The survey reaffirms that India has firmly entered the digital age with the determination of an economic powerhouse. India’s drive for digitalisation is embodied by the government’s Digital India program and the rapid rise in internet users to 700 million. The findings revealed that the most important goals of digital transformation are boosting efficiency and enriching customer experience (40% respectively). This is followed by improving collaboration across functions and teams (33%).
The research found that for Indian businesses, cultural elements that most support digital transformation are collaboration across functions (47%) and diversity in transformation teams (38%). Sales and marketing (38%) and supply chain/procurement (21%) emerged as critical areas of an organisation that urgently need digital transformation. The survey further enlightens the growing role that treasury and finance play in enabling change and innovation.
Indian businesses see cloud technology as essential to realising digital transformation within the treasury and finance function. The research shows that Indian companies (72%) are more likely to prioritise it than the global average of 67%. It is interesting that nearly three-quarters of the respondents contend that migration to the cloud is a crucial aspect of the transformation journey, showing positive signs for India’s cloud technology sector, which is expected to be worth $13.5 bn by 2026. Respondents also showed confidence in advanced analytics (38%) and APIs (36%) as tools to transform treasury and finance. Within treasury, financial reporting (51%) is the top priority for digitalisation, followed by investments (45%) and procurement (34%).
It further reveals that strategic partnerships are likely to be a prominent feature of digital transformation, with banks (36%) and fintech partnerships (34%) being the most popular among Indian respondents. For example, DBS Bank India recently partnered with Gofrugal Technologies to help SMEs digitise their supply chain and expand sales channels via ONDC.
Divyesh Dalal, Managing Director & Head - Global Transaction Services, DBS Bank India said, “The DBS-FT Digital Transformation Survey reaffirms that companies in India recognise the benefits of digitisation. Indian companies have seen the highest transformation success among all the countries at 65% over the global average of 58%. The survey mirrors our interactions with companies in India that are looking for increased efficiency and improved customer experience as the goals of digitisation, as well as their challenges while adopting emerging technologies. At DBS Bank India we have been at the forefront of enabling customers to embrace digitalisation through intelligent banking solutions. We are well positioned to lend our expertise to enable greater collaboration between commercial and finance teams so that digital adoption is scalable.”
Although India’s digital transformation is accelerating, a few areas for improvement exist- including the professional skill gap and data privacy. According to the research findings, the skill gap (47%) and data privacy concerns (38%) are major roadblocks for organisations. Given the significant outcomes accrued by companies through digitisation, working on these areas will be a key priority.
The research survey also identifies businesses based on their performance in digitalising their businesses. They are categorised into ‘transformation leaders’, ‘developing leaders’ and ‘transformation laggards’. 12% of Indian respondents are transformation leaders, the second highest proportion of leaders among Asian respondents. Additionally, 30% of Indian businesses are in the developing leaders’ group, which indicates that the country’s overall count of transformational leaders is poised to increase. However, India’s transformation leaders currently are lower than the laggards (14%).
The findings give a deeper understanding of the digital transformation trends in India and will be useful for companies aiming to offer digital solutions that help organizations address these challenges and achieve business priorities. Digital transformation is a continuous endeavour, adapting to new technology, revising internal processes and enhancing skills to adopt digital solutions at scale.
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About the research1,225 respondents completed the survey between June and August 2022, from 15 industry sectors and 22 markets worldwide. Respondents were 50% C-suite and 50% C-1, with 50% from finance/treasury and 50% from commercial functions, including sales and digital transformation teams, focused on customer engagement. The majority (60%) of respondents were from $1 bn+ businesses.
About DBSDBS is a leading financial services group in Asia across 19 markets. DBS is known for its global leadership, being recognised as the “World’s Best Bank” thrice by Global Finance since 2018. DBS was also recognised as the “World’s Best Bank” by Euromoney in 2021 for the second time in three years and “Global Bank of the Year” by The Banker in 2021. The bank is at the forefront of leveraging digital technology to shape the future of banking with its recognition as the “World’s Best Digital Bank” by Euromoney in 2021 and the world's “Most Innovative in Digital Banking” by The Banker in the same year. Apart from these accolades, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities. It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and environmental impact. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank's various philanthropic and crisis relief measures.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit: www.dbs.com/India.
