The Financial Services industry has waged their battles well over the past few years – they have embraced digital customer and employee experiences and successfully led with data-driven innovation of products and services.
But to continue to survive and thrive, data and innovation will have to be an integral part of their corporate psyche – more so as they face newer forces of innovation that are rapidly changing market conditions.
- Open banking is changing the way customers engage with banks and financial solution providers and requires traditional organisations to introduce newer channels.
- DeFi promises to bypass centralised and regulated financial systems to offer innovative and personalised financial solutions directly to the mass markets.
- ESG is requiring financial institutions to transition to a low-carbon, and clean-technology economy driving Sustainable Finance solutions and green investment assets.
There is no shortage of additional industry forces and buzzwords that will be added to this list, impacting Financial Services providers in an increasingly volatile economic environment. Organisations that will continue to win are those that have a firm eye on building data resiliency, in response to these newer forces of innovation.
Ecosystm research finds that Financial Services organisations in Singapore are leading with data and AI.
- 51% consider catching up with competition and the ability to improve customer experience as key drivers of innovation and tech-led transformation
- 47% have placed Data & AI strategy as an integral part of their tech modernisation initiatives
- 86% will increase investments in either data solutions, AI/machine learning or automation technologies in 2023
Join us and your executive industry peers for this Executive Leaders discussion on how Financial Services players in Singapore are aiming for greater data resiliency to meet the ever-evolving customer expectations whilst meeting compliance requirements to stay ahead of the digital curve.