Home > Resources > Articles > 4 Ways CFOs Can Prepare for a Dynamic New Normal

4 Ways CFOs Can Prepare for a Dynamic New Normal

Shefali Vasave | July 20, 2022 | 537 views | Read Time : 08:00 min

Dynamic New Normal
Before the pandemic, CFOs associated resilience and organizational agility with the ability to anticipate and adapt to changing consumer demands and experiences. However, the pandemic completely overhauled corporate dynamics by disrupting supply chains, changing consumer patterns, and encouraging a remote way of working. The WNS Global CFO Survey 2020 showed that many CFOs are looking for strategic ways to get ahead of these challenges.

Here are four ways that CFOs can refocus to respond to the new dynamic normal.

Reinforce the Supply Chain

Global supply networks have been impacted by COVID-19, prompting many firms to rethink their procurement practices. The WNS survey indicates that over 32% of CFOs rank the continuity of their supply chain as one of their three most significant challenges. The primary difficulty facing the manufacturing and consumer packaged goods (CPG) industries is maintaining supply chain stability.

CFOs can engage with procurement teams to review the supplier base in order to increase supplier resilience, as well as lead their organizations in implementing new supply chain models and processes. Digital technology enables the ability to make orders automatically and spot deficiencies more rapidly. It can also enable supply chains to become more flexible. Advanced analytics-based dynamic forecasting provides data in real-time so that inventory systems can be quicker and more reactive to demands.

Drive Digital-powered Decision Making

The WNS survey shows that increasing visibility is among the top priorities for 46% of CFOs. When aggregated financials are compared with overall performance, things are different. These comparisons also don't provide the organization with an adequate picture of the organization’s action steps. In such a scenario, data analytics, artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) offer a clear representation of information and key metrics. These cutting-edge solutions have empowered decision makers to pinpoint profitable products and services and mobilize investments into some products on the basis of solid data. Through close collaboration with data teams, CFOs may be able to achieve success in establishing and managing performance insights for sales, investments, marketing expenditures, and other areas of activity.

Capital Management

While customer demands are dipping across many industries, CFO's have a new capital challenge at hand. They must make sure their companies are adequately equipped to deal with the impact on income and its implications on investment and capital spending. Using a financial and governance framework, the information concerning receivables, payables, inventory, taxes, risks, and cash flow may all be integrated into a unified view of liquidity for CFOs.

Gear Up for Disruption

CFOs must help ensure their companies are adaptable enough to handle unforeseen turmoil as well as general political and economic unpredictability. Blockchain and other digital technologies establish a distributed system for frictionless departmental collaboration. Hence, the CFO and the wider organization can build predictions and forecasts based on a single source of data.

Parting Thoughts

Rebuild but reimagine is what organizations and CFOs must do in order to thrive in the new dynamic normal. A stable supply chain, data-based decision-making, smart capital management, and gearing up for any future disruption is the way to go.

Spotlight

National Bank of Abu Dhabi

FAB, the UAE’s largest bank and one of the world’s largest financial institutions offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

OTHER ARTICLES
CORE BANKING

Why Payments-as-a-Service is the first choice for FIs

Article | July 13, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

Read More
CORE BANKING

BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | April 15, 2021

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

Read More
CORE BANKING

How Fintechs Expanding in Latin America Can Build Trust with SMEs

Article | July 13, 2022

Small businesses in emerging economies are notoriously underfinanced. Despite making up over 99.5% of the economy in Latin America, SMEs face a financing gap in the trillions of dollars. For example, up to 78% of small businesses in Argentina and 45% in Peru struggle to grow because of financial constraints. Numerous articles and institutional white papers point to the lack of trust between banks and SMEs as a major cause of this financing gap. Banks simply do not know how to accurately calculate small business risk, especially in volatile economies in Latin America, so they offer high interest rates or pass on providing credit altogether.

Read More

Could Google Acquire Tesla For $250 Billion?

Article | February 10, 2020

In the following analysis, we take a look at why Tesla (NASDAQ:TSLA) could be an attractive acquisition target for Google (NASDAQ:GOOG). We break down our analysis into three parts: what Tesla would stand to gain, what Google would stand to gain, and a scenario where Tesla’s value could rise to $1.5 trillion aided by a deal with Google.

Read More
CORE BANKING

4 Trends Powering the Digital Banking Revolution

Article | July 13, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

Read More
CORE BANKING

Open Banking and Trust a key issue

Article | April 15, 2021

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

Read More
CORE BANKING

A Guide to Banking in the Metaverse: Part 1

Article | July 13, 2022

Small businesses in emerging economies are notoriously underfinanced. Despite making up over 99.5% of the economy in Latin America, SMEs face a financing gap in the trillions of dollars. For example, up to 78% of small businesses in Argentina and 45% in Peru struggle to grow because of financial constraints. Numerous articles and institutional white papers point to the lack of trust between banks and SMEs as a major cause of this financing gap. Banks simply do not know how to accurately calculate small business risk, especially in volatile economies in Latin America, so they offer high interest rates or pass on providing credit altogether.

Read More

Could Google Acquire Tesla For $250 Billion?

Article | February 10, 2020

In the following analysis, we take a look at why Tesla (NASDAQ:TSLA) could be an attractive acquisition target for Google (NASDAQ:GOOG). We break down our analysis into three parts: what Tesla would stand to gain, what Google would stand to gain, and a scenario where Tesla’s value could rise to $1.5 trillion aided by a deal with Google.

Read More
MORE ARTICLES

Spotlight

National Bank of Abu Dhabi

FAB, the UAE’s largest bank and one of the world’s largest financial institutions offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

Related News

CORE BANKING

Brankas develops world's first Banking-as-a-Service open source license

Brankas | November 24, 2022

Open Finance technology leader Brankas has developed "Brankas Open", a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software. The "Brankas Open" license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code. The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system. Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions' data protection and security requirements. "Brankas' Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world," - Brankas co-founder and CTO, Kenneth Shaw Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie's Singapore-based Intellectual Property and Technology (IPTech) practice group. About Brankas Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users. About Baker McKenzie Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive.

Read More

CORE BANKING, FINTECH

Quaint Oak Bank Partners with Cable for Fintech Sponsorship Program

Quaint Oak Bank | November 25, 2022

Quaint Oak Bank, a Pennsylvania-based community bank, will leverage Cable’s centralized platform to enhance financial crime compliance oversight across its fintech partner portfolio, using Cable’s suite of automated and smart tools to efficiently onboard and continuously monitor its fintech partners on a single platform. “We are excited to partner with Cable to scale our fintech sponsorship program in a safe and sound manner, Our primary responsibility as a partner bank is to ensure that every fintech program complies with applicable banking and consumer protection regulations, with a heightened focus on combating money laundering, identity theft, and other financial crime related activities. Cable’s real-time integrated platform provides us the visibility and unrestricted access necessary to identify and target compliance deficiencies quickly and efficiently. Deploying Cable aligns perfectly with our enterprise-wide initiative to leverage technology for accuracy and scalability. We believe by using Cable we can onboard our partners faster, have significantly greater oversight of their financial crime controls, provide a streamlined experience for our partners, and give us greater assurance about our compliance.” -William Gonzalez, EVP of Quaint Oak Bank Cable gives partner banks such as Quaint Oak Bank and other institutions confidence in their compliance with financial crime requirements, providing a single platform for conducting tech-enabled risk assessments, automated assurance, quality assurance, management information, reporting, and more. We are honored to partner with Quaint Oak Bank to help grow its fintech partner program, Our technology will help them meet regulatory requirements and launch fintech partners faster, while implementing oversight processes that scale seamlessly as its business expands,said Natasha Vernier, Cable CEO. There is a lot of opportunity now to level up partner bank oversight of fintech partners. We’re excited to build our relationship with Quaint Oak Bank and raise the bar on what’s possible for fintech partner management together.

Read More

CORE BANKING

Santander Further Enhances Self-Service Banking with NCR ATM as a Service

NCR Corporation | November 22, 2022

NCR Corporation (NYSE: NCR), a leading enterprise technology provider, today announced that Santander UK has expanded its long-standing partnership with NCR, selecting NCR ATM as a Service to transform, connect and run its self-service network of more than 1,700 ATMs across the United Kingdom. Santander UK, part of global Banco Santander S.A., is a commercial and retail bank serving more than 14 million customers in the region. With NCR ATM as a Service, the bank is shifting the operational management of its self-service channel, including software, transaction processing, cash management, ATM monitoring, help desk, hardware maintenance and more to NCR. “We’ve enjoyed a history of success working collaboratively with NCR, and we trust its ability to run our self-service network, Moving to NCR ATM as a Service will enable us to offer customers a better self-service banking experience, including greater ATM availability to serve them when and where they choose. It will also simplify our operations and provide a more sustainable service for the bank. We are pleased to work with a strategic partner like NCR and know it will deliver an exceptional experience for our customers and our team.” -Kirsty Lacey, COO Everyday Banking at Santander Leading organizations like Santander have recognized the significant value in outsourcing the self-service channel. By relying on a trusted partner, financial institutions can further enhance customer service and accelerate innovation, with reduced cost and complexity, With NCR ATM as a Service, Santander is transforming its business to deliver richer experiences to its customers and create a compelling competitive advantage,said Frank Hauck, president and general manager, NCR Banking. NCR helps financial institutions bridge digital and physical operations so they can connect with customers anytime, anywhere. Through innovative solutions, NCR simplifies and optimizes banking experiences for customers and staff alike. NCR provides a modern and efficient end-to-end infrastructure that integrates to the broader enterprise and fintech ecosystem to transform, connect and run self-directed banking. About NCR Corporation NCR Corporation (NYSE: NCR) is a leader in transforming, connecting and running technology platforms for self-directed banking, stores and restaurants. NCR is headquartered in Atlanta, Georgia, with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

Read More

CORE BANKING

Brankas develops world's first Banking-as-a-Service open source license

Brankas | November 24, 2022

Open Finance technology leader Brankas has developed "Brankas Open", a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software. The "Brankas Open" license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code. The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system. Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions' data protection and security requirements. "Brankas' Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world," - Brankas co-founder and CTO, Kenneth Shaw Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie's Singapore-based Intellectual Property and Technology (IPTech) practice group. About Brankas Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users. About Baker McKenzie Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive.

Read More

CORE BANKING, FINTECH

Quaint Oak Bank Partners with Cable for Fintech Sponsorship Program

Quaint Oak Bank | November 25, 2022

Quaint Oak Bank, a Pennsylvania-based community bank, will leverage Cable’s centralized platform to enhance financial crime compliance oversight across its fintech partner portfolio, using Cable’s suite of automated and smart tools to efficiently onboard and continuously monitor its fintech partners on a single platform. “We are excited to partner with Cable to scale our fintech sponsorship program in a safe and sound manner, Our primary responsibility as a partner bank is to ensure that every fintech program complies with applicable banking and consumer protection regulations, with a heightened focus on combating money laundering, identity theft, and other financial crime related activities. Cable’s real-time integrated platform provides us the visibility and unrestricted access necessary to identify and target compliance deficiencies quickly and efficiently. Deploying Cable aligns perfectly with our enterprise-wide initiative to leverage technology for accuracy and scalability. We believe by using Cable we can onboard our partners faster, have significantly greater oversight of their financial crime controls, provide a streamlined experience for our partners, and give us greater assurance about our compliance.” -William Gonzalez, EVP of Quaint Oak Bank Cable gives partner banks such as Quaint Oak Bank and other institutions confidence in their compliance with financial crime requirements, providing a single platform for conducting tech-enabled risk assessments, automated assurance, quality assurance, management information, reporting, and more. We are honored to partner with Quaint Oak Bank to help grow its fintech partner program, Our technology will help them meet regulatory requirements and launch fintech partners faster, while implementing oversight processes that scale seamlessly as its business expands,said Natasha Vernier, Cable CEO. There is a lot of opportunity now to level up partner bank oversight of fintech partners. We’re excited to build our relationship with Quaint Oak Bank and raise the bar on what’s possible for fintech partner management together.

Read More

CORE BANKING

Santander Further Enhances Self-Service Banking with NCR ATM as a Service

NCR Corporation | November 22, 2022

NCR Corporation (NYSE: NCR), a leading enterprise technology provider, today announced that Santander UK has expanded its long-standing partnership with NCR, selecting NCR ATM as a Service to transform, connect and run its self-service network of more than 1,700 ATMs across the United Kingdom. Santander UK, part of global Banco Santander S.A., is a commercial and retail bank serving more than 14 million customers in the region. With NCR ATM as a Service, the bank is shifting the operational management of its self-service channel, including software, transaction processing, cash management, ATM monitoring, help desk, hardware maintenance and more to NCR. “We’ve enjoyed a history of success working collaboratively with NCR, and we trust its ability to run our self-service network, Moving to NCR ATM as a Service will enable us to offer customers a better self-service banking experience, including greater ATM availability to serve them when and where they choose. It will also simplify our operations and provide a more sustainable service for the bank. We are pleased to work with a strategic partner like NCR and know it will deliver an exceptional experience for our customers and our team.” -Kirsty Lacey, COO Everyday Banking at Santander Leading organizations like Santander have recognized the significant value in outsourcing the self-service channel. By relying on a trusted partner, financial institutions can further enhance customer service and accelerate innovation, with reduced cost and complexity, With NCR ATM as a Service, Santander is transforming its business to deliver richer experiences to its customers and create a compelling competitive advantage,said Frank Hauck, president and general manager, NCR Banking. NCR helps financial institutions bridge digital and physical operations so they can connect with customers anytime, anywhere. Through innovative solutions, NCR simplifies and optimizes banking experiences for customers and staff alike. NCR provides a modern and efficient end-to-end infrastructure that integrates to the broader enterprise and fintech ecosystem to transform, connect and run self-directed banking. About NCR Corporation NCR Corporation (NYSE: NCR) is a leader in transforming, connecting and running technology platforms for self-directed banking, stores and restaurants. NCR is headquartered in Atlanta, Georgia, with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

Read More

Events