A Study on Chartered Accountants role in the Digital Ecosystem of Financial Services in Western Mumbai.

DOI: https://doie.org/10.10399/ES.2025631678

Dr. Rakhi P. Madnani , CA Pravin Pawar , Gopalkrishna Mahendra Chodnekar

Keywords:

Chartered Accountants, Digital Transformation, Financial Services, Western Mumbai

Abstract:

The digital transformation of the financial services sector has redefined the traditional roles of Chartered Accountants (CAs), particularly in financial hubs like Western Mumbai. This study investigates the evolving role of CAs in the digital ecosystem, emphasizing their contributions to financial reporting, tax compliance, auditing, risk management, and strategic advisory services. The research adopts a mixed-methods approach, combining surveys of 100 CAs with in-depth interviews involving 50 professionals and 50 CA firms. Findings reveal that emerging technologies such as artificial intelligence, blockchain, and cloud computing are reshaping the CA profession, necessitating the acquisition of new digital competencies. Despite facing challenges related to regulatory changes, data security, and technological adaptation, CAs are increasingly leveraging digital tools to enhance compliance, decision-making, and client engagement. The hypothesis testing suggests a pressing need for continuous professional development, though statistical significance concerning perceived challenges and opportunities was not conclusively established. The study recommends targeted upskilling initiatives, integration of digital modules in accounting curricula, and stronger collaboration between regulatory authorities and the CA community. These steps are essential to ensure the sustained relevance and strategic value of CAs in the rapidly digitizing financial landscape. The research also calls for future studies to further investigate specific digital trends impacting the CA profession.

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