Why is it important for financial institutions to achieve sustainability (ESG) and a positive-sum growth with the help of service providers?
Worldwide disparities and financial instability are now more widely recognised due to the difficulties brought on by the global pandemic and recent events. In order to satisfy the needs of the underserved market, there is a necessity for financial institutions to have an international commitment to promote financial inclusion. The chance to be a force for change is being presented to financial service providers as a result of these challenges. So why is it important for financial institutions to achieve sustainability (ESG) and a positive-sum growth with the help of service providers?
Needs And Challenges In Finance Transformation
The needs of finance transformation are, redesigning the “Information-Highway” in finance operations with Agility, Visibility, Control of the Cash Conversion Cycles, Doing less with more, new business concepts, sustainability and more. Whereas the challenges are, old persistent mindset to take an”All-or-Nothing” approach, misunderstanding of what “digital solutions” are available, suitable or feasible to adopt. These are only some of the needs and challenges that were mentioned in the podcast.
The Meaning Of Positive-sum Growth And Supporting It With Technology
The outdated “when I win, you lose” mentality is ineffective in today’s competitive economic environment. Companies can lay the groundwork for long-term growth by automating their customer service and financial operations. Businesses may empower people with work that has an impact, is important, and is gratifying by using technology that generates positive-sum growth.
By providing organisations with a platform that can collaborate easily with their employees, suppliers and customers without eating up each other’s expense is valuable today as companies look for sustainability through technology.
Businesses can also be part of the climate solution by lowering paper and carbon output. But the story does not end there. By generating high-quality jobs with positive scalar growth, businesses can support local economic development while still maintaining their flexibility, adaptability, and competitiveness under any conditions. So how does positive-sum growth affect stakeholders?
“Simply put in layman’s terms, a “1+1=3” situation where all stakeholders are benefited from digitalisation investments, everyone wins” says Albert Leong, Managing Director of Esker, Asia.
Achieving Sustainability And Fulfilling ESG With Automation
Taking a positive-sum growth strategy when adopting new technology and automation is critical to develop a sustainable operative environment that promotes greater visibility, inclusivity, and flexible & adaptive workplace. Esker has seen many of their customers able to adapt quickly to challenges during the last two years with minimum or no disruptions to their finance operations as they have the necessary digital solutions to support not only their employees but also their customers, suppliers and employees to continue working seamlessly.
The Strategy For A Successful Project Implementation
Many companies have tried quite a number of the latest and greatest standalone tools, solutions and technology that are mainly single tasks oriented. While such an approach may address some part of their ambitions, the best strategy is “Think big, Start small, and Adapt”.
“With the business environment constantly changing, there is no point in taking an “All-or-nothing” approach,” says Albert Leong, Managing Director of Esker, Asia.
To find out more about the insights provided by Albert Leong, Managing Director of Esker, Asia, listen to DigitalCFO Asia’s first podcast episode here.
-Written by, Fatihah Ramzi & Qinthara Fasya, DigitalCFO Asia