1. 5 years from now, how do you think digital transformation will affect your industry business operations?
Financial services will become a very different industry in the future as technology blurs the lines between businesses and traditional financial service products merge with non-traditional products. Payments will become frictionless while focus will be on data visualisation, product enablement and customer journeys. Operational activities that underpin financial services will become highly automated and teams will focus on building customer relationships whilst technology will focus on execution.
2. Digital Transformation is an ongoing phenomenon. Your thoughts?
I would remove the word digital and suggest that we are always going through transformations, whether they are powered by technology, industry or regulation. Current transformation programmes still have people at their core, and the focus is not on replacing humans with machines but defining the relationship of humans with machines and the operational interlocks between them.
3. Over the past few years, which other sectors have been able to successfully migrate operations into digital space according to you, and what lessons would you want to take away from them.
The transportation sector are one of a handful of sectors that have been transformed dramatically through the use of technology in the last few years. Previously having to arrange transportation in advance, we now see companies such as Uber offering on demand transportation – improving efficiency for both passengers and drivers. We also see aggregators help consumers visualise data and find the best deals whether it be buses, trains or flights.
4. What is the most significant challenge in digital transformation across industry?
The biggest challenges with any digital transformation programme is implementation and integration with legacy systems, education and upskilling of the current workforce, and the definition of the future human/machine relationship.
5. How do you think participants will benefit by attending the third edition of DIGITRANS 2019?
The DIGITRANS 2019 event will help participants connect with likeminded peers and share problem statements, solutions and lessons learnt. Learning from the experiences of others is key to the success for participants and forming networks and connections they can build on post the event is invaluable.
6. Would the conventional way of measuring the performance of your industry change with a Digital adoption and transformation?
The conventional way of measuring performance has always been returning of RWAs, however with digital transformation, we would not only measure this; but also brand strength, adoption, data and more.
7. What happens to the People, would the Oldies fit in well with the Millennials :) and what happens to the culture of the organization then?
There is a place for everyone in the digital economy, however the “oldies” need to train and upskill in order to stay relevant – as with any transformation. It is also important for Millennials to leverage the experience and understanding of the previous generation.
8. Who is your competition in your industry?
Our competition are no longer just limited to other financial services companies, but also other technology companies and non traditional competitors.