Amita Karadkhedkar, SVP at Citi, has 18 years of experience in banking technology, working with global banks such as Barclays, HSBC, Deutsche, and Citi. She has worked in core banking, retail banking, investment banking, private banking, and wealth management. Amita has also led diversity, equity, and inclusion initiatives at Citi, including co-chairing their Pride Network.
In a recent conversation with Women Entrepreneurs Review Magazine, Amita shares the various aspects of Quantitative Easing (QE) and its impact on the global financial landscape. She highlights the amalgamation of new tech trends in financial services and talks about strategies for finance companies to gain competitive advantage.
As a woman leader in the realm of lending, trust, and investment technologies, how do you perceive the evolving role of QE (Quality Engineering) in shaping global financial landscapes? What strategies do you leverage to navigate its impact effectively?
In today's changing technology landscape, it is crucial to stay updated with technical and non-technical skills. As roles become more encompassing, it is essential to learn from a global perspective, especially when working with diverse cultural backgrounds. This can lead to better alignment with team members and a more win-win situation.
In the private sector, autocratic setups may not be sustainable, so a democratic servant leadership approach is essential. Thought leaders should have diverse representation and be open to listening to diverse thoughts for problem-solving. This will help bridge the gap between the team's thinking and reality, ensuring alignment and success.
Impulsive behavior can also hinder trust and collaboration with the team. Addressing childhood traumas and focusing on personal growth can help establish a strong connection with the team. Focusing on self-evolution is also essential, as it is not only about the corporate technical skill set, hierarchy progression, and monetary aspects but also about personal growth and self-evolution.
In conclusion, staying updated with the changing technology landscape, fostering diverse representation, and focusing on self-evolution is essential for a successful and productive work environment.
How do you see the intersection of QE strategies and emerging technologies such as blockchain, AI, and machine learning influencing the future of financial services, particularly in lending and investment sectors?
QE is evolving with the advent of AI-enabled tools. These tools have significantly reduced manual efforts in test preparation and data generation, saving time and reducing costs. AI-enabled tools can also help identify high-risk functionalities that need testing, saving time and effort. They can also assist in automation suite maintenance, identifying the impact of changes, and updating affected systems. These tools enable waste reduction, efficiency, and accuracy optimization. However, it is crucial to be conscious of skill augmentation, hiring talent skilled in AI-enabled tools and eager to leverage their capabilities for problem-solving. Constant skill augmentation is essential for hiring professionals who can effectively utilize AI-enabled tools for problem-solving.
With the growing trend of decentralized finance (DeFi), how do you perceive traditional financial institutions incorporating QE methodologies to stay competitive and relevant in this rapidly evolving landscape?
In-house talent management involves responsibilities such as career progression, retention, and nurturing. A well-defined roadmap is crucial for effective talent management. Offshore vendor-driven organizations can lead to vendor dependency and a profit-driven mindset, resulting in a lack of outcomes. To balance in-house capabilities and outsourced capabilities, it is essential to define critical aspects and allocate less critical tasks. Cultural differences and regional behavioral patterns can also impact decision-making, as some people prioritize learning, problem-solving, and monetary growth while others prioritize family. Having teams from diverse cultural backgrounds and considering factors like location change and hesitant employees can lead to disasters.
With the increasing importance of cybersecurity in financial services, particularly with the rise of digital transactions, what measures do you believe are critical for QE leaders to implement to safeguard against cyber threats while maintaining operational efficiency?
As financial institutions transition to cloud computing, security becomes crucial. Various models and methodologies are available to determine the best approach. A step-by-step approach is needed to implement the necessary tools while maintaining a robust preventive and predictive framework. Non-functional testing should be taken equally seriously, as it involves identifying and addressing other vulnerabilities beyond functional risk mitigation. This approach ensures that financial institutions can go live based on a comprehensive security approach.
As QE continues to evolve, what opportunities do you see for collaboration between fintech startups and established financial institutions? How can QE leaders effectively navigate these partnerships to drive mutual growth and innovation?
Conventional banks, with heavy tech debt, face challenges in budgeting and financial investment, making digital transformation journeys slower than FinTechs. However, partnerships like Citi's with MasterCard can help leverage capabilities in a controlled way. As a Quality Assurance (QA) leader, constant skill building and development are essential. The lines between manual and automation testers are blurred, leading to the term SDATs (Software Development Engineering Tests) where individuals understand functionality while also having automation aptitude.
QE professionals must have both functional and technical understanding, making informed choices about automation capabilities and tools. They must also understand the products, platforms, organization goals, and priorities of products and business discretionary areas. Making wise choices and informed choices is crucial to avoid automating unnecessary tasks.
QE professionals must have a sound aptitude to augment technically and understand the domain and functionality. Collaboration and assertiveness are also important skills, as they work with other teams and must communicate effectively. Articulation is crucial as dealing with multiple teams requires clear communication and understanding of the message. QE professionals must possess both technical and functional skills to effectively navigate the digital landscape.
As a technology leader with a track record of transformative initiatives, what strategies do you recommend for organizations to effectively navigate the intersection of QE initiatives and sustainability goals, especially in light of growing ESG (Environmental, Social, and Governance) considerations?
In some organizations, QE is often considered a less respectable skill set due to the myth that those who cannot excel in other competencies end up in QE. This animosity can lead to disrespect towards QE professionals, especially development families. Addressing this issue requires addressing the monetary aspects of designations, organization hierarchy, and monetary aspects. Equal respect, pay, compensation, and opportunities should be provided to all parties involved. Additionally, initiatives should be run for talent attraction, retention, and development, as these talents are essential for delivering on organizational goals and fostering learning and growth.
Message to Readers
Believe in yourself and be aware of external factors that can lead to a sense of worthlessness. In today's world, FOMO is high, and people often show off for validation and gratification. To navigate these aspects, it is essential to have faith in oneself and constantly check what you learned today. The rule of 8 x 8 x 8 is a helpful guide for personal growth, including emotional and mental growth. Spending time in solitude, expressing gratitude, and spending time with friends and family can help maintain self-confidence. Avoid getting bogged down by corporate hierarchies and focus on personal growth as a human being, rather than focusing on financial gain.
