Financial Transformation Summit: People, Technology and Drive

The Financial Transformation Summit was organized by Victor Medrano, founder of The 1% of Financial Leaders, and brought together Mexico’s CFOs to share insights, knowledge and ideas in the sector, particularly focusing on digital transformation. 

During this event, industry leaders discussed the current state of the sector and emphasized the need for technological innovation while keeping the human factor in mind.

In the first panel, titled “Financial Transformation: Myths and Realities,” speakers Diego Del Bel Belluz, CFO, Novartis; Juan Carlos Paz Besada, CFO, IBM; and Casey Bronson, Controller, AT&T, agreed that people are essential for transformation. “People, processes and organizational culture are key for the future of the sector,” said Bel Belluz. He added that this impact extends beyond the financial area of businesses.

IBM’s Paz Besada echoed this sentiment, emphasizing that the transformation aims for the company to generate savings, greater productivity and the ability to respond to the market more efficiently,  whether by delivering a product or a service. 

In another discussion, Delice Cruz, CFO, Telefónica, used the Hero’s Journey allegory to inspire the audience to embrace the path to digital transformation within each company. The different stages of the journey, such as the Call to Adventure, Crossing the Threshold and the Reward were highlighted to illustrate that each company’s financial transformation may be slow and complex but ultimately worthwhile. 

The importance of digitalization for financial inclusion was underscored by Fernando Ramos, CFO, GBM. He noted that Mexico has a large population of savers with low yields and only a small fraction invest. With GBM+, he added, more people can gain access to investment products and services, promoting a broader transformation.

"Digitalization can dramatically transform the way companies interact with their customers and leverage data to make strategic decisions. Digitalization expands access to markets, improves customer experience and enables the efficient use of data to create value," reads the summit's press release. 

The role of CFOs in a company's success is crucial, says René Fernández, Co-Founder and Managing Partner, BOCEL Private Equity. This role is of particular importance in areas such as ESG policies, cybersecurity and digital transformation. Fernández explained the fund’s investment strategy, called the  Value Creation Fund, includes components like Institutionalization, Corporate Governance, Client Orientation and Value Seeking Confrontation.

Alma Garcia, former CEO, GPTW, emphasized that corporate culture is the backbone of the company and that leaders must strive to establish and maintain a consistent and coherent culture. She also highlighted the importance of recognizing errors as a fundamental part of the learning process.

Jorge Tejeda, former Managing Director, Citi, highlighted the importance of psychological safety in the work environment and how leaders must know how to listen and solicit external opinions in order to improve.

"For CFOs and finance leaders, financial transformation has become a strategic imperative. Technology, efficient processes and organizational culture are key pillars in the quest for financial excellence. The ability to adapt to a business environment of constant renewal and to take advantage of the opportunities offered by digitization and data is essential to remain competitive and ensure long-term success," concludes the press release.