Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Digitisation can revolutionise delivery for the Financial Services Industry

Adoption and convergence of cloud, virtualisation, cybersecurity technologies, etc. have caused a dramatic change in the financial services industry significantly impacting its functioning. Further, most organisations were already on their digital journey when the pandemic hit – forcing a seismic shift in urgency and scope of the transformation.

The OpenGovLive! Virtual Breakfast Insight on 22 September 2020 engaged delegates from the financial services industry across ASEAN to better understand the impact of digital disruption in this sector. The session witnessed overwhelming attendance and engagement from senior digital executives, keen on sharing and learning more about this timely and highly relevant topic.

The pressure to transform digitally should not out innovation on a back seat

Mohit: Partner with the right people to achieve operational resilience

The session was opened by Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia.

Mohit concurred that the financial sector industry was seriously hit during the pandemic and were, for the most part, reactive in their response.

Before COVID, organisations were working hard balancing different aspects of their business – regulations, stakeholders, customers, employees – in a F2F, physical context. With strict stay-at-home, remote working and quarantine measures in place, almost all fiscal and commercial transaction transitioned online. The need to go digital almost immediately, besides managing the regular aspects of business, has put the financial sector under immense pressure.

Under such pressure, Mohit cautioned delegates, organisations must not hold back on innovation. In fact, the industry should look at the pandemic as an opportunity to pivot – to ramp up digital transformation.

None the less, in this expedient endeavour, operational resilience must be maintained and security strategies must be reassessed. Existing protocols and processes must not only be maintained but need to be strongly augmented – adding new chapters as appropriate and necessary.

Mohit encouraged delegates to prioritise the well-being and happiness of employees as much as that of their customers. In urgent times like these, it is a well-trained, motivated and committed workforce that will help organisations stay afloat and thrive.

In closing, Mohit advised delegates to must partner with the right people who are experts in this field, it if they want to correctly balance the different aspects of their business efficiently and have a smooth transition into the digital world.

Empower and augment employees to achieve operational resilience

Elisha: Operational resilience is a driver of transformation and business delivery

Elisha Harrington, Head of Financial Services Innovation, ServiceNow shared her insights with the delegates.

Elisha spoke about operational resilience as a driver of transformation and coordinated delivery of business outcomes.  She echoed Mohit’s sentiments about financial institutions being under a lot of pressure as they were pivoting to paradigms that were unknown to them.

They had to deal with technological shortcomings, cybersecurity issues, connectivity gaps, compliance requirements, etc. along with adjusting to remote working. In such an environment, operating at scale necessitates that employees collaborate across teams and work with each other virtually.

Elisha opined that operational resilience comes down to an institution’s ability to absorb shock and set out risk tolerances for those parts of the business that are highly critical to its survival.

The strategy to survive she proposed, and indeed, thrive rests four main pillars: People, Technology, Facilities and Supplies. These pillars need to be in place and need to be consistently and continuously improved.

Additionally, technology and supplier resilience are critical in keeping organisations going. Elisha outlined three major components under this:

  • Technology Supply Chain
  • IT resilience and Outsource
  • Cost of Resilience

Elisha concluded by highlighting the need to transform the risk and controls management across the organisations. To successfully transform, there needs to be integrated risk management which coupled with workflow optimisation will lead to better customer outcomes.

Digitisation is essential to serve customers effectively and efficiently

Kaspar: motives and goals for digital transformation

Kaspar Situmorang, Executive Vice President & Head, Digital Center for excellence at PT Bank Rakyat Indonesia spoke to the audience from a scale of operations perspective. For organisations serving a large number of customers more effectively and satisfactorily, Kasper felt, it is imperative to go digital.

To underscore his position, he then shared that his organisation’s digital transformation strategy that has two major focus points: First is digital business optimisation, that focuses on increasing efficiency and productivity by bringing in new business processes. The second is making the business digital, that includes creating new business models, generating new revenue streams and improving gross margins.

Kaspar stressed that good customer experience in both digitising and digital is their organisation’s top priority. To do that, they utilise AI as to both expand their customer base and better the customer experience.

He listed five critical competencies in which they invest heavily to grow: People with the right customer-centric mindset, Open Innovation Ecosystem, Data-driven organisation, Agile way of working and Scalable, reliable and secure technology

In conclusion, Kaspar shared the transformation framework of his organisation that comprises:

  • Digitising core: Digitising their existing services. transactions and business processes
  • Digital Ecosystem: Building an ecosystem to offer products and services beyond core business
  • New Digital Propositions: Creating and launching an independent greenfield digital bank in Indonesia

He also shared various examples of the products and services under the above three categories to give delegates a better understanding of their work.

After Kaspar’s presentation, it was time for a more interactive and engaging session. The delegates were polled with a series of questions that was the foundation for discussion around the topic.

On the first question regarding major challenges faced by their organisation in operational resilience, a majority of delegates voted for lack of definition for ‘client business Services’ across organisations (30%).

A senior executive from Malaysia shared that it was imperative that the top management, (who grant the budget and the IT personnel in an organization), are aligned in one direction; if they are not aligned then there will be a lot of ambiguity around the business goals and objectives.

On the next question regarding the most important consideration for the future of their organisation, over half (52%) of delegates voted for data-driven decisions, i.e. using insights from big data and advanced analytics in workforce decision making.

A delegate from Singapore shared that he chose this option because he has observed that while there is a lot of data, it is not easy to assimilate and draw insights from it. So that is a journey they need to undertake.

On the final question about the need to do things differently in your organisation, the largest section voted for creating a better digital experience for customers (37%).

A delegate reflected that they chose the above option because it is a changing environment for the customers as well. Due to the pandemic, they want to go more and more digital. They want to avoid coming to the branch physically for things. So, the focus is on creating a better digital experience for customers.

After the polling session, Elisha addressed the audience with closing remarks. She thanked all delegates for their participation in the session.

Elisha concluded that if organisations have a good handle over their system, service health and necessary automation in place, they have the ability to start to innovate the core business services. This allows employees more time to add value to the core rather than spending time resolving simple/routine problems or getting lost in too many fragmented systems. This is the ultimate goal of service excellence.

She signed off by reminding delegates that ServiceNow solutions can assist and support them in attaining this goal and encouraged them to reach out to the ServiceNow team to explore ways they can collaborate.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.