February 29, 2024

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NTU and online bank will use state-of-the-art research to shape the future of the banking sector

Photo Credit: csiweb.com

Singapore has established itself as a leading financial centre but as in many other industry sectors, the financial sector is going through a period of rapid change.  In particular, technology is disrupting a whole range of functions in the financial services industry.

And hoping to identify the opportunities with these technological advances saw the launch of the new NTU-WeBank research centre on Fintech in Singapore last week, on Thursday 31 January.

“FinTech is now the buzzword within the industry – it’s not just a backroom activity; it’s not just something confined to start-ups; but all the incumbent banks and financial institutions are embracing technology and fintech innovations. They have to do so; otherwise, they will not be able to keep up with the changes”, said Mr Lawrence Wong, Minister for National Development and Second Minister for Finance.

New channels such as the internet, smartphones and social media are fundamentally changing the way financial institutions serve and interact with customers.  Digitalisation and advancements in information and communications technology, have contributed to completely new ways for customers to access banking services.

It is indeed a very exciting time for the banking and finance industry as services go completely digital. But there is more to come after early wins in digitalisation in transforming the customer experience.  We believe the true revolution in banking is about to happen. And this is what our joint research centre with WeBank is all about:  Enabling Banking 4.0, or Industry 4.0, or equally, Humanity 4.0. You can now bank anywhere but not necessarily in a bank said Professor Subra Suresh, President, Nanyang Technological University

Blend of human knowledge and technological advancements is rapidly changing the financial sector

He continued with providing examples of how this blend of human knowledge and technological advancements is changing the game for the financial sector.  For example, many financial advisors are now working with machines, robots, robo-advisories, to provide investment advice. Bank officers working hand-in-hand with chatbots, providing customer service.

Bank clerks using AI and machine learning for fraud detection. Banks offering omnichannel banking, so it is not just services offered through the branches, but across all digital channels (mobile, social and online). Officers using blockchain for digital transactions. People using biometrics and other ways to strengthen cyber-security within their institutions.

“In all of these functions, technology, combined with human knowledge, is really bringing about fundamental changes, and all in all, it is an exciting time to be in finance because it is an area with tremendous potential”.

Digitalisation is redefining a banking model that has been in place for centuries

“Indeed, the rapid emergence of digital banking firms and fintech companies like our partner, WeBank, China’s first digital-only bank, is challenging the status quo of traditional retail banks. Established banks are facing digital disruption and are increasing their pace of digital adoption to stay relevant, redefining a banking model which has been in place for centuries”  said Professor Subra Suresh, President, Nanyang Technological University

Working in close collaboration, NTU and WeBank will employ state-of-the-art research, such as data analytics, the Internet of Things (IOT) or blockchain technologies to fundamentally change how we borrow, save, pay, invest, buy and insure. This partnership will leverage NTU’s strong interdisciplinary research expertise in fintech, computer science, cyber security, business, and communication, among other areas. Over the coming months, the research centre will identify and develop technology-enabled financial use cases as they explore new opportunities to harness fintech for the Digital Banking space.

“The way we think and engage in financial activities 20 years from now will certainly be very different from what it is today. But to maximize this potential, we need to have good science and technology. We also need strong R&D capabilities to keep advancing and pushing the boundaries of knowledge. So we are very happy with this collaboration between NTU and WeBank”, said Mr Wong

PARTNER

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.

PARTNER

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.

PARTNER

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 www.planview.com.

SUPPORTING ORGANISATION

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.

PARTNER

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. 

PARTNER

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.

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