financial Services Live.

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Session Information:

Digital Transformation and Operational Excellence in Financial Services

1. What is Digital transformation and How to deliver digital transformation profitably
2. What is Operational excellence and how to deliver it enhancing customer experience
3. How to deliver hyper personalization.
4. What are the biggest risks in delivering digital transformation and operational excellence, how to mitigate them.
5. Critical success factors in making Transformation and operational excellence work for you, the company and the client.

Session Transcript:

Just coming directly from Doha, we're going to have the, while you're with us. And the rise is going to share with you his journey of digital transformation and operational excellence in financial services. What is digital transformation and how you deliver a digital transformation profitably?

What is operational excellence? And how to deliver it?

enhancing customer experiences, and how to deliver hyper personalization.

And what are the biggest risks in delivering digital transformation and operational excellence, and how do you mitigate those risks?

And finally, what are the critical success factors in making transformation and operational excellence work for you, the company and the client.

Now, Darius brings over 30 years of global banking and financial services experience having led and work on digital transformation initiatives with Bank of America.

General Electric Kaprow, Qualcomm, mastercard, Standard Chartered Banking, and most recently, at Doha Bank.

His favorite phrase is, I am not interested in that knowledge, the very interested in what it can do for my customers, the business, and shareholders. Now, the raj's presentation will be via audio only. So I am going to remove myself from camera, you're going to listen to derive directly, talking about his perspectives on digital transformation, operational excellence.

10-Mar-15-2021-09-55-58-76-AMAnd I, and I encourage you to submit your questions during his presentation. There will be no slides. There will be no camera. There will only be audio for this presentation. So I want to make sure you understand that. So you don't think there is anything wrong. It's an audio only presentation.

And at the end of his talk, we're going to bring your questions, and we're going to relate them to derive. So, just wanna make sure you understand that. Because I'm going to be off camera and you're gonna be hearing his voice, and his presentation orally only. So without further ado, the Raj, thank you so much for taking the time to share your expertise and experience with far more than 2000 global participants today and financial services life.

Thank you.

Jose, good morning, and good evening, depending on what part of the world you have joined from.

I look forward to the next 30 minutes to share my perspective, and really look forward to your questions and feedback at the end. So, I'm going to speak mostly from a financial services I E banking and insurance standpoint.

Really the first thing I've got a layout that I think we've all heard the slogan that in life, everything is 1% inspiration and 99% perspiration. So I'm a big believer in that.

And if you look at digital transformation and how, how it has evolved in the banking world, I think there has been a slow study, but a very prominent shift.

How customers are onboarded.

What kind of products and services are now being catered to by banks and financial service organizations and how customers are paying for them and the pricing that they're paying for them. So, we're going to talk about 4 or 5 very good things from a CEO's perspective because, ultimately, the buck stops with him. He's the Chief Business Officer. And, responsible for the Biennale. In terms of: Delivering compelling financial performance to his shareholders, are his boat.

At the end of the day, technology is only as useful as the impact it has on the P&L.

And a lot of organizations, I think, early on, when the whole wave of digital transformation started, you know, went after technology, like a shiny penny syndrome.

You know, they look like something that is a very exciting, fixed set of technology, and then deployed with a lot of CapEx, and realized that, you know, the actual business benefit was not what they had expected, or it was that the Cloud suite away, with a lot of the bazaars, or the appeal of the technology.

And really, at the end of the day, it was a white elephant, and very quickly, the banks around the world, this phenomena happen across several continents, and then very quickly the banks around the world realize that, you know, you gotta keep the business perspective as the central perspective.

And today, I think it's safe to say that anybody, whether it's a CFO, the Chief Digital Officer, a Chief Transformation Officer, or Retail Banking Officer, or a corporate head of corporate banking, I think any of those, if you awesome, look, what is the main objective of your digital transformation? You will get a very clear answer.

Btog CTAIt asks you do 1 or 3 things: either it drives the revenue, and profit, B, reduce cost.

Or see, improve my customer experience.

Ideally, it should at least hit on two, if not all, three, of those, objectives. So, that is now the new perspective and the new paradigm.

And, of course, with, more and more economic pressures, especially driven, back or would, it has had a tremendous effect on the ability of the organizations to really pony up a lot of budgets around CapEx. And things are becoming extremely died when it comes to prod ization and making sure that the initiatives that a bank or financial institution I'm taking from a transformation standpoint very clearly deliver the value.

The business case was promised or internally circulated and socialized.

So that's the first step you are going to bring around digital transformation, that it has to have a very strong and compelling business case and a very clear linkage to the P&L. It cannot just be that, you know, I'm, I'm gonna flip this technology, or I'm gonna put this Analytics platform, and, and it's going to be the best thing since sliced bread.

And, therefore, transformation is good.

So, so, the wrong, OK, Now, the key elements around digital transformation, let's start with customer experience, or what I simply call UX UI, and I think those are very, very popular words thrown around in the transformation.

Yours is customer experience UI is your user interface, right?

So, let's talk about that in a very simple manner.

A lot of organizations today are getting more and more disciplined and more and more rigorous around what UX UI really mean to their customer.

Earlier, there was a paradigm to have very nice, flashiest screens, very **** art and collaterals, as part of a mobile banking screen, or an online banking screen. And that was sort of the genesis of the definition of a UX UI.

Today, UX UI means, can I onboard my customer in 10 to 12 clicks.

Where it's a very intuitive, simple Roadmap.

By just taking 3 or 4 inputs, he enters his mobile number, He takes a selfie.

I do a Liveness test, Chip, the Entrails, his ID, and his e-mail. And everything else is click, click, click.

It makes it very easy and very seamless for a customer to onboard himself.

That is a very tangible definition of UX UY today.

Can then he'll drive alone, he or she applied for a loan instead of 6 or 7 clicks and the money be disposed seamlessly within minutes into his account.

Can he or she apply for a mortgage? Which seems to, which is a little more complex product and get a decent approval in principle.

On how much money he can borrow and how much downpayment and what his payment would be, so that at least he has a pretty good idea from a budgeting standpoint what he stands.

... today has become a much more discipline science than what it used to be as part of transformation.

And it's getting more and more, discipline are no more rigorous.

And by that, I mean, simple things like you would have, a lot of institutions are now doing what we call bounce code methodology, meaning that the customer at every interaction point to see the dropout rate.

And then they use that to optimize each and every touchpoint to make sure that they maximize the, the retention create, such a sticky journey, that it minimizes the drop off and, and makes it very, very simple and intuitive In a very natural language for customers to come, Um, a platform, digital platform, whether it's online or mobile, and to be able to transact in a very convenient, and seamless manner.

Even the language in which, that's the financial institutions.

Now, our offering is a very conversational, Easygoing, language, and Nokia stiff, bankers language. You want to make a payment, you enter the amount.

And you say, Go are here in the Middle East, say yellow, and, of course, they would have similar colloquial terms in UK and Australia, so it becomes a very conversational way of creating the UX UI and, and that really grew its cheekiness with the customer.

The second biggest differentiator when it comes to UX and UI's, today, you do not require a huge operations department on the backend.

OK, and this is extremely important because typically, if you really look at it, there has been a two stage digital transformation in the financial services.

The first stage was where every institution set off digitally dressed up the front end.

OK, it's like Put a nice Paint and lipstick on a beautiful building. So to speak, you know, on a mobile app or an online? And that created a really nice, several home experience.

The first time you login, abed, they realized very soon that all the processes on the back end.

well, and still, you had a huge army of, well, people, shuffling paper, piano, stamping, and signing, and scanning the documents, and then uploading it into a workflow. And then there was a miracle that was a checker. So, so you may have said, I'm impacted 20 or 30% of the costs that, when the upfront costs.

28But then there was the 60 70 percent of the factory on the backend, Which was very pivotal and paper intensive, which continued to stay while you are a very nice, digitally **** center in terms of a mobile app.

For them that phrase to Kim, where, you know, a lot of the banks and even now allow digital dance. I'm going through that where they're not profitable, They're not making profit.

and they're realizing, Look, I've digitized all my front end, and why am I not making profit? And then they start to analyze.

And so, rocket science before, they can, say, Look, I've got a cost income ratio, know, in the fifties or in the forties, depending on which region you're in.

You know, and I have correct, but 20% on the front end with this, where all my energy has gone, but the 80% on the backend, which is really driving the cost, is untouched.

So, now, as part of phase two, what has happened is, you get it very simple, digital, a workflow, which then is thrown into or integrated into the admin portal and, and it's a very, very seamless, front to end digitization.

So, you take a very simple example, You take OCI as a technology, and its Optical Character Recognition, where, you know, if a customer's on moving up a document, very simply, with AI, the OCR will read to 95% accuracy.

The information submitted by the customer, crowd and a digital workflow on the back end. And this can be done, in any major language known to mankind, at peanuts of a cost end to end.

We're all here.

You had a very nice front end where you could load it. And then on the back end, there would be a lot of back and forth in terms of rework and errors, because the technology was not that great and you didn't have a digital workflow, which was completely digitize on the backend.

So a process is only as good as the authority of technology is only as good as the process, no, around it. So you really have to make sure that your processes are conducive to be digitized, end to end, to then be able to throw, you know, the technology around it.

Because if you throw good technology against a bad process, you still get a very suboptimal outcome in terms of cost in terms of expedience and even in terms of your total time. So in that process.

So there's another very famous saying, in the digital transformation world, that remember the tube is still a fruit, The same goes for processes.

Remember, you know, a process that's really broken or not conducive to having a straight through pass through. First time around, it's not really lean.

It's not, you know, it's not streamlined with a lot of reward no matter how good technology. And for sure, it's very important to make sure that you get your process is streamlined to then be able to get the maximum from the technology that you overlay around it.

So that's, that's the second aspect of it in terms of making sure that your P&L is actually getting impacted not only by digitizing on the front end, but also on the back end.

Now, the next thing that A lot of the banks realized that, look, while I've done this, I've got some limitations and what I can do in terms of volumes I can throw.

So then they started to quickly think through how I can make my platform scalable. And that was not that tough. I think there's, there's a lot of good players and good products out there, from a technology standpoint.

Now, make platforms that are very easily scalable and very scalable.

I don't mean, just between states, what I'm talking about, between countries, with all the different frameworks that you have to accommodate, from a regulatory standpoint, to be able to offer seamlessly, banking to customers, sitting maybe in UK, for US Digital Bank. So, I think that's the other aspect of it, and, of course, work that goes some amount of approvals, with the regulated industry yourself, to be able to offer ubiquitous banking, but learn more. Banks are now starting to do that, and come across continents.

The third element, I think, of digital transformation that really changed the game in terms of the whole experience of the UX UI was data, title, personalization.

And this was possible as a result of technologies like artificial intelligence coming in, What God created was the ability to be able to, I use the analogy of a subway.

You walk into a subway, you can pick your bread, tell whether it needs to be told should or not.

You can pick your cheese, you can pick your meats, you can pick your veggies, all of that customized sandwich to your case, now fuel at a very cost effective price.

Why couldn't you do that with banking products?

Why can't do log into a Bank and design your own credit card or design your own savings account or design your own checking account or your mortgage?

Now banks are taking a leave form the age of a much older business to understand the Design principles around how a subversive orchestrated for example, and can cater to 20, 30 different flavors of sandwiches and yet make it instantly real-time, very cost, efficiently and very effectively.

And if you really look at it, the Grotto sure, well down that they actually can sustain the ups and downs sandwich industry, you know, economic cycle. And if somebody had opened up the Tesla Sandwich shop, like the largest sandwich shop, that's efficient.

You know, the operation and the power of process re-engineering is.

So, we've taken that and overlaid it neurology with a bunch of analytics true which is enabled through AI to create that same hyper personalization.

It started with simple customization of a few things where you offered three packages to the customer, be a good product, A, credit card, A, credit card, option B, or C, So, you have 2 or 3 variants of a credit card that you could pick.

Now, Anyway, The the, the current level of transformation is you can design your credit card. You can pick the categories on which you want your loyalty points. You can do multipliers under warranty points if you are a fan of dining out.

And that's all about, you can actually take all of your loyalty points, multiply and stack it on dining. If you love to travel, you can do the same.

So, literally, you can design how you want to be rewarded for the purchase behavior as per your lifestyle and ask for your needs, and you can dynamically change that. You go through, you know, three months of going to be traveling. Let me rely on a lot of my points into my travel bucket, trigger a multiplier effect, and can accumulate them, and then later on. Or if you're grounded because there's quivered on you, all you do is, you don't change it to binding.

So there's so much customization, so much flexibility now as part of the digital transformation, that the financial services organizations are now starting to offer very effectively.

You can very simply, You don't do payments, will have to click.

You could actually do ... and you would get.

So for those of us who are, like here in the Middle East, it's a perfect corridor where, you know, you want to remit money to some amount. You don't do your family and friends at the end of the month. You know, that's a very typical cross border remittance.

The hyper personalization is now to the point where if your base for unseen rejoining, whether it's got three Riyadh's or ADD, no, ..., the moment those and the other side you are from India, or from the UK, and the pound or the Indian Rupee fluctuate a little bit. Immediately, you would get a notification.

And I loved in app notification from your financial institution, saying, Hey, look, the bound is falling now.

It's really a good time to remit money.

Andy, you can just click two clicks and pretty much under your amount, and complete the transaction. That's the level of hyper personalization. That's how you pay your bills. For example, car insurance.

Screenshot (4)Stage one, digital transformation rose, you will get.

Oh, you would get the ability to be able to schedule your, your car insurance payment on a recurring basis, every month.

No, you get a reminder for renewal. and not only that do you get a set of competitive offers commensurate, to set up your car insurance policy guidelines.

There are limits to re, there's a recommendation on how you can save some money, and now is, it's taken to the next level of hyper personalization.

If you go out and dimed on a Friday night with your family, typically as a behavior, Thursday evening, you will get dining offers, very commensurate and similar and choices to the dining. How'd you do on Fridays, and you'll be able to pick and choose. And, again, that's another example of the kind of hyper personalization that is being offered by banks.

These events, of course, They call it lifestyle banking, and they're catering to all elements of your lifestyle.

You know, from confection products like insurance, all the way to leisure and convenience products, then of course, your mandatory things like utility payments, and so on and so forth.

OK, so, hyper personalization with the UX UI, has really made banking, a lot more fun, it's made it a lot more lively, in terms of the experience that a customer now, you know, it's getting closer and closer to sort of an Apple experience, when you buy an i-phone, you know, now, let us stop them for a minute about, know, profitability. How do you really make money from all this?

Um, what are the very simple ways that you make money is by digitizing your high cost areas, and I touched upon it in the very beginning, which essentially is taking a lot off your fixed factory backend factory, and digitizing good as much as possible, with very light manual touch to oversee. The technology work shows, and make sure that everything is flowing through. And that is actually starting to manifest into the cost income ratio, of various banks and financial institutions, which typically range from high fifties all the way down to make toby's now.

You're starting to see bands getting, to, know, mid to, even low twenties, in terms of cost income ratio.

And that's a clear step function improvement in terms of the ability of your PNL.

You know, you take a financial organization that's operating at a 20 to 25% cost income ratio compared to, you know 50 55. You can clearly see the level of digitization and transformation, not just in the front end of the heavy lifting in terms of process re-engineering and digitizing all the back end, which is very, very cost intensive.

The next thing, but the way you make money, of course, in a financial institution are essentially two things.

It's either your interest income, which is your net interest income, your fee income. And typically, banks have different ratios of that.

You know, when you talk about, you know, corporate, or you talk about consumer banking, now, the, the waves of the banks, they realize that look, because I'm having to offer a much more efficient and streamlined product's width, there has been margin compression as a result of it.

No, I have to get smarter and smarter in how you get the total spend from the wallet of my customer.

How do I getting better at cross sending?

What that means is, you've got a digital transformation platform where, you know, you have a very loose, Open Banking API structure, and you can pretty much integrate would X number of lifestyle services.

Whether it's either or Netflix, or no, Travelocity website, you know, where you're basically integrating and aggregating all the various fen categories and trying to bring them under one umbrella in a very convenient and intuitive way for your customers. So that he uses your platform and your platform alone.

Ooh, take and make those lifestyle choices, and that helps him, helps the organization drive more fee income from being able to orchestrate that experience. Which then makes the financial institution more profitable where the transformation has actually created some stress in the margins.

So the ability to offer the right product at the right time, to be able to make the right promotion, what we call the right offer at the right time, in a very contextual manner creates, know, your ability.

And of course, using AI, some amount of CUI creates the ability to be able to more efficiently cross sell to where you are able to pick an aggregate.

A lot of the customer's wallet spend, which you were what you were not doing typically 20 years ago, or 10 years ago, as a bank.

And that has certainly added to the overall profitability.

So as a result of reducing and digitizing your back Office factory and being more efficient in terms of being able to do third party, you'll see income type products. You are able to really become a lot more profitable as a digital bank.

The third element is, you don't you bounce after you really have two functions Only, if you were to simplify institution, they either lend the money or the big money.

OK, Wonderland running.

That's where we make a lot more income from you as part of the interest income.

10-Mar-15-2021-09-55-58-76-AMVery simple, you know, you loan money.

So, how do you get more efficient lending money, especially to low-income people which want to sort of inspire and become, you know, emerging affluent, want to live a little bit above the means?

And yet, my mom, I read, it doesn't get a lot of defaults or where they don't stretch and use a credit to get warmer weather when you do that now.

So simply through the digital, Charles, bye, simple micro credits or micro loans, so gone are the days where you also big loans, now, a lot of the bonds are offering small micro loans, You know, we used to be runs in a very traditional, broad sort of a underwriting and approval manner.

Now, you can go on an app or our digital Bank loan for 30 days or 45 days or two weeks reboot on overdraft or simpler global, small microcodes.

Very profitable from financial institutions are important.

Also, solve a very important need for the customer. And, therefore, it's a win-win for both.

The third element that has actually contributed to profitable and we offer digital.

Only sort of a bank where they live learned to lend the money responsibly, but in a much more efficient manner than before.

Just a combination of saving costs just to recap. You know, driving your MSI.

which is your fee income to becoming a one stop shop and aggregating multiple lifestyle partners into your platform. And then rubbing your N I, which is the net interest income. Again, through, you know, being more efficient as a lender, you're able to really optimize your P&L, and start to make some profit.

Now, let us stop a minute about a couple of other things.

Today, if you ask a CEO, what is the one thing that keeps him up all night, Know, whether it's a digital bank or a traditional bank, and especially if it's a digital bank in.

Most banks today have mobile banking, online banking in its simplest manner, for sure.

It's, here, we'll give you one answer and one answer, only.

Cybersecurity, there, risk.

He is most concerned about some kind of a fraud that sets him back 5 or 10 years of income, or some kind of fraud, fabulous transaction that slips through, and violates central banks, ordinance, and lead institution, is find a big fine, and that set some back 5 or 10 years of findings. And that, by far, is the biggest risk.

Today, The organizations face, it digitally transform world, especially financial services.

So, how do you mitigate the risk, you know, when you rather digitally transform band, because every touch point creates URIs.

And you could have an annual valuation or you could, which, which creates a huge, fine.

Or, you could have a simple flood where somebody just drains money out hacks into, you know, your customers, or you could even have a data leak.

And we've seen many examples of this over the last 10 years. And it just seems like that the hucksters seem to continue to evolve as security products everywhere.

In the most simplest way, let me just offer you to treat shuttles basic strategies around mitigating risk compliance I'm doing today as part of digital transformation.

So, number one, any document that is uploaded day, lot of the digitally transformed binders automatically, water market.

That helps prevent no creating Docker documents with multiple versions and helps mitigate fraud.

Number two: any document today that's uploaded them digitally. Transform banks have good technology that immediately scan malicious codes and viruses. Again, that reduces the ability to any kind of a man in the middle, or any sort of a cyber attack.

There are deception technology that actually lives in hucksters, who are trying to hack into, know, a banking website, or a banking mobile app.

Well, though, and then the fourth thing, they have is a very good, sort of AI powered, anomaly detection software, which is underlying the platform, and based on your IP address as a customer, the time of your transaction, the amount of your transaction, The Euro, your location, of the device, all of those factors. You know, create a certain level of analytics to confirm and make sure that you are meeting you are within the parameters off.

Your normal behavior and the slightest variation to that automatically throws either an in app notification through a, depending on which part of the world you're in, you've got OTP, one-time password.

Several processes, know all the secret question process.

You'll be immediately trigger to ask for what are those things to get engaged, to verify that this transaction was actually originated by you, and those are some of the ways of how you mitigate risk.

So let me recap.

No, do to mitigate risk.

You have either a watermark in documents, or you have, know, automatically, constantly checking for malicious codes and viruses, and of course, you have very good analytics, can do anomaly detection to make sure that, you know, any behavior will slide just to the behavior. From a customer standpoint that's outside of the parameters are normal behavior, You immediately, know, check to verify whether this is.

Because tomorrow, now, in addition to that, there's a whole host of cybersecurity products that have become more and more at a sort of a very technical IT level that have become extremely sophisticated day-by-day, that the CTOs of various banking and financial institutions are deploying now to make.

There are platforms, are a lot more secure, and a lot more rugged to these cybersecurity attacks.

And that's the essentially the elements of how you mitigate risk.

28I just wanted to do it.

Time, check, and see if I've got a few more minutes to talk about. A couple of other things, Jose.

You are, you're doing great derive. We are at the timeframe, eight minutes to go here, and you can use it for completing, and then, any time left, we'll use for Q&A.

Great, thank you. So, last thing, I wanna talk about, a little thing. I started my job.

My, my whole presentation, which is essentially, everything is 1% inspiration and 99% punctuation.

Now, let's talk about execution and delivery.

OK, So, Laura Banks, a lot of organizations have struggled to implement digital transformation.

Simple initiatives were supposed to be implemented within three months or a few weeks.

You don't end up becoming no, a year, 18 months projects.

And, of course, usurping, all this human capital, in terms of payroll costs of off ops, and IT folks, you know, being thrown out.

An initiative to where the cost two to deliver that, becomes extremely, extremely high.

So, over the years, as various banks have gone through various digital transformation exercises and journeys, are realized and gotten smarter and smarter at how to deliver and implement digital transformation.

So, course, you started with the traditional waterfall sort of project management approach, where you take an initiative, and you break it out into phases. And you say, this is phase one. This is phase two, so on, and so forth.

But then, came the agile project management methodology, which said, now we can just break a project into independent, simple, multiple units, and then we can just concurrently work on all these units and deliver whichever. We can deliver first and fast, and, and, and, and be a lot more agile, and then piece together the full project at the end. And hopefully, we would have saved some development costs, and therefore, the Agile shuttle took on as a very, very popular way of project management.

Well, what?

The balance of what the technology companies utilized, or the syntax realize that it's very easy for a technology, provider, or syntax to come into a banking organization and say, look, I can run 100 miles an hour.

You're not set up in your environment to run 100 miles an hour.

So while I could clearly shlock the technology, test it, and say, hello, I'm done. It's ready to go. You can take it on.

You would not do any, what it's like, trying to grab a.

Ferrari: order drove our carbon stream. You can only go so fast.

So, they realize that they have to work with the clients, in a manner, that together, they could run maybe 60 or 70 miles an hour to where they can deliver the project, get it live in a cost efficient manner.

And, the client is getting the full benefit, off deep Agile, several project management, or delivery methodology.

Jim has a very simple compromise and law, once you see the digital transformation, our roadmap is a combination of a waterfall, and agile, we're basically the take small user journeys that they're developing within the platform.

These small user journeys are developed end to end, are then released, efficiently, put into your testing cycle, and launched.

And they do that across multiple user journeys concurrently.

To save time, save costs, and make the whole journey for the client, not just the fintech, also efficient, where they can run faster within the constraints of their organization.

Last, but not least, there is the Regulator. There is a compliance, and there is legal.

And if you ask any business transformation guy, he would say, you know what? I could design our onboarding process, where you could onboard a customer inside of seven clicks.

But by the time I get all my compliance approvals and go to my regulator and get up rules, that's seven clicks becomes 37 clicks.

I can't get away from it.

So, then, there was a hole learning goal and a learning experience, as part of the transformation journey for financial institutions, on how do you effectively, you know, walk between that 737 clicks, to make sure that you end up at 12 or 14 clicks, and don't know? I'll start with seven and ended up at 37 every time.

That takes a bit of a learning curve, and it takes a good experience and savviness and domain expertise.

How to creatively solve problems while not diluting the compliance parameters are taking unnecessary risks around the regulator guidelines, or the legal framework.

And believe me, it is not an easy problem to solve as part of transformation, I'm glad to share them all. The financial institutions are getting much better and better at getting to those 12 or 14 clicks, as opposed to succumbing to 37 clicks.

And then that has been a tremendous learning within the whole transformation sort of scenario out there. And this is a This is a global phenomenon, by the way. Then many buyers today and many continents are going through various stages of all of this. And this is, by far, one of the biggest impediments to transformational, or, shall I say, a learning curve in a positive manner where, how do you on paper, if you can design a process that you can onboard a customer in seven minutes. As a matter of speaking.

By the time you're done with your regulatory compliance, you can still manage that within a tight.

So, overall process and not seven, become 37.

And that, along with your hybrid project management approach, I think, gives you the ability to be able to execute, and deliver cost effectively, and efficiently.

You're digital transformation, projects, and new initiatives within financial institutions.

Technology, for the sake of technology, is not the end all, and be all.

It needs to make sure, it's some technology that can solve, in terms of lowering your cost, increasing your revenue, through all the things. And, of course, meaningfully increasing your customer experience in a practical manner in a pragmatic world, where the regulator says you're good to go, legal, and compliance, and you're good to go. And, you're still not taking a customer 337, click journey.

So, those are some of the critical elements around digital transformation, as part of the journey.

I wanted to sort of offer that, hopefully, today, as a strategic sort of perspective, so, that, I'm sure, some of what I've said, you've already done, and you've seen, probably, sitting here and thinking, yes.

Got a T shirt shorts or, and this is really some of the universal themes, common themes, that all of us have gone through. over. the last 10, 15 years as transformational robbing banks depending on which part of the world, you know, you're there.

And it's, it's very gratifying to have sort of get to a point now where banks are becoming much more sophisticated as retailers as consumer banking entities where they are able to offer an experience and offer it very efficiently, very cost effectively.

And in a very contextualized and customized manner to their end customers, as opposed to the monolithic segmentation that used to be four segments in three segments, which is where, traditionally the banks were.

So, with that, let me conclude my, oh, my presentation.

And so if you have any questions, I would like to talk about any specific thing in particular, I can go into more detail.

Over to you.

All Jose, the Raj, thank you so much for taking the time to share your insights and experience. We are out of time on this session. But we will take questions from the audience. They can go on LinkedIn under the postings that we have for this conference. And you may pose your questions directly there. And we will ask dariush to come back to that post at a later time and provide any additional answers, any sites. But on behalf of our global audience Dariush, we want to very much express our gratitude for you, to taking the time to share your very important insights, and experiences, and the financial services, and banking industries. So, thank you so much for being here with us today.

Screenshot (4)Collisional, thank you.

Ladies and gentlemen, that was, mister the rise Alaia, directly from Doha, to the world, and sharing his more than 30 years of global banking and financial services experiencing with us. And reminding us, again, that we should not be interested in technology, but what it can do for our customers, businesses, and shareholders. We're gonna wrap up the session and at the top of the hour, we're going to be welcoming directly from Europe in the UK specifically, doctor Arthur Price, who is the lead Business Architect on Financial Crimes for Deutsche Bank And he is going to be talking to us about Terminator relationships with the customer. Why would you do this? And how would you do this to find out log, back on the top of the hour and where we welcome doctor Arthur Price directly from United Kingdom to our global audience. So, we'll see you back soon.

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About the Author

more - 2021-03-14T000634.078Dheeraj Ahluwalia,
Executive VP, Digital Transformation,
Doha Bank.

Mr. Dheeraj Ahluwalia brings over 30 years of global financial services experience with core competency in Consumer Banking, Payments, Wealth Management and Digital Banking. Dheeraj is a US graduate having completed his undergraduate and MBA from Pittsburg State University with Summa Cum Laude honors.

Dheeraj spent 20 years in the US, worked for organizations like GE Capital, Qualcomm, Mastercard Worldwide and Bank of America. Besides having held global roles managing Asia Pac and EMEA, he has experience working in Asia with Standard Chartered and in the Middle East with First Gulf Bank, National Bank of Oman and Doha Bank. Dheeraj has headed up various teams in Products, Analytics, Marketing, Re-engineering, Customer Experience and Retail Transformation.

He has launched digital Banking across 3 continents with 4 different organizations leading the transformation of Retail banking and Customer Experience. He is very passionate about Digital, Customer Service and Consumer Banking, which is where he has been focused over the last decade in leading transformational initiatives creating E2E digital sales and service capabilities for various financial institutions redefining value propositions, customer experience and streamlining service delivery. His favorite phrase “I am not interested in technology, but very interested in what it can do for my customers, the business and shareholders”.

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