The BMI session conducted on 20th of January’21 was graced by Mr. Nikhil Jindal, Finance Transformation Lead in Barclay’s Bank.
He started the session by briefing on what is finance transformation, it is to make finance more digital and touchless. The agenda of his presentation started with finance function, the need for finance transformation, transformation objectives, agile methodology and transformational impact.
The speaker gave inputs on the key activities of finance functions- accounting, analysis, planning, decision making and control, with accounting being the primary finance function. This was followed by types of finance functions which includes, product control, review and reporting the trading incomes, policy, treasury, finance control, CFO business partnering, internal reporting, tax, impairment, cost and stress testing and planning.
The speaker focused on the finance transformation initiatives that were taken in his organisation. The major change being replacement of multiple ledgers with single ledger that saved a lot of time and work involved in accounting and reporting.
The briefing of Agile methodology was done using a case study, by which the speaker highlighted the importance and difference between traditional approach and agile methodology. He highlighted the finance transformation impact in his organisation. They have witnessed the number of ERP instances in use reduced from almost 500 to 37, close cycle times have been reduced by 25%, 67% of finance activities performed in shared service locations, the finance transformations have led to more than $1.5 billion in annual savings in fiscal year 2019.
Angeline Poorani Therese. B
“The seminar was very enlightening and was so easy to understand. The speaker gave a clear picture of how financial tools are used and banking sectors works. The advancements in the area were well explained and was so informative.”
– Amala Noble, F20 Batch
“Today’s BMI session gave interesting insights on the finance transformation to Digital world. The speaker’s inputs on why finance should embrace the technology, to be front runner in leading the business decisions was thoughtful.”
– Allen Pragash, F20 Batch
“Insightful lecture, Mr. Nikhil Jindal made it clear why Financial- Digital transformation is fundamental in future. The four mainstays of Digital transformation, Financial Transformation initiatives, Agile methodology utilized for digital transformation and the impacts of digital transformation in finance was explained very precisely through the genuine model used in Barclays Bank. This talk supported the interest to find out about digital transformation in other streams of management also.”
– Antro Abinesh M, F20 Batch