New Delhi: In the ever-evolving landscape of the banking industry, the role of the Chief Digital Officer (CDO) stands at the forefront of innovation and adaptation. As financial institutions navigate the complexities of the digital age, the CDO emerges as a pivotal figure, entrusted with spearheading strategies to drive digital business initiatives forward. Beyond simply embracing technological advancements, the CDO must strategically implement transformative measures that revolutionize traditional banking paradigms.

Central to this endeavor is cultivating robust leadership roles within the organization, fostering a culture of digital transformation from the executive level downwards. In this introductory exploration, we delve into the multifaceted responsibilities of the Chief Digital Officer within a bank, examining the strategic imperatives and leadership dynamics essential for navigating the digital frontier. In this regard Mansi Gupta, ObserveNow interacted with Dr. Jasmin B Gupta, CDO, Pahal Finance and Founder, Meitmoney.

Here are a few excerpts from the interview:

Can you provide a brief overview of your role as the Chief Digital Officer in an NBFC/Bank?

The role of a Chief Digital Officer has undergone a paradigm shift recently, from leading digital as an enabler to digital as a business. Today the Digital Universe comprises not just digital channels, but building digital-only products and platforms, digital DIY journeys, digital transformation, digital adoption, digital marketing, digital partnerships, and much more. Hence from mere net banking or mobile banking which was what digital comprised of decades ago; Api banking, Open banking, Banking as a service, Lending as a service, neobanking, superapps, embedded finance, Credit AI, etc. have changed the digital banking scenario. 

What key initiatives or strategies are you implementing to drive digital business?

B2C and B2B2C digital acquisition strategies along with retention, engagement, and monetization, building digital products and do-it-yourself digital journeys, API stack-driven digital business via Fintech/ other partnerships for embedded finance initiatives, Digital marketing, Digital collections, Credit AI and Smart Analytics, Bots, Mobile Apps, Platforms/ Systems, OCEN, ONDC, Applications partner management, Digital Fraud Detection, AI & ML driven futuristic innovations and much more…

Are there specific areas of technology or innovation that you believe will have a significant impact on the industry in the coming years?

Block chain and Artificial Intelligence are expected to have a significant impact on the industry in the coming years, as new use cases emerge around Gen AI and virtual assets. Embedded finance will be a game-changer for the financial industry, blurring the lines between Banks, FIs, Fintechs, NBFCs, e-commerce, and non-financial platforms. As Bill Gates famously said, “Banking is necessary. Banks are not.” Digital embedded banking is the future. With innovations around UPI and Digital Public goods, digital financial inclusion should thrive.

For individuals aspiring to leadership roles in digital transformation, what advice would you offer based on your experience as a Chief Digital Officer?

Digital today is no more about just transformation, it is much beyond it in terms of scope and impact. Hence anyone aspiring to lead Digital needs to focus on 3 key aspects:

Continuous Learning: Since newer technologies keep emerging, it’s important to keep yourself updated with all the technological advances so that innovative business use cases can emerge. Online courses and video learning as well as advanced certification programs of IIMs and IITs, can help.

Collaborative Approach: Collaboration is the key in the new digital universe. Hence networking and building the right partner relationships can result in mutually beneficial synergies leading to win-win solutions to problem statements that otherwise cannot be resolved on a standalone basis.

Comprehensive Business + Tech Approach: A Digital professional needs to have complete Business domain expertise along with an understanding of technology, for him/her to be able to lead the organization from digital transformation to a Digital Business/profit center approach.