Celent's Dan Latimore at SunTec Confluence: chief digital officer is a persuader

Celent’s Dan Latimore at SunTec Confluence: chief digital officer is a persuader

Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. 

This week we welcome the views of our editor, Tanya Andreasyan, as she provides the lowdown on going digital.

The digitalisation of the banking industry was at the heart of discussions at the recent SunTec Confluence in India – with banks, financial institutions and software and solutions providers sharing their views on the pitfalls and lessons in going digital.

So much was discussed ­– from education of employees and customers, regulations, technology innovation and integration, to management buy-in and (and much more).

In his presentation at the event, Dan Latimore, senior vice-president of Celent’s banking practice, outlined five steps to becoming “truly digital”. Short and sweet, here they are:

  1. Put user experience at the core of your organisation.
  2. Embrace modularity.
  3. Organise your ecosystem and take advantage of it.
  4. Leverage data in real-time.
  5. Explore new technologies but don’t forget to leverage legacy systems.

And here is a checklist of the key attributes of a truly digital company, according to Latimore:

  • Strong leadership to compete
  • Lean, agile organisation structure
  • Two-speed systems
  • Culture of experimentation
  • Priority of customer experience
  • Focus on the core

Tick all the boxes above? Congratulations! You are fully ready for the new digital world.

P.S. Don’t forget to make space for a chief digital officer (CDO) in your organisation! What’s their role? “A persuader,” states Latimore.

Last week’s Monday mindset looked at the progress of electronic payments in India. Our editorial contributor, Soumik Roy, took to the streets of Mumbai, Delhi and Chennai to talk to street vendors and shoppers.

If you’re interested in contributing to our Monday mindset, contact our editorial team.