Imran Kannuti has more than 22 years of experience in the financial sector, with a focus on extensive project management and technology experience in the GCC, banking, and insurance sectors. He is currently the Vice President and Head PMO of Banque Misr UAE’s International Business, where he is in charge of the implementation of TEMENOS Transact core banking for the company’s international branches as well as PMO governance and digital initiatives.
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Q. What is the most important factor for any bank to successfully conduct digital transformation?
A strategy must come first in a digital transformation. If a suitable strategy for any business is aligned, agreed upon, and approved, then digital transformation will be the first aspect to result from this approved strategy. For any organization to successfully go through a digital transformation, there are a few points that must be kept in mind. First and foremost, we must clearly understand the digital transformation vision we intend to carry out. Have we adopted the latest technological innovations? How agile are we in adapting to these changes, and how flexible are we in managing them? Finally, we must enlist capable digital leadership. Therefore, adopting an agile culture, having access to the most cutting-edge technologies available, having the right skill set, and having the right digital leadership are just a few essential elements for any successful digital transformation. Furthermore, we must consider how secure our clients’ data should be kept, and, more importantly, we must continue to prioritize our client’s needs in our efforts to implement digital transformation; customers must remain at the center of our excellence. Considering all of these factors, any bank or organization that incorporates this way of thinking into its strategy program has a better chance of successful digital transformation.
Q. What are the major benefits of clouds for small-scale projects and large ones?
Small, medium and large businesses all benefit from the idea of cloud computing, which is now present in every organization, regardless of size. I can confidently state that it will be a viable alternative for smaller businesses or projects. They will have more opportunities to plan their budget. Budget will almost always be a significant barrier for small businesses or modest projects; as a result, adopting a cloud model reduces your chances of increasing your infrastructure investment. Cloud computing will undoubtedly assist you in developing your pay-as-you-go plans. Additionally, it provides greater benefits for large projects. The two greatest benefits, in my opinion, are operational efficiency and favorable effects on apex activities when planning projects. Suppose you’ve adopted cloud technology for larger products. In that case, you’ll be quicker to market, have a better chance of overcoming challenges and providing quick solutions, and most importantly, it will grow your operational efficiency. Therefore, cloud computing is unquestionably an affordable solution, regardless of small, medium, or large organizations.
Q. Where do you see the traditional banking system heading?
Traditional banking’s main objective was to establish a physical presence where staff members could interact with customers and provide financial services because, at that time, clients only relied on direct face-to-face interactions. But to answer your question, given the course that traditional banking is currently traveling, I can say that it has already undergone a sizable transition in its execution. The reason I say this is because of how customers’ expectations are changing and how they perceive how everything has changed in terms of technology over the past few decades. When comparing how banking was 25 years ago and how it is now, there has been a significant change in how customers think as a result of the introduction of numerous new technologies. As a result, traditional banking is currently undergoing several significant changes. Much like they have reduced the number of physical branches in favor of digital ones, many of the services they once provided in branches are now accessible through mobile apps and software solutions. I can therefore state that traditional banking has changed o digital banking. Given how quickly things are changing, it shouldn’t be a surprise that traditional banks won’t exist in the traditional sense in the years to come.
Q. What are some of the challenges that face cloud computing in the banking industry?
According to market statistics, most businesses worldwide have already made the switch to the cloud. Additionally, the companies said that switching to the cloud significantly improved their operational efficiency. All of these figures are reassuring and provide a wealth of useful information. We do face some difficulties, such as the fact that a large portion of our institutions’ infrastructure is still based on outdated technology. Moving them to on-premises poses a greater challenge. The resource skillset comes in second. As a result, moving them from print to on-premises presents a bigger problem. The skillset for resources comes in second. We now rely more on vendors because there is a growing need for cloud resources with the required skill set. Another significant challenge we currently face is managing multi-cloud environments, such as when, for example, half of your assets are on-premises and the other half are in the cloud. Another major issue in the area is the lack of a proper cloud strategy; therefore, if you have an effective cloud strategy, it will reveal exactly what happens on the cloud and what happens in print. These are some of the most important issues at hand right now, so if they are handled well, cloud implementation will undoubtedly be a success story for everyone.
Q. What message do you have for our readers?
One is that we need to be adaptable if we want our bank to be futuristic, which is what everyone is thinking about right now. To implement the new, developing business models, we need to be adaptable. The customer should always be at the heart of all we do. It will benefit every back end if we use the agile process and constantly adopt new technological breakthroughs.
