In an insightful interview with Zoltan Betyák, Head of Innovation at Forvis Mazars in Hungary, shed light on the company’s mission, its innovative strides, and future aspirations. Forvis Mazars, formerly known as Mazars, is a prominent financial advisory firm with a diverse range of services aimed at revolutionizing the financial landscape through technology and innovation.
A Journey from Audit to Innovation
Zoltan Betyák, who has been with Forvis Mazars for nearly 15 years, shared his unique journey from a financial auditor to leading the Innovation Department. His background in both theoretical physics and finance uniquely positioned him to spearhead the innovation initiatives at Forvis Mazars. The Hungarian entity, despite its relatively small size compared to larger entities in France, Germany, the Netherlands, and the UK, was among the first to establish an innovation department. This initiative reflects Forvis Mazars’ commitment to adapting and evolving in a rapidly changing financial environment.
Revolutionizing the Financial Advisory Industry
Zoltán explained that the primary goal of the innovation department is to modernize and digitalize traditional financial services. With the ever-increasing amount of data, stricter regulations, and tighter deadlines, the need for innovation is more pressing than ever. The department focuses on various projects, ranging from digital signatures and business cards to robotic process automation (RPA) and artificial intelligence (AI). He also emphasized that the aim is to reduce manual processes and enhance efficiency through automation and new technologies.
Leveraging AI in Financial Services
AI is a hot topic in the financial industry, and Forvis Mazars certainly leverages it. Zoltán discussed how the company is exploring AI’s potential to transform their operations. Initially, the focus has been on understanding and securing the technology, with partnerships established with major AI providers and internal development of AI capabilities. The current use cases primarily involve generative AI for documentation, such as constructing client proposals and data analysis. He also highlighted that the journey with AI is ongoing, and they are continually exploring new applications to enhance their services.
Embracing Fintech and Open Banking
Forvis Mazars is also actively involved in the fintech space, particularly with open banking. Zoltán mentioned a keynote presentation at the Unchain conference, where he shared their one-and-a-half-year experience with open banking. Open banking solutions are already being utilized internally and externally, providing SMEs with innovative tools to streamline their financial operations. He noted that while open banking is still in its early stages, the potential for growth and efficiency is significant, especially with upcoming regulations like PSD3.
Future Projects and ESG Initiatives
Looking ahead, Forvis Mazars is committed to continuous innovation and exploring new service areas. One major focus is Environmental, Social, and Governance (ESG) initiatives. Zoltán highlighted the importance of ESG and how Forvis Mazars is developing methodologies and services to help clients meet their sustainability goals. The integration of new technologies is crucial for advancing ESG efforts, and Forvis Mazars has dedicated teams both at group level and in Hungary to address these needs.
Advice for Potential Partners
Zoltán also emphasized the company’s client-oriented approach and global presence. With operations in more than 100 countries, Forvis Mazars offers unified, high-quality services worldwide. This extensive network ensures that clients can rely on consistent support and expertise wherever they operate.
In conclusion, Forvis Mazars is at the forefront of innovation in the financial advisory industry. With a strong focus on AI, fintech, and ESG, the company is well-positioned to lead the industry into the future.
You can watch the full interview here:
