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The importance of a good technology consultant in BFSI

The challenges a business leader faces today are multi-faceted and multi-pronged. In the past 2 years alone, we have seen a massive evolution in everything from newer business models to new ways of working and the HR policies to support the same. From adapting technology from the periphery to using technology@the core, businesses are now transforming themselves to thrive in this post-COVID-19 world!

Through all the uncertainty we have experienced over the last 3 years, there has been one constant reminder - technology is here to continuously evolve and stay.

But what does that mean?

A BFSI business, like a bank, has a wide spectrum of operations.

From building a strong franchisee to expanding your branch footprint to growing your loan book - technology can be used in so many different places, in so many different ways!

How do you know where to begin?

This is where a good consultant comes in. Five ways how a consultant can help you answer the above question:


Singular focus on one problem statement:

While all in-house employees are focused on ensuring all parts of the business work as expected, your technology consultant will deep dive, explore and map out where and how to set up technology layers

Consolidate knowledge across functions:

As discussed earlier, BFSI companies operate across a wide scope of responsibilities, with multiple layers of complexities. The right consultant will talk to all your teams, across your organization, understand their points of struggle, inefficiencies, and improvements - and use all the requirements gathered to create an overarching vision for your technology roadmap.

Consolidate knowledge across teams:

Every organization has a unique way of operating, which is a function of the people working in that organization. Understanding the various processes across the hierarchy, understanding how checks and balances are set in place, and how productivity visibility is usually gauged will help uncover points of failure and scope for improvement using technology.


Your consultant will thus tag the team and interview employees across the hierarchy for such insights.

Get the right external expertise:

The business of the BFSI organization is finance. Technology is an enabler. Thus, once the technology roadmap has been charted out, it is quite possible that you may not have the complete in-house expertise to deliver on the roadmap.

While you can always choose to go out and hire the right set of people, it can be time-seeking. And not having the right expertise can also throw a challenge in your organisation’s ability to evaluate the applicants correctly.

This is where your consultant(s) can come in, connect you with the right external partners, and jumpstart your execution

Save time in execution:

Every point listed above is an accelerant.

When you have a person or a team working single-mindedly on one problem statement, with the ability to understand the context of your business and how teams operate across the business and can help you execute on that - a compounding outcome of that is the time your organization will spend on execution!

The quicker you get clarity on how you can leverage technology to ramp up your business, and the faster you can act on that clarity, the more head-start you will have compared to your peers.

If you want the right technology consultant, who can help you get your fast-mover advantage, reach out to us today at info@executepartners.com.

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