OpenGov Asia is pleased to bring an exclusive Breakfast Insight that aims to provide the latest information on delivering an effective and efficient customer experience. This is a closed-door, invitation-only, interactive session with Singapore’s top financial institutions.
Hours of Content
Data plays an increasingly important role in economies and societies, not least of which is the financial services sector. As data becomes one of the critical assets for digital banking, it is paramount that important banking technology architectures include a frictionless process layer in order for the banks of tomorrow to deliver on the foundational pillars of digital customer experience.
Technological innovations have greatly improved the capacity of financial services providers to capture, store, combine and analyse a much greater variety of customer data, ranging from their current or previous location to customer behaviours and preferences. This in turn enables organisations to build, optimize and secure digital interactions from frontend to backend, across the full technology stack in the future state this is multi cloud. Data is simply the latest way for banks to deliver on their core promise: to listen to customers, create a service that benefits them and offer that service in a personalised way.
Data is the new oil & Why a ‘Data-to-Everything’ Approach is needed
The COVID-19 crisis has turned into an unlikely catalyst to spur the acceleration of digital transformation across banks in Singapore. This digital transformation is increasingly becoming intrinsic to the business model of banks in the nation. Indeed, for the smaller or foreign banks operating in Singapore, embracing digital transformation as a strategic intent has become a necessity to counter larger incumbents. In a ‘Data-to-Everything’ approach, we look at data to help businesses make sense of their business health. This is done by synergizing many data silos that exist on-premise, hybrid, or in multi-clouds, and simplifying these data into meaningful insights to guide executive decisions.
Delivering Agility with Cloud-based Data-Driven Analytics
Cloud has enabled scalability in the financial industry over the last few years. The increased flexibility and scalability of cloud over on-premise solutions allow financial institutions to gather and interpret diverse sets of data at amazing speed, eliminate content silos, secure data across the bank andbuild lasting relationships with customers. It is the ultimate advantage for banks and other financial services firms to store data and applications and access advanced software applications via the internet.
Leveraging Data to Drive Innovation in Customer Experience
Financial institutions must combine data, analytics, technology and automation to deliver a personalised, customer-centric experience. Managing these technology and organisational complexities requires the new ‘Data-to-Everything’ approach. Financial institutions should embrace this as it helps business, IT and security teams through the collection of real-time data from any source, the application of analytics and intelligence and the ability to trigger automated actions that reduce business risks, improve security, and deliver a collaboration that accelerates decision making and enhances the customer experience.
What should the Future of Banking look for?
The focus of future banks should be to let Digital-first, Cloud-First and Customer-first take prominence over everything else. Any digital banking strategy must be backed up with a robust data strategy. Financial institutions need to leverage insights to inform an institution’s decision-making, operations and customer experience components to drive a high-level digital transformation strategy.
OpenGov Asia Breakfast Insights are concise, to-the-point, strategic-level discussions designed to bring learning to the highest level! The unique proposition of an OpenGovAsia Breakfast Insight is the integration of cutting-edge insights from our expert speakers and interactive discussion among the participants.
This unique session will present the latest research and real-time case studies of how data will shape and drive the future of banking and will explore:
It was a fruitful breakfast insight with lots of knowledge and discussion
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“This is a great way to share new knowledge in new normal. Very useful information and hope to attend next event”
Financial and Development Supervisory Agency
“It was a fruitful breakfast insight with lots of knowledge and discussion”
Agency for Science, Technology and Research (A*STAR)
“I can hear good presentations from the experts from around the world and get better insights on the implementation of data analytic tools for improving the government services for public”
Ministry of Research and Technology
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