Embracing Disruption and Innovation – Are you a Future-Ready Bank?

Recognising the growth opportunities stemming from digital technologies to initiate new platforms, new value propositions and intelligent business models to gain the coveted competitive edge

“Banks are dinosaurs … we can bypass them,” Do you still remember this quote from Bill Gates? Does it still strike the same emotion that it did back in 1994?

Right from the PC era that was the first of many technology disruptions, to the client-server, “dot.com” and mobility eras , predictions abounded that the banking industry was toast.

Although banks have certainly been disrupted and have blown a few things competitively, this has not been a case of industry revenue being pulverised akin to what Apple and Spotify did to the music industry.

But this is certainly not the time to rest in laurels either! The COVID-19 has brought about a lot of lessons for us.

Traditional banks and financial institutions are contending with multiple challenges tied to disruptive models and technologies, legacy systems, regulations, new competitors, and a restive customer base while pursuing new strategies for sustainable growth.

Digital technology has been changing the landscape of financial services over the years. Financial Technology, or fintech, is enabling the way banks and financial institutions operate and how they deliver services to their customers. There is a need for banks and financial institutions to embrace change or risk becoming irrelevant.

What are the strategies to remain ahead of the curve, beat the competition and sustain a competitive edge?

The ability of financial services providers to identify, develop and strengthen the usage of right technologies will determine who would ultimately gain the much-coveted competitive edge.

New technologies and disruptive innovations are reshaping and redefining the way financial services are structured, provisioned and consumed.

How are the challengers shaping the new banking order and what can the banking industry do to respond to the threat of disruption?

Digital banking is reshaping traditional financial services, making them faster, easier, cheaper, and more accessible.

Trends in digital transformation and changes in customer expectations have led banks to transform their businesses to remain relevant. New competition from FinTechs, digital banks, and mobile-only banks has given traditional banks new challenges.

Although conventional banks offer the same services as digital banks, some key differentiators between the two make one more attractive than the other.

FinTech empowers consumers to take responsibility for their financial decisions, leading to far more significant financial literacy than ever before. In short, FinTech combines traditional financial services with the latest digital technology and Big Data products, making life easier for customers.

It is no secret that Fintechs are growing rapidly. Their range of offerings and number of customers are expanding as they target the pain points that clients experience with traditional banks.

Startup innovation has so far focused on unbundling banking services and improving their front-end for retail customers via better customer care, branding, and pricing.

Traditional banks have a few advantages that they believe will protect them from the fintech threat: branch coverage, the trust they enjoy from customers and government regulation. But these advantages are eroding rapidly.

The other blind spot for legacy banks is their tendency to have a narrow and misguided understanding of disruptive business models. This usually begins with treating a new species of competitors as traditional ones. If there is anything to be learned from disruptions in other industries, it is that disruption is not a simple substitution at a lower cost.

Navigating the new digital imperative in Post COVID-19 Era

2020 has been a year of unforeseen and unprecedented developments, forcing banks to make big decisions quickly. While organisations re-evaluate customer needs and daily operations, one subject comes to the forefront: the digital imperative. The survival of banks depends on making smart technology choices, not just in the apps, sites, bots, and channels they offer customers, but in the way they handle data and their workforce.

OpenGov Asia is pleased to invite you to our exclusive and highly timely OpenGovLive! Virtual Breakfast Insight aimed at imparting knowledge on how innovative financial institutions can embrace and implement the cutting edge tools and efficiency-creating technologies that will help them serve their customers, empower their employees, cultivate an internal culture of change and thrive in today’s increasingly competitive landscape.

We will be discussing:

• Capitalising the next digital wave by creating open banking models in partnership with ecosystem players

• Driving smart banking, smart lending, smart advisory services with right use of data, processes and technologies

• Focusing to provide best customer experience via mobile, e-wallets, payments, remittances and customer service

• Strategising to digitise operations to increase transaction speed and reduce Opex

• Adopting open models and get data in order to provide better micro services to consumers at lower fees

• Enabling meaningful personalisation in a Digital-First world

• Focusing on – Rethink, Retrain, Redeploy in the new brave world

Who should attend:

• Chief Executive Officers

• Product Heads

• Heads of Unsecured Lending

• Heads of Transformation

• Heads of Digital

• Heads of Commercial Banking