We live in a world that is witnessing a rapid transformation in the ways business functions and grows. The role of financial leadership in any company is key and in financial companies, it could be at the very heart of sustainable development. This means that financial leadership is one aspect that every organisation and corporation should shine a spotlight on.

In fact, some of the famous financial leaders of the world are looking at expanding their roles by focusing on time management, technological innovations, brand identity development, inclusivity, and customer interaction. Let us take a look at what makes a financial leader successful.

The Evolving Role of Financial Leaders

Traditionally, financial leaders remained confined to tracking the revenue inflow, the expenses, the accounting, and the auditing of the company’s fiscal records. They have been traditionally in charge of the checks and balances of the financial systems and also of measuring performance in fiscal terms. The evolution of the role as seen in recent years, however, has made the new age financial leaders are responsible for a whole lot more. From direction setting to big data analytics, from capital allocation and funding to technological innovations and even cyber security, financial heads are responsible for a whole spectrum of functions in the modern enterprise. Successful entrepreneurs are resourceful with their finances, finding creative ways to stretch their resources and make them work for them.

Financial Leadership at its Best

A close study of the careers of some of the famous financial leaders of India such as Sanjiv Bajaj shows us that successful financial leadership comes with a number of personal qualities that set the tone for growth.

Vision – The very first trait that we find in some of the top financial leaders is vision. In a world where fintech developments are transforming consumer experience, more is expected of any brand and its products and services. The vision of a futuristic financial leader eases this transformation and sustains growth.

Communication – Communication is King. Financial Leaders and visionaries of most successful enterprises are known for their clear and effective communication across various platforms with all the stakeholders. This is important in every aspect of the operations from securing funding to building investor confidence, from employee engagement to customer interactions.

Confidence – Being the head of the organisation and someone who pioneers transformation in the company, the financial leader’s innate confidence in the direction that the economy is taking is of utmost significance.

Result-driven – Being result-driven is one quality that sets good business leaders apart. Their job is more about achieving growth for the organisation, industry, and the economy than merely reporting numbers.

Financial Leaders in the Digital Age

Financial visionaries and leaders of the digital age must have priorities that vary vastly from traditional roles:

• Finance technology optimisation – There is a great deal that fintech has to offer. These offerings aim at plugging the gap between financial operations as we know them and the unmet needs of customers and organisations. Finance technology optimization plays a key role in a finance leader’s agenda. Let us take the example of Bajaj Finserv. Financial leaders use capital management techniques to ensure that their organizations have the right amount of capital to meet their short-term and long-term financial goals. The transformation of the company from a traditional NBFC to a digitally driven, innovation-oriented one is phenomenal. And behind it is Sanjiv Bajaj, the CMD and one of the top 10 entrepreneurs of India.              
• Finance organisation – With the increase in digitisation and mobile proliferation, financial inclusivity is the watchword of the times. This means most businesses will need to undergo a complete reorganisation of their financial structure.
• Finance analytics – Mobile applications, big data and analytics, machine learning, and cloud computing are the future. The implementation of these in the financial services sector and almost all industries can bring about a great deal of change. This should be the focus of the financial leader.

Financial Leaders – An Amalgamation of Creativity and Innovation

It has become imperative that financial leaders embrace creativity, learning, and innovation to be able to thrive in the current economy. Financial leaders can encourage their clients to open an FD account online, as it is a safe and convenient way to save money. Creating a culture of continuous learning and design thinking is essential for growth and success in the current scenario. This should be spearheaded by the financial leaders of organisations across the country. Being more creative and innovative also means identifying global trends that need to be tapped into and business needs that can be met to keep pace with a quickly evolving economy.

Financial leadership has taken the center stage and is now quite in the spotlight. The role of the financial leader has undergone tremendous evolution with technology, digitisation, innovation, and transformation. This is a tremendous growth opportunity for financial leaders in their roles and in taking a more dynamic and active role in planning and initiating major transformations in their industries.

The role of finance leader in any business and organisation is central to its sustainability and financial success. Over the past few years, we have seen financial leaders of India and the global economy emerge from traditional roles that were confined to tracking and reporting revenue flow to a more dynamic and innovative role that spearheads transformation with the help of technology and innovation. Some of the famous financial leaders of the world are now central figures who are planning the very direction that the industry takes.