Finance transformation
The single platform revolution
Digital transformation is a powerful trend across many industries and it sees CFOs and CIOs working closely to deliver tangible benefi t to their organisations. That process of transformation both stems from and affects the fi nance function, as Jim Banks discovers when he speaks to Nicola Wadham, CIO at the Financial Ombudsman Service (FOS), about how this process has played out at the body.
I
n some senses, every organisation is a technology company. IT underpins almost every process – and often defines how well a business can deliver on its strategy. The biggest challenge that comes with all that kit, however, stems from the fact that technological capability is advancing all the time, while the digital revolution has accelerated the pace of change dramatically. Whether it is customers, end users, partners, regulators or any other stakeholder in the value chain, expectations of how products and services are delivered are constantly evolving, a fact largely driven by the convenience, performance and availability that digital technologies can support. For every organisation, therefore, digital transformation is becoming essential if a firm hopes to perform effectively. The finance function, for its part, plays a pivotal role in delivering digital
Finance Director Europe /
www.ns-businesshub.com
transformation. That’s not just by holding the purse strings and enabling investment in new IT infrastructure, but also by partnering with other parts of an organisation to understand exactly what is required to deliver a successful transformation programme. At the same time, the finance function itself is transformed through the adoption of new digital technologies. This is evident at the UK’s Financial Ombudsman Service (FOS), which is currently engaged in its own programme of digital transformation. Formed 20 years ago, it operates a dispute resolution service that settles complaints between consumers and providers of financial services. In recent years, its workload has increased dramatically – it now deals with around a million enquiries each year – and needs to remain as responsive and effective as possible.
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