13th June 2024

Better business. Better community

Business Industry and Financial

Driving digital transformations in banking and financial services: Q&A with Parul Srivastava from Quantifeed

Digital transformation has become a critical force shaping industries worldwide. Embracing technology advancement and adopting data-driven strategies is essential for businesses to remain competitive in today’s fast-paced digital landscape.

In the banking and financial services industry, financial institutions must digitally transform to adapt to changing consumer behavior, enhance operational efficiency, and drive growth. A company at the forefront of this evolution is digital wealth management solutions provider Quantifeed.

Parul Srivastava, country head of Singapore and head of delivery at Quantifeed, is a seasoned professional with 19 years of experience in the industry. She leads digital transformation projects executed by Quantifeed for banks and financial institutions. KrASIA had the privilege of interviewing her to delve into her journey, the significance of digital transformation, and what it takes to deliver success in this industry.

The following interview has been edited and consolidated for brevity and clarity.

KrASIA (KR): Tell us about your background and how you entered the banking and financial services industry. 

Parul Srivastava (PS): My journey in this industry started two decades ago, and I have worked with both vendors and banks. I was drawn to the dynamic nature of this industry and the impact that financial solutions can have on people’s lives.

Over time, I developed a keen interest in regulatory, risk, and compliance programs as they play a crucial role in maintaining the stability and integrity of financial institutions. The industry’s increasing focus on digital transformation also drove me to seek new ways of improving customer experiences and streamlining operations.

KR: What are your main responsibilities and challenges in achieving customer success at Quantifeed?

PS: My key responsibilities entail leading Quantifeed’s delivery crew in the design and implementation of digital transformation projects. We collaborate with clients, understand their goals, and craft tailor-made solutions.

The challenge lies in balancing innovation with compliance as the industry is heavily regulated. Ensuring seamless integration of technology, data security, and smooth client onboarding are vital aspects in achieving customer success.

KR: Can you explain what wealthcare is, and how Quantifeed facilitates this transformation?

PS: We see wealthcare as a concept that positions financial institutions as “healthcare providers” for clients’ financial well-being. This means going beyond traditional wealth management to proactively address our clients’ financial needs and goals, much like how healthcare providers treat and remedy medical issues.

We enable financial institutions to offer customized investment advice and solutions, empowering them to help their clients achieve their financial goals more effectively.

KR: Can you provide examples of your projects and their impact on banks and financial institutions?

PS: A standout project was the development of a robo-advisory platform for a leading bank. The solution enabled the bank to provide its clients with round-the-clock investment insights, driven entirely by advanced algorithms and artificial intelligence. The bank witnessed higher client satisfaction and engagement, drawing in a broader customer base and enhancing its competitive edge in the market.

Another notable project was the development of a regulatory compliance and reporting system for a financial institution. This solution streamlined its processes, cutting down time and resources needed for compliance tasks while adhering to the latest regulations. The bank experienced significant cost savings, reduced risk exposure, and enhanced efficiency throughout its operations.

KR: What digital transformation trends do you observe in banking and financial services, and how does Quantifeed stay ahead of these trends?

PS: The industry is seeing a rise in AI-driven solutions, blockchain technology, and open banking. Financial institutions can now leverage data analytics to offer more personalized services.The focus on cybersecurity measures is also growing, to protect sensitive financial data and prevent cyber threats.

Quantifeed stays ahead by investing in R&D, collaborating with fintech partners, and engaging with industry thought leaders to incorporate best practices and insights into our solutions.

KR: What skills and qualities do you consider crucial for success in this field, and how have these skills contributed to your career growth?

PS: A strong business acumen and a deep understanding of the industry are vital for identifying opportunities and anticipating challenges. Being adaptable, goal-oriented, and collaborative allows me to navigate challenges effectively. Effective communication and interpersonal skills are crucial for building strong client and stakeholder relationships.

Being customer-centric and committed to delivering value-driven solutions has been the cornerstone of my career growth. This approach has earned trust from clients and led to long-lasting partnerships.

KR: What advice would you offer individuals seeking a career in digital transformation, particularly within the banking and financial services industry?

PS: Embrace a continuous learning mindset and stay updated with the latest technology advancements. Find ways to gain experience in both technology and finance domains, as their integration is key in digital transformation. Develop strong interpersonal skills to build lasting relationships.

Most importantly, be open to change and proactive in taking on new challenges—this will set you on a path of growth and success in this dynamic field.