Ramkumar’s Mind-Blowing Take on AI and Digital Transformation
Ramkumar, CFO of Barclays MEA, emphasized the importance of a holistic business view, continuous innovation, and adaptability in finance leadership.
The finance world is often painted with broad strokes. On one side, the meticulous gatekeepers of numbers and costs; on the other, innovative strategists shaping the future of billion-dollar organizations. But how often do you get an insider’s view that seamlessly blends both perspectives? In the latest episode of The Dollar Diaries, we were fortunate to dive deep into this duality with Ramkumar Balasubramaniam, the Chief Financial Officer (CFO) of Barclays Middle East & Africa (MEA). His journey, insights, and leadership philosophies offer a riveting perspective on what it truly means to be a modern CFO in a complex, fast-evolving financial ecosystem.
From Engineering to the Pinnacle of Finance Leadership
Ramkumar’s career trajectory defies the traditional finance mold. Starting as a mechanical engineer in Bangalore, he transitioned to marketing in the FMCG sector before diving into banking and eventually finance leadership. This unconventional path enriched his perspective, enabling him to bring diverse skill sets to the table.
He shared how his early career as a product manager involved in launching products, orchestrating local campaigns, and driving growth, experiences that afforded him a grounded understanding of managing business impact. This foundation proved invaluable when he migrated into the banking industry, specifically in card business marketing at ICICI Bank. By applying FMCG marketing principles to banking cards, Ramkumar spearheaded initiatives that dramatically expanded merchant terminals, effectively disrupting incumbents.
His pivot towards finance was catalyzed through rotational stints at Citibank, where he undertook front office, back office, and finance roles across an 18-month high-potential leadership program. Here, he discovered his natural affinity for numbers and financial analysis, ultimately steering him towards a long-term career in finance. Today, as CFO of Barclays MEA, Ramkumar draws upon this blend of operational, marketing, and financial expertise to drive strategy and performance.
CFO: The Keeper and the Visionary
One of the most illuminating parts of the conversation was Ramkumar’s take on the commonly misunderstood role of the CFO. Contrary to the popular belief that CFOs are mere gatekeepers saying “no” to business aspirations, Ramkumar emphasized that CFOs hold the keys to strategy and execution.
He illustrated this with a compelling story—the parable of the five blind men and the elephant. Each blind man perceived only a part of the elephant (the trunk, ear, tail, leg, or body) and drew vastly different conclusions influenced by their limited exposure. It was only when the king revealed the “big picture” that the truth emerged.
For Ramkumar, the CFO is akin to the king in the story — the individual who perceives the entire business ecosystem, integrates perspectives, and ensures coherent strategy execution. This depth and breadth of view across functions, markets, and regulations enable the CFO to make balanced decisions that align with overall business goals.
A Deep Dive into the CFO’s Daily Ecosystem
Ramkumar described the complexity of his daily interactions and how the CFO function intertwines with various teams and business units. The core finance function comprises:
Financial Control: The "engine room" of accounting and reporting, responsible for ensuring accurate, compliant financial statements and legal adherence within the company and regulators.
Financial Planning and Analysis (FP&A): Building on financial control’s outputs, FP&A focuses on hindsight analysis and forecasting future business scenarios.
Treasury: An active function managing the organization’s liquidity, liabilities, and investments daily to optimize financial health.
Credit and Regulatory Reporting: Handling credit risk reporting to central banks and credit bureaus, critical in a regulated banking environment.
Automation and Technology: Finance-embedded tech teams work continually to automate and modernize processes.
He stressed that the CFO’s role is primarily to empower these teams rather than micromanage, acting as an outward-facing leader engaging with CEOs, business heads, regulators, and stakeholders. When empowered, his teams allow him time to focus on strategic initiatives and expansion plans, such as opening new locations across the region.
Strategy Formation: A Delicate Two-Way Dance
In a global bank like Barclays with subsidiaries and branches across Middle East, Africa, North Africa, and the Levant, strategy isn’t a one-way command from the top. Ramkumar described strategy planning as an iterative, two-way process:
Top-down: Overarching group strategy provides guardrails and priorities based on global market trends and company objectives.
Bottom-up: Local management brings essential knowledge of market dynamics, customer behavior, and competitive positioning, giving practical input on products, segments, and risks.
This dialogue creates a balanced approach that respects global accountability while empowering agility and local responsiveness—a necessity in the diverse and fast-changing economies Ramkumar oversees.
The Challenge and Power of Regulatory Complexity
Discussing the regulatory environment, Ramkumar highlighted the evolving and varied frameworks that govern financial institutions in the MEA region. Each jurisdiction may have different licensing requirements (banking license, brokerage, advisory-only licenses), regulators with distinct expectations, and customized reporting needs.
Regulatory compliance demands:
Continuous Monitoring: Staying abreast of new regulations and analyzing their impact.
Gap Analysis: Identifying compliance shortfalls.
Process Adjustment: Tweaking or creating new procedures to fit purpose.
Collaboration Between Teams: Finance, business units, and compliance groups working in tight coordination.
This ongoing process requires vigilance and adaptability, underscoring why a strong financial control backbone is indispensable for any CFO in today’s banking environment.
Overcoming the Curse of Expertise
A particularly thought-provoking segment came when Ramkumar discussed “the curse of expertise.” As professionals climb the career ladder, they often solidify their views, relying on what has worked based on experience. This expertise, while valuable, risks blinding individuals to new opportunities or alternative ideas.
Ramping up curiosity and a beginner's mindset is crucial, especially amidst rapid technological advancements. Ramkumar emphasized continual upskilling, embracing feedback, and fostering openness to innovation. Without this, finance professionals risk becoming obsolete as roles evolve with AI and automation.
Digital Transformation: Fixing the Basics First
Ramkumar contended that digital transformation’s true challenge isn’t just adopting the latest AI tools but addressing foundational issues first. Many organizations operate on legacy systems—complex layers of unsupported and inefficient processes known as the "Rube Goldberg machine" effect.
Before layering sophisticated technology, firms must:
Fix Data Quality
Streamline Processes
Establish Process Excellence
Once the fundamentals are sound, automation and AI become effective rather than futile. This approach reduces resistance to change, as staff readily perceive the benefits rather than fearing disruption.
He exemplified that AI is likely to impact rule-based, knowledge-intensive functions like auditing and regulatory reporting—reducing manual work and freeing teams for more value-added tasks such as interpretation, debate, and decision-making.
Building a Culture of Innovation through Psychological Safety
Innovation isn't just about tools; it requires culture change. Ramkumar referenced the famous “five monkeys experiment” to illustrate organizational inertia. The experiment metaphorically revealed how entrenched behaviors persist simply because "that's how we've always done it," even when new entrants do not yet understand outdated reasons.
To shatter these barriers, leaders must:
Change Mindsets
Encourage Questioning and Experimentation
Create Psychological Safety so team members can fail quickly, learn fast, and speak up without fear of judgment.
Such an environment fosters creativity and continuous improvement, essential for finance functions aspiring to stay relevant.
Storytelling: The Silent Skill of Leadership
A skill often overlooked in finance is storytelling—effectively framing and tailoring information to different stakeholders. Ramkumar leveraged the elephant analogy not just for the big picture but to explain how CFOs must communicate strategy differently based on who they’re addressing.
For example, when explaining return-on-equity targets to front-line sales staff, the focus is on pricing decisions that directly impact their work, without burdening them with complex accounting details. On the other hand, credit teams or business heads require more granular narratives aligned to their responsibilities.
Being a master storyteller helps finance leaders influence decisions and shape outcomes by aligning diverse teams to a common goal suited to their perspectives.
Advice for Aspiring CFOs: Versatility is Key
For finance professionals aiming for the CFO role, Ramkumar counseled:
Do Multiple Roles: Don’t become siloed as an accountant or auditor. Instead, gain experience in financial control, FP&A, treasury, and even business roles.
Understand Business Drivers: Know how the various components of the company fit together to create value.
Be Adaptable: As AI and technology augment traditional finance roles, versatility will be essential.
Seek Rotations: Spend 18 to 24 months in diverse functions to build holistic understanding.
His own diverse background—starting from marketing to multiple finance roles—underscored why he advocates for breaking operational silos early in one's career.
Legacy and Leadership Philosophy
When asked about the legacy he wishes to leave at Barclays and personally, Ramkumar spoke of “stewardship.” He wants to be remembered as someone who improved systems, processes, and culture—building something tangible and lasting that future leaders can inherit and further develop.
Personally, he focuses on self-validation and continuous purpose, rather than seeking external acclaim. This mindset ensures sustained motivation and meaningful leadership.
In quick fire questions, Ramkumar revealed practical tidbits:
His favorite leadership book is Atomic Habits by James Clear, advocating for simple, consistent improvements.
He holds Man’s Search for Meaning by Viktor Frankl, the Holocaust survivor’s account of hope and purpose amidst tragedy, as personally inspiring.
Excel remains his trusted finance tool, reflecting the enduring importance of mastery in fundamentals despite technological changes.
The hardest part of his role is saying “no” to ideas and initiatives, balancing innovation with prudence.
Redefining the CFO Role for the Future
Ramkumar Balasubramaniam’s insights remind us that today’s CFO must be a multifaceted leader—part strategist, part custodian, part storyteller, and part innovator. His journey from engineering and marketing to finance leadership illustrates the value of broad experience and curiosity.
Navigating complex regulations, legacy systems, and emerging technologies demands a combination of rigor and creativity that few professions require. Most importantly, building a culture that welcomes change, empowers teams, and embraces learning is foundational to staying relevant.
For finance professionals and aspiring leaders, embracing versatility, continuous upskilling, and collaborative engagement across departments is essential. Ramkumar’s leadership philosophy—grounded in stewardship, humility, and a commitment to improvement—offers a blueprint not just for CFOs but for all leaders navigating the evolving business landscape.