Exclusive Trusted Magazine Q&A with Murendeni Nemukula, Head: MI BI and Analytics.
How could you describe your career path in a few words?
Flexible, inquisitive, and creative. I've always had a clear vision of my goals, and i bult up the resilience and ability to adapt to changing circumstances. I've always had a passion for learning new things and finding innovative solutions to challenges. In order to prepare myself for the roles I have had, I have over the years allowed myself time to fully understand the subject and gather the knowledge to execute the roles with excellence. I had the fortunate opportunity to work with leaders that value retentivity, offer the necessary assistance and guidance, and create a safe environment in which to fail, rectify and get it right.
I developed a passion for data while i was studying towards my BSc computer Science degree. I was fortunate to be hired after my first ever interview, which was for a development position. Despite being a developer, I was exposed to data, which is how I decided to focus on data domain as a profession. I later took a role as a business Analyst but after a year of exploring business analysis function, I realised that I had to return to the data domain and follow my passion. Since then, I have had many data job roles. Enabling everyone in the organisation to own, comprehend, and discover the value of data has been and will continue to be my greatest professional goal. Data is the new language that everyone should understand.
What are the highlights of banking transformations in 2023? can you give us some major examples?
The most popular trend in banking transformation is automation. Artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), chatbots, and virtual assistants are being adopted by banks. One strategy used by banks to address the lack of skilled workers in the data and technology sectors is to deploy automation more often. The financial sector is being disrupted in amazing ways using bots and AI by banks. These disruptions include a reduction in the requirement for human interaction and an increase in the accuracy and efficiency of business operations. High-intensity procedures are now completed quickly and with a noticeable boost in efficiency.
Customers now have greater power over how they handle, spend, and invest their money because to these technological advancements. Customers may now converse with chatbots in natural language thanks to the generative AI encompassed in most bank applications. In the near future, technology will drive customer experience (CX), allowing every touchpoint of the customer journey to be analysed to increase satisfaction. Both banks and clients may realise the advantages of these tools due to their predictions and decision-making capabilities.
In your opinion, what are the transformation axes that are becoming more important for banks in the context of 2023?
Transformation has direct impact on how organization sustain their businesses. Banks need to ensure that their approach is in line with the changing trends. Decisions must be made quicker and solutions must be developed quicker. In the digital era, customer behaviour shifts faster, making it more difficult to keep clients via loyalty. Banks must lead this shift.
Future-focused solutions must be developed, not just for the present. It's critical that banks make significant investments in using digital technology to improve client experiences, expedite corporate procedures, and establish innovation centres. Banks may take into account service-based businesses, in which solutions are developed without affecting operations. As the digital transition grows, banks will offer more personalised services based on consumer behaviour and improve the optimisation of their pricing strategies.
Based on your recent experiences, and if you have one piece of advice to give for the success of transformation projects, what would it be?
Having rigorous project management team is one of the factors that is crucial for the success of the project -get the right people in the team. Each member of the team has to be aware of their own responsibilities and project scope, and benefits. Improvements comes with constantly evaluating and enhancing the effectiveness and efficiency of the transformation processes and outcomes and seeking opportunities for innovation and learning.
How do you built a modern data team and retain the skills within the bank
Establish an excellence-focused culture by recognizing and supporting career aspirations. To really empower excellence, people must be given the freedom to assume responsibility for their work. Encourage excellence and let individuals take calculated risks while giving them the tools, support, and guidance they require. Encourage them be innovative and try out novel ideas and methods by demonstrating excellence in innovation.
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