The core theme at Sibos 2021 was digital transformation, its impact on the finance industry, and how financial institutions can drive this transformation. Digital transformation is wide-reaching and can mean different things for different industries. For financial services organizations, it’s about bringing technology up to par to meet client needs, adhere to regulatory requirements, and mitigate risk.
This year’s Sibos conference examined the theme of “recharging global finance.” Key focus areas included digital acceleration, transformative technology, managing risk, and diversity and sustainability. Financial services organizations of all sizes face the challenge of increasing volume, complexity, and velocity of change within their business.
If your business is in the process of digital transformation, IoT technology may be factoring into your plans. IoT gives organizations across industries new opportunities to foster a more direct connection with customers. It lets them collect new data, turn that data into insights, and then turn insights into action. IoT has become so prevalent that companies in most industries can’t afford to put off adopting it.
The benefits of digital transformation are potentially limitless, with nearly endless ways to keep us connected with technology that optimizes efficiency, cost savings and competitive advantage. But here’s the thing.
The pandemic has been unkind to many retailers, with customer expectations shifting seemingly overnight. During the great recession of 2008–2009, e-commerce grew, and brick-and-mortar retail declined. As the economic recovery took hold, that trend continued while off-price, discount, and emerging players succeeded by appealing to new consumer demands. For example, in January 2020, fast-paced home delivery was perceived as a unique selling point offered only by select stores.
We live in a world that is increasingly digital and data-driven. We have wearable devices to monitor our steps, heart rate, and sleep quality. We have Alexa, Siri, or Google ready to take our shopping orders, play our playlist, share the latest news. We can see what shows are trending on Netflix and curated suggestions for us based on what we watched. We cannot get away from data. Where does data live? Who has access to them? What do they do with them?
It’s one of the great paradoxes of doing business in the 21st century: Customers expect more personalized products and services even as in-person customer contact decreases. This is just one of several disruptive trends facing every industry. At the first day of Hitachi Financial Services Summit 2021, I addressed these challenges in a keynote session with Marek Chlebicki of Raiffeisen Bank International.
Vibrant and dynamic digital-first telco M1, a subsidiary of Keppel Corporation, is focused on transforming telecommunications in Singapore. M1 provides a suite of services to more than 2 million customers and is Singapore’s first digital network operator. Data analytics have played an essential role in M1’s growth since the company launched commercial services in 1997.
The world is changing for telecommunications operators. We live in a digital age when people, information, and services are more connected than ever, and people expect virtually any service on demand, at their fingertips. STC is already a telecommunications leader in the Middle East, but to remain on top in a competitive field, we must continue to grow and provide valuable experiences for our customers.
